Short PNBEngulfing candle. Ripe for correction. Should find support at FIB 38% retracement level. Extremely favourable risk reward trade.
Indianmarket
Short BIOCONBit late in publishing this idea. Call was given at 725 level and its already down to 704,but further downside expected upto 650 levels easily.
Engulfing candle has also appeared, which has reinforced the view. At 650, it will complete FIB retracement of 38%.
SHORT INFOSYSResults were bad and guidance is dismal.
Technically, Infosys is all set to test 200 WMA and may find support around 945 levels. There is good 10-12% immediate downside visible from here.
Fundamentally, Infosys is trading at 15-16 1 yr forward-looking multiple. Given guidance of 10-11%, it is surely going to get re-rated along with the whole of IT sector.
LONG BHELFlirting with 200DMA. If breached, no resistance in sight till 163 levels. Maintain stoploss at 135.
It has shown good breakout from resistance level of 135.
HINDALCO SHORTReversal of sorts at the higher end of the channel. It should correct upto 125. Extremely favourable risk reward trade. Stoploss at 138.5
Rural Electrification Corporation Limited1.) 50MA is crossing 100MA
2.) It has broken resistance at 173 convincingly
Looks all set to touch 198
Long TCSTHREE REASONS
- PIN UP BAR AT 200DMA
- CLOSE ABOVE 100 AND 200DMA NEXT DAY CONFIRMS REVERSAL
- STRONG SUPPORT AT THE LOWER RANGE OF THE TREND CHANNEL. (LT BULLISH TREND INTACT)
HIGH-RISK REWARD TRADE. MAINTAIN STOPLOSS AS IT RESULTS EXPECTED THIS WEEK
CIPLA LONGExtremely favourable risk reward trade. Stoploss at 503, just above 200 week moving average. Extremely important level for any stock. It has broken the resistance level of 500 and may soon breach 100 DMA.
First target is 540 and second target is 576.
This trade does derive comfort from the general breakout of pharma sector in India.
ONGC Set for BreakoutThree reasons ;-
1.) Close above 200 Day MA after a long time
2.) Breaking out of the triangle and a strong resistance line at 225.
3.) Break out above 211, strong resistance trend line.
NIFTY 50 Wave Analysis 20 JUN 2016As per my last post Nifty get Support from 8080 level and went upside but pattern not give view on further upside. I am going to review the wave count and come to the new support at 8035. If coming days Nifty fell to 8035 we can expect lot of buying on this level. The upside should be limited for this month as 8311 and trend will continue on next month also.
Wave Projections for next month - Nifty may surge upto 8420 and 8650 level as quick as possible.
Bank Nifty LONG 19KOn the daily chart, I notice a potential Harmonic ABCD pattern, it has taken support at 38.2 retracement with the extension at 2.818 in sight. Assumption is based on the current Bullish pattern. Important level to break on the up side will be at 18053. It this holds good, we can see it testing 19100 level as per the projection.
PS - I am learning harmonics and views are for learning purpose only.. Appreciate any constructive feedback.. Thanks!
NIFTY 50 WAVE ANALYSIS 11 JUN 2016As i mentioned in the last post of NIFTY analysis expecting correction, It happened but due to strength of the NIFTY we got IRREGULAR PATTERN. Still Nifty on corrective pattern for next half of the week.
EXACT time and date for NIFTY BUY entry - 15 JUN 2016 --- 09:24 - 10:30 . You can enter this date & time if price near to our support levels for next week 8087 - 8038.
BANK NIFTY WAVE ANALYSIS 1 jun 2016In medium term Bank nifty progressing wave b of (c). In that wave (C) wave iii is completed, Bank Nifty fell into the iv corrective wave today. Upto next week we can expect this correction.
Short ITC but only a retracementWhile I do believe in Nifty there has been a discontinuation of the downtrend there are possibilities of some retracements before we head up to break the swing highs. On ITC we can see that price tested above the trand channel 3 times before failing down and it has been in a range as shown in the box. There could be liquidation and the gap which is left could be cleared this week.
Nifty approaching the supply zone
As we are approaching the upper line of down trend channel of nifty we need to be ready for big move from those levels,
1) Price can take resistance and reverse
2) Price can trade along the line and move side ways
3) price can move out of channel with force
If we want to trade 1st and third possibility then wait for followup on next day.
Never try to judge top or bottom just be ready to trade if price allows to do so :-)
Trend is our friend
An Analysis : Awaiting Breakout in HDFCBANKHDFCBANK is forming a perfect descending triangle pattern over last 3-4 months and desperately need a breakout from the pattern.
Descending triangles can breakout any side so lets wait till the breakout happens and it became more valid with 3 touches on flatline.
Keep HDFCBANK in your list to look out for shorterm and if it gives ample opportunity to enter after Breakout, Hop on and ride whichever side it breaksout.
Check your risks also and plan well before taking positions.
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India's Nifty Index Buy Opportunity for 8350....1. Nifty is Making My Reversal patterns in Daily chart and can give a sudden upside very soon.
2. It is Near my previous sell targets of 7350
3. Very Good Buy Opportunity on 7440 For the Targets of Over 8350 very soon, even this month.
