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A possibility of a 100% move in Confidence Petroleum India Ltd.The stock is in a ascending triangle setup on weekly timeframe. The 90-95 zone has been providing some resistance for the stock since 2021 and preventing it from launching above the INR 100 mark. But this 90-95 supply zone is now getting weaker since the constant rising demand for this stock wont let it dip below its previous lows every time and it is thus creating a beautiful upwards rising support zone. The triangle breakout(when it happens), suggests an upward target of around INR180 for this stock. Volume too has picked up this week. It should not take very long now for the breakout to play out. On the downside 80-85 is good support area for the stock. Note*- The views expressed are personal opinions/observations. Please study technicals &fundamentals of a stock thoroughly before taking any financial decisions.
NSE:CONFIPETLong
by neeraj_2_sharma
3
ACC can rally 25% from CMPThe Cement company is completing a zig zag correction(ABC or 5-3-5) to an impulse wave it had shown in Mar.2023. This impulse can either be considered as beginning of a new bull market and hence be considered as wave 1 or if it is to be considered as a corrective wave it can be marked as wave 'A'. That does not change the fact that a 5-wave impulse is always followed up by another 5-wave advance. In this case we may call it wave 2 or wave "Wave B".This wave is projected going towards 2300-2400 zone(25% from CMP). On the downside 1800 is good support for the stock which has now also approached the channel support. Note*- Views expressed are personal opinions/observations. Please do your own research before taking up any trade.
NSE:ACCLong
by neeraj_2_sharma
How to locate Supply/Demand Zones?_Rupa_casestudyA very good morning to all. The purpose behind publishing this chart is not primarily to talk about "Rupa and Co.". The primary motive is to share the right approach to analyze any chart. What do you look for when you look at a chart at first? I have tried to put in a numerous things that i try to spot when i see a chart. Now to talk about this particular chart of "Rupa and co.", the stock currently is very close to a major demand zone(both horizontal support and upward rising support). It is bouncing off the upward rising demand zone almost every time it approaches it. It now also has formed a 'double bottom' along the upward rising demand zone. INR 220-240 is also a important horizontal support area. The upward running demand zone also currently shows support at INR 240. And is it random then that the most recent bounce that the stock witnessed came from INR 240zone?? What to make of this information? It tells us that the stock is currently going through the accumulation phase and 240-270 is a good price range to accumulate it. In the future when more demand for the stock kicks in it will accelerate firstly towards the INR 400 mark and then if it breaches that, then towards INR 550 mark. Both INR 400 zone and INR 550 were past supply/demand zones(support/resistance if you want to call them that) and hence one can again expect some slowdown around these crucial zones. In case of successfully breaching the INR 550 level the stock will dash towards INR 750-800. I am sure i missed to talk about a lot of other things but i have tried to mark them onto the chart for easy visual grasp. One can for sure make use of various other technical indicators available to confirm the views or even plan better entries. I prefer the raw price and volume data over anything else as it is the fastest moving and most reliable thing you will see plotted on a chart. Note*- This post is for educational purpose only.
NSE:RUPALong
by neeraj_2_sharma
Break-out on cards and 18% rally for PRISM JOHNSON?There are three bullish confluences that you can see on this chart. 1.According to Elliot wave model the stock is taking off in wave III of 3. 2. A probable cup and handle breakout attempt.(target for this pattern comes in at around 200 Rs.) 3. Breakout attempt from imp 6 years old(2018-2023) horizontal resistance zone (145-150(Rs.)) The stock can give a swift move once it decisively closes above 150 mark. Note*- This is not a buy/sell recommendation. This post is for educational purpose only.
NSE:PRSMJOHNSNLong
by neeraj_2_sharma
The IGL stock is at good entry point currently.A picture says a thousand words. Well, I have have tried to depict everything i need to say about this stock onto the chart. To summarize it, we are currently near 61.8% retracement of the impulsive wave we saw in the stock between Mar.2022 till May 2023.A new impulse wave from here (wave 3) is expected to begin that should take the stock towards the 600 mark in the near future. Note*- this chart is for educational purpose only.
NSE:IGLLong
by neeraj_2_sharma
Trade_setup _ 20% upside potential in BF Utilities.BF utilities is a Kalyani Group owned company that engages in infrastructure and power generation through wind mill technology. The chart shows the stock giving a successful breakout from: i. Inverse head and shoulder pattern. ii. Horizontal resistance zone(635-655) The stock closed above both these significant resistances with a spike up in volume and a Bullish 'Marubozu' candlestick. The target for the Inverse head and shoulder patterns projects to a target almost close to the previous swing high(around 800-815 zone). On the downside 630 should make a good area to consider for a SL on this stock. *Note- Views expressed here are based on personal opinions/observations. Please do your own research/analysis before taking any financial positions.
NSE:BFUTILITIELong
by neeraj_2_sharma
Lyka Labs is in a strong 'wave 3'The stock had its last impulse move in may 2023 which was a quick 40% move in a month's span. From July end till mid Nov. the stock underwent a zig zag(Elliot wave) correction and corrected 50% of the impulse. Now this week the stock is setting out very strongly in the 'wave iii' mode. The recent volume on this stock is unmatchable to any of its recent months volumes. The stock is giving a multiple layered breakout by: i. breaking out from a falling channel ii. breaking out above important horizontal resistance area of 120-125 The stock faces no major resistance till around the 160-165 mark making it a smooth road ahead. Any small dip/pull-back would be a good opportunity to enter the stock. Note*- Please do your own research/analysis before taking entry in any stock. Views expressed here are my personal observations/opinions.
NSE:LYKALABSLong
by neeraj_2_sharma
Trade Setup - Ascending triangle in PFCThe outperformance of this stock is likely to continue. The stock is gearing up for a ascending triangle breakout. The volume is shrinking (which is ideal during the pattern forming period and should pick up upon breakout) as the price is spending more time inside of this triangle. The stock is getting constant support from the rising trend line and 320 is the upper horizontal triangle boundary. upon decisive close above 320 the stock should swiftly move towards 330-335zone. CMP 316.25 SL 312.5 Target 330
NSE:PFCLong
by neeraj_2_sharma
Marico is coming out of correctionAs the chart already depicts, Marico is now expected to have started the wave iii of 3 with the breakout from the falling wedge pattern. One thing some way wonder is, what is with all those projections? Well, to reach from CMP(530) till 660, it will take several moves for price to do it, as it does not shoot up at once...these several moves will form the various subdivisions of wave iii of 3. According to the Elliot theory this is how price always moves. A bigger move is always made up of several smaller moves put together.(both impulse and corrective moves).You can always breakdown any major impulse or correction on any timeframe into much more refined and more classified waves if you deep dive into one smaller timeframe than the current. Now coming back to the chart, the stock took support from a previously tested crucial support zone which also happens to be the 50% retracement mark of the impulsive rise stock witnessed from Apr.2023 till Oct.2023.Stock is also giving a break out from a falling wedge. On the upside level 550 will be the first major hurdle on its way towards 600. On the downside the low of 516 is an important support for the stock.
NSE:MARICOLong
by neeraj_2_sharma
TRADE SETUP_WAVE V IN ABBOT_15-20% MOVEAbbott India Ltd. is seen coming out of a fourth wave triangle and is expected to have completed wave i of V. The stock had remained in a 3month long correction during the fourth wave between Aug and Nov. The stock is currently close to the support area of 23000 and is expected to settle and reverse from around here. The final projected target for fifth wave completion comes in at around 27.5K-29K zone. Note*-The views expressed are personal observations/opinions. Kindly do your own analysis before taking up any trading positions.
NSE:ABBOTINDIALong
by neeraj_2_sharma
1
A good place to enter Havells.Once again i have tried my best to make the chart self explanatory so that i do not write boring paragraphs about it which i am sure no one wants to read(:P). The stock is making a fresh move and can reach 1700 mark going into 2024-2025. For a short term trade too, the stock wouldn't be a bad bet since it offers favorable risk reward from current levels. Note*- This chart is for educational purpose only. Kindly do your own research/analysis before taking any financial positions.
NSE:HAVELLSLong
by neeraj_2_sharma
8
A bounce in BAJAJ FINANCE and then a 12 percent FALL??Bajaj Finance Ltd. completed a 5 wave up move in Oct. 2023( beginning in March 2023). From the very top of the 5 wave advance the stock seems to have fallen down in a 5 wave. This 5 wave to the downside should be considered as just the wave "A" of the correction that has begun in the stock. Wave B in the stock should now unfold in the stock to the upside(with upside limited to 50%-61.8% of wave 'A'). The 50% retracement of wave 'A' which comes in at 7750 should be considered as a major resistance and a probable area where wave 'B' could stop(61.8% retracement otherwise). Wave 4 low for the stock was at 6800 and that could be the target zone till where the wave 'C' could extend once it begins. Note*- This is not a buy/sell recommendation. This post is for educational purpose only.
NSE:BAJFINANCEShort
by neeraj_2_sharma
Redington_65% upside potentialRedington or Redington Group is an organization of companies offering services and products in the field of mobile handsets, mobile accessories, information technology services, artificial intelligence, big data analysis, 5G communications, Internet of Things and supply chain management. The company looks all set to move into a wave 3 structure now which can take the price from current 154 level to 250(a handsome 64% return). The stock had completed its last impulse move in Dec.2022 and that was the Wave 1 high. From Dec2022 till the most recent low of oct.2023, the stock was in a 10month long corrective wave 2 pattern. The correction now seems completed(structurally all legs achieved) and therefore the stock should now look to advance towards the projected wave 3 target of 250 going forward into 2024. Note*- This chart is for educational purpose only.
NSE:REDINGTONLong
by neeraj_2_sharma
2
wave III of 3 in CARYSIL...upside potential of 25%Carysil Limited, together with its subsidiaries, manufactures and trades in quartz kitchen and stainless steel kitchen sinks, bath products, tiles, kitchen appliances, and accessories in India. The stock is seen making impulse waves to the upside since Jan 2023. It made the first impulse (wave 1) from Jan. - April 2023. Wave 3 seems to have started off in May 2023 and is likely getting extended. Wave I of 3 was formed between May and July 2023 and then there was a 75% retracement of wave I from July-oct. Wave III of 3 has now kicked off and volume too is picking up. The projected target for this wave should be the 850-870 zone SL 650 CMP 696 Target 860
NSE:CARYSILLong
by neeraj_2_sharma
A new 40% wave towards 900 in HDFC LIFEHDFC LIFE INSURANCE COMPANY rallied up from 457.8 to 690.85 in a wave 1 structure beginning in march 2023 ending in July.2023. However from July the stock got into a wave 2 correction and seems to have ended the very same in Oct. end. The stock ended the wave 2 correction(technically a "flat" according to Elliot wave theory) at a very crucial support/resistance zone of 600 that is relevant since May.2022. Coming to the very recent price action of the stock, the stock traded in a very narrow range for 7 days(613-626)between 1st Nov. till 9th Nov. and is now looking to break out of this range.(Generally referred to as NR7 breakout.) The 600 level has worked as a very good support for the stock and therefore SL can be placed below it at 595-597 to try and catch the new upcoming wave that can give 40% returns going forward into 2024. Note*- kindly try to understand the business model and key fundamentals of a company before making any investing decisions.
NSE:HDFCLIFELong
by neeraj_2_sharma