Ready to move back to previous uptrendAfter a good rally stock was trading in a range bound.
Stock has given the breakout of short term range bound on a daily chart pattern supported by a good volume and ready to rally soon
Candlestick Analysis
BANKNIFTY in better shape than NIFTY As we can see BANKNIFTY has not yet breached the lower trendline despite NIFTY’s weakness which has breached the lower channel. Though BANKNIFTY is yet to take support at lower trend line, we may expect BANKNIFTY to show REVERSAL from given zones hence any signs of REVERSAL at the trendline could be a good buy keeping SL closing basis below the trendline so plan your trades accordingly guys.
Nifty montly chart analysis for Month of April 2024.Nifty is around the ATH and there is profit booking at the higher levels.
The market is spending time near the high and last week too it has test the ATH. Seller are there in the higher levels and closing of the weekly candel is dicey.
Higher time frame is showing some RSI bearish divergence and market is forming grave stone doji on the daily charts.
Monthly charts has not formed a red candle still and is forming doji after doji which still shows no clear bearish indication. But the price is trading on the higher levels of the bollinger band.
Market participants be cautious as there seems to be a bearish month ahead.
This being the election year may remain volatile till the election results. Spike may be seen in this month or the next one either side.
Trend is still bullish and doji on the higher levels may indicate a reversal after a price action formation.
This month was a volatile one and market didn't settle either side. There was days when market has moved more than 400 points.
Last day move, is the only trending move in last 2 weeks, closing 180 points lower from the day high.
Price action is needed to be formed around the higher levels on higher time frame to confirm the trend.
HINDALCO | Strong breakout and retest - New trend aheadHINDALCO | Strong breakout and retest - New trend ahead
CMP : 625
LT Weekly follow up and track Since the channel has been broken wave iii is complete and we are in a wave iv . It has reached wave 4 of one lesser degree . Since wave iii is a 5 wave move with and extended wave 1 , we can expect correction till wave 2 of one lesser degree ie the blue patch shown . Note we can initiate buying only when reversal with support occurs eg Hammer , Morning star , Moribozu , Engulfing green etc . buying then will be considered established only when the highest high of these formations are traded with support . Regards
NIFTY failed to REVERSE! What’s next? As we can see NIFTY broke down our channel and fell unidirectionally despite our view being on the buy side as we expected a strong REVERSAL from given levels. Now we can see it has formed more like a marabozu candle in daily time frame showing weakness hence if NIFTY opens weak to flat then we may see another strong downfall else if opens strong and inside the structure then we may see a strong REVERSAL so must be ready for both side tomorrow so plan your trades accordingly.
IT is ready for trend changeAfter Claimed 10EMA IT is ready for new run?
IT Index is consolidate at support line and after break 33800 they will upwards.
Godrej Consumer Cmp 1169 Flag Pattern & Hammer CandleGodrej Consumer Cmp 1169 dated 19-4-2024
1. Flag Pattern, taken support @ lower trend line.
2. Hammer Candle @ support
Buy above 1176 target 1200-1230-1250-1280 SL 1130
It is just a view, please trade at your own risk.
DELHIVERY - Weekly AnalysisIn the Weekly Chart of DELHIVERY ,
we can see that, after breakout, it has done a very strong consolidation.
Also, now it has created a Hammer candle.
Enter on breaking its high with low as SL.
PARAS - Weekly AnalysisIn the Weekly Chart of PARAS ,
we can see that, it has started to become bullish.
This Defense Sector stock will show a good run in next 4-6 months.
Expected momentum is shown in chart.
HGS - Weekly AnalysisIn the Weekly Chart of HGS ,
we can see that; it has shown a recovery sign from 720 levels.
Now it has created a Halt candle.
Enter on breaking its high with low as SL.
TATVA - Weekly AnalysisIn the Weekly Chart of TATVA ,
we can see that; it has made inside Decision making candle.
Enter on breaking its high with low as SL.
TATAELXSI - Weekly AnalysisIn the Weekly Chart of TATAELXSI ,
we can see that, after breakdown, it has created a Hammer candle on support trendline.
Enter on breaking its high with low as SL.
Positional or Longterm Opportunity in MothersonGo Long above 93.95 for Targets of 105.65, and 125.15 with SL 90.05
Reasons to go Long:
1. On a weekly timeframe if we draw the Fibonacci retracement tool from the swing low (point A) to the swing high (point B) then we see stock took support from the 0.382 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 Fibonacci level.
3. In addition to this there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
Positional or Long term Opportunity in Craftsman AutomationGo Long @ 4160.1 for Targets of 4456.75, 4753.4, 5050.05 and 5346.7 with SL 3863.45
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.382 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around the 0.382 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.
Positional or Longterm opportunity in RatnamaniGo Long @ 2915.1 for Targets of 3110.2, 3305.3, and 3500.4 with SL 2720
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.382 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Harami (marked with orange color) is formed around the 0.382 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.
DELTACORP - Weekly AnalysisIn the Weekly Chart of DELTACORP ,
we can see that, after the breakdown, it is trying to recover.
Inside & Hammer candle is formed.
Enter on breaking its high with low as SL.
NAZARA - Weekly AnalysisIn the Weekly Chart of NAZARA ,
we can see that, after the breakdown from support it has now formed a Hammer candle.
Expected momentums are shown in chart.
FINEORG - Weekly AnalysisIn the Weekly Chart of FINEORG ,
we can see that, after Trendline breakdown, it showed a recovery.
Expected momentum is shown in chart.
ALKYLAMINE - Weekly AnalysisIn the Weekly Chart of ALKYLAMINE ,
we can see that; after a Strong Bullish it went into sideways for 4 week.
Let it break the trendline.
Expected momentum is shown in chart.
LTIM - Weekly AnalysisIn the Weekly Chart of LTIM ,
we can see that, after applying FIBO, it is on last support level.
We can see a W shape recovery in this.
Above 4800 it will be bullish.
Expected momentum is shown in chart.
COFORGE - Weekly AnalysisIn the Weekly Chart of COFORGE ,
we can see that; after Inverted Head and Shoulder breakout, it did not sustain and we saw a downfall.
Let it form a Hammer or W shape recovery on Trendline of Cup & Handle.
4400 can be a reversal point.
