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IRCON - Long Term ViewThe chart shows a technical analysis of IRCON International Ltd on a daily timeframe. Here's an analysis based on the visible elements: 1. **Price Action** - **Downtrend:** The stock has been in a sustained downtrend for a few months, as indicated by the descending price channel (blue shaded area). - **Breakout Attempt:** Recently, the price seems to be testing or slightly breaking above the upper boundary of the descending channel, suggesting a potential reversal or breakout. 2. **Support and Resistance** - **Key Resistance Level:** ₹292.20 is marked as a significant resistance level. - **Key Support Level:** ₹175.29 is identified as a crucial support level. - These levels will likely act as turning points if the price moves toward them. 3. **RSI (Relative Strength Index)** - The RSI is at **53.77**, which is near the neutral zone (50). This indicates no strong overbought or oversold condition currently. - RSI above 50 could signal bullish momentum, especially if it continues rising. ### 4. **Volume** - The chart shows decent volume activity around the current price level. Volume confirmation will be critical for validating any breakout above the channel. ### 5. **Projection** - An upward trajectory is drawn (blue curve), potentially predicting recovery toward the ₹292.20 resistance zone and higher. --- ### **Trading Implications** - **Bullish View:** If the price sustains above the channel's upper boundary with increased volume, it could indicate the start of an uptrend. - **Bearish View:** Failure to break out or a drop below recent lows may lead to a retest of the ₹175.29 support level.
NSE:IRCONLong
by brijmohan_h
IRFC - Falling Wedge,This chart displays the daily price action of Indian Railway Finance Corporation Limited (IRFC) on the NSE (National Stock Exchange of India). Here’s an analysis based on the chart provided: ### Key Observations: 1. **Descending Wedge Pattern**: - The price action has formed a falling wedge, a bullish reversal pattern. The price has broken out of the wedge, indicating a potential upward move. 2. **Support and Resistance**: - The previous resistance level around ₹193.10, which also acted as support in past, is key. The breakout from the wedge aligns with this level, suggesting a retest of this area. 3. **Volume Analysis**: - There’s been a spike in volume during the breakout, indicating strong buying interest. This adds credibility to the bullish breakout. 4. **Relative Strength Index (RSI)**: - The RSI is near the neutral zone around 49.53, which suggests there’s room for upward momentum before entering overbought territory. The recent uptick in RSI supports the bullish outlook. ### Possible Scenarios: - **Bullish Case**: If the price sustains above the ₹193.10 level, a continuation of the upward trend could lead to further gains, potentially towards previous highs around ₹230. - **Bearish Case**: If the price fails to hold above the wedge breakout level and drops back into the pattern, a retest of lower support levels around ₹165-170 is possible. ### Conclusion: The chart suggests a bullish breakout with potential for further upside, but watching the ₹193.10 resistance level is crucial for confirmation. The RSI and volume are supportive of a bullish scenario, but risk management is important in case of a false breakout.
NSE:IRFC
by brijmohan_h
Reliance right opportunity for Swing Trade.Huge potential is there. For short term investment ; Leave a " Like If you agree ".👍 . . Wait for small retracement & daily candle to close above - "3050" . . Enter only if market Breaks "Yellow box" mentioned. . Don't make complicated trade set-up.📈📉 Keep it " simple, focus on consistency " 💹 Refer our old ideas for accuracy rate🧑‍💻 Valuable comments are welcomed-✌️ . Follow for regular updates.👍
NSE:RELIANCELong
by TheNuraTrading
Long Term view on #RTNINDIAThe analysis is for Long term where in it is showing potentials of reaching triple digit in coming years. (5,10,15) ### Price Movements: 1. **Current Price and Trend:** - The current price is \(84.41\) INR, up by \(11.56\) INR (+15.87%). - The stock is in a strong upward trend, as evidenced by the ascending price channel. 2. **Price Channel:** - The price is moving within an upward channel. This channel indicates a long-term bullish trend. - The top of the channel projects potential future highs, while the bottom of the channel provides support levels. - The target is taken on the basis of the flag pattern ### Indicators: 1. **Volume:** - The volume is significant at \(168.569M\), indicating high trading activity. - An increased volume during upward movements often confirms the strength of the trend. 2. **MACD (Moving Average Convergence Divergence):** - The MACD line (blue) is above the signal line (orange), indicating bullish momentum. - The histogram is positive, reinforcing the bullish sentiment. - The MACD values are \(1.55\) (MACD line) and \(11.39\) (signal line), which suggests strong bullish momentum. ### Key Observations: 1. **Historical Performance:** - The stock has shown significant growth over the past few years, particularly since early 2020. - A major price surge can be seen around mid-2021. 2. **Support and Resistance:** - Immediate support is around the \(50\) INR level, which is a previous consolidation area. - Resistance levels can be projected using the upper boundary of the ascending channel, around the \(120\) INR mark in the near term. 3. **Price Projection:** - The chart indicates a projected move to \(938.54\) INR, which is a very optimistic target (+1292.46%). This projection aligns with the upper boundary of the long-term price channel. ### Conclusion: The technical indicators and the price channel suggest a continued bullish trend for RattanIndia Enterprises Limited. However, given the significant rise, it is essential to monitor for any signs of overbought conditions and potential pullbacks. The strong volume and positive momentum indicators support the potential for further growth, but investors should remain cautious and consider setting stop-loss orders to protect against sudden market reversals.
NSE:RTNINDIALong
by brijmohan_h
Bajaj Auto - Ascending Channel An ascending channel is the price action contained between upward sloping parallel lines. Higher highs and higher lows characterize this price pattern. Technical analysts construct an ascending channel by drawing a lower trend line that connects the swing lows, and an upper channel line that joins the swing highs. Ascending Channels: How to Trade This Technical Pattern Ascending channels are a common technical pattern that can be used to trade stocks, currencies, and other financial instruments. This pattern is characterized by two parallel lines, with the upper line representing resistance and the lower line representing support. Traders can use ascending channels in a number of ways. One popular strategy is to buy a stock when it reaches the lower trend line and sell when it nears the upper trend line. This strategy can be used to ride the uptrend in a stock's price. Another way to trade ascending channels is to look for breakouts. When a stock's price breaks above the upper trend line, this is a sign that the uptrend is accelerating. Traders can buy a stock at this point and ride the breakout to even higher prices. Conversely, when a stock's price breaks below the lower trend line, this is a sign that the uptrend is losing momentum. Traders can short a stock at this point and profit from the decline in price. There are a few things to keep in mind when trading ascending channels. First, it is important to use other technical indicators to confirm the pattern. For example, traders could look for an increase in volume or a breakout on higher time frame charts. Second, it is important to manage risk. When trading ascending channels, traders should use a stop-loss order to protect their profits. This order will sell a stock if the price falls below a certain level, preventing further losses. Finally, it is important to be patient when trading ascending channels. This pattern can take time to develop, so traders should not expect to get rich quick. Bajaj Auto Limited is an Indian multinational automotive manufacturing company based in Pune. It manufactures motorcycles, scooters and auto rickshaws. Bajaj Auto is a part of the Bajaj Group. It was founded by Jamnalal Bajaj in Rajasthan in the 1940s
NSE:BAJAJ_AUTO
by piyushbafna000
Persistent System -Buy Above 5000, Sell Below 4790 Technically speaking, Persistent System has been in an upward channel for some time now so two types of trades can be initiated here: one is buying the stock when it closes above 5000 with stop loss at 4900 and targets at 5250-5400-5500. However, this should only be done if there’s confirmation from volume as well as closing filter applied for 2 bars closing together or more before initiating trade. On the other hand, short side could also be initiated if Persistent System closes below 4790 with SL of 4900 & Target of 4650 and 4650 and as RSI is in Overbought Zone. Overall probability of success would depend upon whether breakout happens or not, since we have seen stocks consolidating within channels over past months, chances are higher for successful Short Trade than Breakout Trade. Hence once should be flexible while taking any position.
NSE:PERSISTENT
by vedgawkar
Channel Breakout in Mahanagara Gas LtdFrom few months stock was trading in a sideways channel, now it has given breakout with good volume. If we observe short-term chart, stock has already given a symmetrical triangle breakout for which final target is not yet achieved. We can expect a good upside momentum if price closes above 905. 830-845 levels should act as strong support. Considering the spike in volume we can expect a good rally in upcoming days. Stop loss can be placed at 800 for risk takers and 830 for risk averse. All possible targets are marked on the chart. This is not an recommendation. Do your own analysis before investing. NSE:MGL
NSE:MGLLong
by varun_devadiga
2
CANARA BANKHello and welcome to this analysis Like all PSU Banks saw a very good 2021 in terms of price performance thereafter in 2022 it went into a correction mode in line with market trend. The structure of the fall as can be seen in the chart is of a slanting channel currently. If it manages to break above 235 then 244 is the 1st line of resistance, above that 255 is where it has not one (Bearish ABCD) but two (Bearish Alt Shark) have a PRZ. The trend might see a pullback/consolidation there. Once it manages to break that resistance then above 295 it has a doubler breakout target waiting in the weekly time frame. On the other hand, if it respects the slanting channel resistance then breaking below 219 it could retest 210-190-170 Invest wisely!
NSE:CANBK
by Dinesh_C_Nagpal