HDFC Ltd. - Double TopAfter 2 days of sharp upmove, looks like HDFC Ltd. NSE:HDFC is facing stiff price rejection around 1940 levels.
This resistance appears to be very strong as the stock has failed to clear it for third time in a row.
I can see a Double Top formation here with negative RSI divergence.
If the stock falls and sustains below 1915, looks like it will head back to 1865.
Good opportunity for option writers to go short here with stop loss at 1950.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Divergence
Rising Wedge/ending Diagonal- Potential short candidateJubilant Foodworks- looks like an ending diagonal or rising wedge with volume and momentum divergence.Short with Stoploss at 1437.5 spot price.
BAJFINANCE : ANALYSIS FOR 3rd July to 5th JulyVerdict:
1) PRICE_ACTION: DIVERGENCE indicating
CONTINUATION OF UPTREND, and
price-action is also following (BLUE) TrendLine
2) DELIVERY : Reduced from 5.07 lac to 2.88 lac.
3) OI : Increasing from 3 days (July Series) with
2.47 lac contracts added on Friday vs 67.5k
contracts added on Monday (today)
4) Options : Highest number of contracts added
(20.5k) @ 2350 CE (Call writer expecting that price
will not cross 2350 level, which is in line with my analysis. Price is expected to reverse from 2330)
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Analysis shows BUYERS & SELLERS have shown least
interest today (Monday) hence doji like pattern.
Expected to open above 2300+
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Expected to move UP tomorrow (Tuesday). Next target will be
2330. (Keep an eye on OI change on nseindia.com before
entering into any trade, for price to sustain upward
move OI should increase)
AXISBANK : Analysis for Tuesday (3rd July)Verdict:
1) Divergence seen on Thursday followed by Bullish candle on Friday & doji-like today
2) OI of JULY Series is increasing from last 4 days.
3) Highest Option writing on 520 CE Option (1.65 lac)
4) Resistance level @ 519.4
5) Delivery increasing from last 3 days. (Out of
which last 2 days price has increased)
WOULD BE A GOOD BTST.
Expected to move up as market opens on Tuesday
& then fall below Monday's open.
Small Risk, Morning Star Reversal & Divergence We can observe that the lower low made is not supported by the indicators thus forming the divergence and showing the strength. It is formed Morning Star Candlestick reversal pattern which is reasonably reliable so one can buy the stock at current level by providing the appropriate SL. We can expect the target of 1815 which offers a good Risk to Reward trade.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
Nifty Metal – Temporary Bottom in place ?After a long downtrend from 4300 levels, looks like Nifty Metal index NSE:CNXMETAL has managed to get some support at least temporarily at 3320 levels.
It will be interesting to see what happens at the trendline resistance which is currently around 3700 levels.
I can see a Double Bottom here with positive divergence and also a Morning Star formation.
Good opportunity to go long on metal stocks like Tata Steel, Hindustan Zinc which are showing a similar pattern, with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Tata Steel – All set to rally ?After a long downtrend from 750 levels in Jan end, looks like we have a bottom in place for Tata Steel NSE:TATASTEEL at around 537 levels.
I can see a Double Bottom here with positive RSI Divergence.
It remains to be seen what happens at the trendline resistance which at present is around 583 levels.
I expect the stock to reach at least 610 for a first target.
Good opportunity to go long with stop loss at 535.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
HDFC Bank - Heading Southwards ?HDFC Bank NSE:HDFCBANK appears weak as the stock went down even when Nifty was up around 125 points.
I can see that the stock is facing heavy resistance around 2160 levels and has formed an evening star like reversal pattern with Negative RSI divergence.
Good opportunity for option writers with stop loss a few points above 2160.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
HIGH DELIVERY+INCREASE OI+EXPIRY WEEK =SHORTING OPURTUNITYVERDICT:
1) FORMING HH & HL from last 6 sessions
2) Divergence is forming after todays HIGH (26 Jun)
3) Defined SUPPLY-ZONE is between 1916 to 1932
& above
4) Broke triangle formation with lower
than average volume, but after that maintained
above average volume.
5) HDFC has seen 75 % delivery on avg of 8 days
=> HIGH DELIVERY means PEOPLE are expecting
price to increase
6) OPEN INTEREST is also increasing with
INCREASE IN DELIVERY
CONCLUSION:
This week being an expiry week, expect a fall of 2-3%,
which will give a nice and low risk-high reward oportunity
of shorting.
WAIT FOR RIGHT TIME TO TAKE SHORT TRADE (INTRADAY).
For POSITIONAL TRADE, trade at your discrimination.
TRENDLINE & DIVERGENCE ANALYSIS (Levels mentioned on chart)Right now MINDTREE no trade zone.
It is always better to take CONFIRMED trade rather than taking trades based on HOPE.
Remember, Market will always crush your HOPES. So always take calculated trades.
Follow if you like the analysis, and if not, then constructive criticism is always WELCOME.
NIFTY prediction for 26th JunEilot wave formation on recent candles (based on CLOSE) which suggests on 26th June, market should close around 10830 (10824 is resistance level)
This analysis is confirmed by HIDDEN DIVEREGENCE seen on STOCHASTIC graph.
USD/INR - Double TopUSD/INR FX_IDC:USDINR has been hovering around the 68.5 mark for quite some time (around a month) now, and has started to come down slowly.
I can see that the price has formed a Double Top with a negative divergence.
Looks to me like the price is slowly approaching 66.85 levels.
Good opportunity to short here with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Banknifty - Trendline brokenYesterday and today Banknifty bulls made a vehement attempt to get it past 26700 levels to reach 27000 but looks like the Bears have heavily guarded the 26700-27000 zone.
I can see that the upward trendline which Banknifty NSE:BANKNIFTY respected since March 22 has been broken and today it made a failed attempt to bounce back as the price got rejected at the trendline.
Also RSI has been steadily declining even when price was increasing showing divergence and waning buying interest.
A bearish candle tomorrow would confirm the weakness and would probably take it down to 25700 levels.
Good opportunity to go short here with a stop loss near 26700 levels for a target around 25700 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Divergence and its effect shown on CONCOR despite weak global cuALL LEVELS ARE MENTIONED ON CHART.
Shown divergence (with Stochastic) followed by a candle with long tail confirming reversal.
Spoted the supply zone (shown on chart).
Should reach till supply zone without interuption
JSW Steel – Double topWith Metal Index looking Bearish, selling pressure seems to be mounting on JSW steel NSE:JSWSTEEL as it formed an extremely Bearish candle on Friday.
I can see that it has formed a Double Top like structure around 344 levels and is showing Negative Divergence.
Looks like the stock is heading towards 307 levels.
Good opportunity to go short with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Nifty - Double topI can see that Nifty NSE:NIFTY has formed a nice Double top around 10900 levels with RSI divergence.
If it fails to cross this hurdle it may come back to 10420-10490 levels.
If it breaks 10900 and sustains above it on closing basis the trade is invalidated.
Good opportunity yo short here with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Cipla – Looks weakThis trade is for intraday basis on June 12.
I can see that Cipla NSE:CIPLA is struggling at the resistance zone around 562 levels with a negative divergence on 15 min chart.
Will look for selling opportunities below 562 if available near current levels for a first target around 546 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Double Bottom, Divergence, Parallel ChannelThis down trending stock is showing some strength recently and refused to make further low, thus formed double bottom. It is showing RSI divergence. One can buy the stock as per details given below
Entry 112
SL 107
Target 132
RR 4
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Dr Reddy - Short term top ?This trade is for intraday basis.
Dr Reddy NSE:DRREDDY appears to have topped out on 15 min chart around 2070 levels.
I can see a negative divergence here with price coming down slowly.
Good opportunity to short if it stays below 2070 for a first target around 2035 and next target around 2000 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Aurobindo Pharma – Short term top ?
This is strictly on intraday basis.
Aurobindo Pharma NSE:AUROPHARMA appears to have topped out on 15 min chart around 577 levels.
The stock is struggling around 575 levels.
I can see a negative divergence here with price coming down slowly.
Good opportunity to short if it stays below 575 for a first target around 559 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Wockhardt – Short term top ?This is strictly on intraday basis.
Wockhardt NSE:WOCKPHARMA appears to have topped out on 15 min chart around 705 levels.
I can see a negative divergence here with price coming down slowly.
Good opportunity to short if it breaks below 686 for a target around 665 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Tech Mahindra - Topped out ?Tech Mahindra has been struggling to cross the resistance around 722 for past few days.
With IT index looking weak, there is a high probability that the stock may crash soon.
I can see a Double Top formation around 722 levels with a negative divergence.
Good opportunity to short here with stop loss a few points above 722 for a first target around 640 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
