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Divergence

TCS - Topped out ?After a seemingly never ending rally, looks like TCS NSE:TCS is taking some break near 2000 levels. IT NSE:CNXIT in general looks in profit booking mode and with dollar coming off from all time high, we could see further fall in heavyweights like TCS , Infosys, Wipro at least for the time being. I can see that TCS formed a Double top around 2015 with a negative divergence and it has broken the neckline at 1972 levels. It broke the trendline as well on Friday. Looks like the stock is heading towards 1883. 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.
NSE:TCSShort
by nano6yogesh
Oriental Bank of Commerce - Double BottomAfter being hammered since almost a month (June 13), looks like some buying interest is coming back to PSU banks. I can see that Oriental Bank of Commerce NSE:ORIENTBANK has formed a Double Bottom around 71 levels with a positive RSI divergence. Looks like the stock is slowly moving towards the first target of 86.75 . Good opportunity for option writers here with a stop loss of 69. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
OLong
by nano6yogesh
1
Syndicate Bank - Double BottomAfter being hammered since almost a month (June 13), looks like some buying interest is coming back to PSU banks. I can see that Syndicate Bank NSE:SYNDIBANK has formed a Double Bottom around 38.75 levels with a positive RSI divergence. It seems that the stock is slowly moving towards the first target of 43.85. Good opportunity for option writers here with a stop loss below 38.75. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
SLong
by nano6yogesh
1
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.
HShort
by nano6yogesh
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) ----------------------------------------------------------------- Analysis shows BUYERS & SELLERS have shown least interest today (Monday) hence doji like pattern. Expected to open above 2300+ ----------------------------------------------------------------- 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)
NSE:BAJFINANCEEducation
by akc_trading
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.
NSE:SRFLong
by praveen.bhatiya
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.
NSE:CNXMETALLong
by nano6yogesh
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.
NSE:TATASTEELLong
by nano6yogesh
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.
NSE:HDFCBANKShort
by nano6yogesh
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.
H
by akc_trading