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Divergence

Tata Elxsi - Double TopTata Elxsi NSE:TATAELXSI has hardly corrected at all from its top and is close to its high on April 26. With US dollar coming down with respect to Indian Rupee after a huge uptrend and IT sector also looking weak, looks like this stock is ripe for profit booking. I can see a Double top formation here with negative divergence. Good opportunity to short here with stop loss a few points above 1260 for a first target around 1100 levels. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:TATAELXSIShort
by nano6yogesh
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Oil Marketing Companies (OMCs) – Bottom in place?The Bear onslaught on Oil Marketing Companies (OMCs) has been going on for a long time now. However, with Crude starting to come down we may see some buying interest coming back to these stocks. Rupee is also at one of the lowest levels against Dollar, so a bounce back there may further help cut Oil Marketing Companies’ Losses. I can see the price making a lower bottom here with rising RSI showing a positive Divergence. Good opportunity to buy HPCL NSE:HINDPETRO with a small stop loss for a first target around 327 levels. Similar structure can be observed for other stocks like BPCL and IOC. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:HINDPETROLong
by nano6yogesh
ITC – Topped out?ITC NSE:ITC is facing very strong resistance near 290 levels. It has been struggling around these levels since past few days. Now that the results are also out, looks like profit booking has started in this stock. I can see a Double top formation with a negative divergence as well as a Bearish Engulfing candle that it formed today. Good opportunity to short with a stop loss a few points above recent highs and first target around 266 levels. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:ITCShort
by nano6yogesh
JSW Steel - Topped out ?JSW Steel NSE:JSWSTEEL has been very strong and came out with a good set of numbers. However, it has been struggling around 333 since many days. Now that the result is out, profit booking seems to have started kicking in. I can see a divergence here with a large bearish engulfing candle that it formed today. Good opportunity to go short with a stop loss around 345 for a target of around 306. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:JSWSTEELShort
by nano6yogesh
Infratel - Double BottomBharti Infratel NSE:INFRATEL stock is doing good for the past few days in a falling market and has shown a sharp reversal from the 308-311 support zone. I can see a double bottom formation here with a positive divergence. Good opportunity to buy this stock for the near term with a target of around 350 and stop loss a few points below 308. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
ILong
by nano6yogesh
HDFC – Topped out?HDFC NSE:HDFC has been slowly rising towards its previous high made on Jan 29. However, the stocks has once again failed to clear the resistance around 1950 levels and is slowly moving down. I can see a Double top formation here with negative divergence. Looking for shorting opportunities in this stock with stop loss above recent highs and first target of around 1865. 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
Lupin – Double BottomLupin NSE:LUPIN came up with better than expected numbers (operational performance) yesterday and the stock saw good buying activity today. I can see a double bottom formation here with a positive divergence along with today’s bullish candle. Good opportunity to go long with a stop loss near ~ 720 levels and first target of around 815. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:LUPINLong
by nano6yogesh
Gelnmark – Double BottomAs mentioned yesterday, a reversal in pharma seems around the corner. The stock has formed a good Double bottom with divergence and a large Bullish candle indicating that Buying Momentum is picking up. Good opportunity to go long with a stop loss near ~ 500 levels for a target of ~ 582. (However, keep an eye on the results) Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:GLENMARKLong
by nano6yogesh
Nifty Pharma – Triple Bottom - Will the rally finally begin?Pharma stocks have been beaten black and blue since a long time now. This sector has shown almost no upside at all when other sectors have rallied turn by turn taking Nifty near 11000 levels. I can see a Triple Bottom Formation here with increasing buying interest near a strong support area in Nifty Pharma NSE:CNXPHARMA . Many Pharma stocks like Lupin NSE:LUPIN and Dr. Reddy NSE:DRREDDY are near their 52 week lows. A breakdown of these lows may lead to a fresh round of selling. However, holding these levels can lead to a massive upside, so this looks like a good opportunity to buy pharma stocks with a small stop loss ! We may see a trend reversal from here in Pharma stocks especially as people search for opportunities to buy quality stocks available at cheap prices when banking stocks and Nifty in general have become very expensive. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:CNXPHARMALong
by nano6yogesh
KPIT – Topped out?IT Index NSE:CNXIT has been moving sideways for past few days. With election results also out, there is hardly any indication that the correction in IT is over. KPIT has been struggling around 265 levels. I can see a Negative Divergence and a couple of bearish candles around the top. Looking for shorting opportunities in this stock with a stop loss near 270 and first target around 235 levels. (However, keep an eye on the result to be declared on May 23) Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
KShort
by nano6yogesh
Divis Lab – Top in place ? NSE:DIVISLAB This stock is very volatile and has had a couple of wild runs ... (so one needs to be careful.) The stock has also completely recovered from its February lows and made a higher high. However, I can see a divergence here with an evening star pattern at the top. Good shorting opportunity here with Stop loss of a few points above the recent highs and first target at around 1120 levels. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:DIVISLABShort
by nano6yogesh
IndusInd Bank – In Consolidation mode?IndusInd bank NSE:INDUSINDBK has been struggling at 1900 levels for past few days and looks like Bulls seem to be exhausted, unable to get it past this crucial resistance. With Nifty Private Bank Index also closing at a crucial level today, a big movement from here seems inevitable. I can see a Negative Divergence on Daily chart with price consolidating near the 1900 levels. Took short position with a small stop loss around 1910 and target around 1800 levels. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Adviser for any investments.
NSE:INDUSINDBKShort
by nano6yogesh
Jubilant Foodworks - Time for Profit Booking ?Jubilant Foodworks NSE:JUBLFOOD has had a massive rally since June last year and came up with a strong set of numbers 2 days ago. However, it is still going down which is a sign that the stock has run up too far and now Investors have started booking profits. With a Negative Divergence and a Bearish Engulfing candle at the top, the stock presents a nice opportunity to go short !! Took short position here with a stop loss of around 2690 and first target at around 2300 levels.
NSE:JUBLFOODShort
by nano6yogesh
Ashok Leyland – Topped out?This stock has been in a major uptrend since December last year. After a long stretch of upmove, time seems to be ripe for Investors to start booking profits in this stock. I can see an indication of profit booking commencing from the Negative Divergence and large Bearish Candle that it formed today. Went short here with a stop loss above 169 for a target near 150 levels. (However, one has to watch out for Result on May 18.) Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for any investments.
NSE:ASHOKLEYShort
by nano6yogesh
3