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Divergence

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.
Short
by nano6yogesh
4
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.
NSE:BANKNIFTYShort
by nano6yogesh
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.
NSE:JSWSTEELShort
by nano6yogesh
3
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.
NSE:NIFTYShort
by nano6yogesh
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.
NSE:DRREDDYShort
by nano6yogesh
3
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.
NSE:AUROPHARMAShort
by nano6yogesh
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.
NSE:TECHMShort
by nano6yogesh
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
2
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