Looking at the fall in NIFTY today, which was quite predictable. it looks like this can be a trend to create a W pattern or a Double bottom.
To finish this pattern NIFTY might come down in coming 1-2 weeks, that's up to 31st March, 2020.
Once the double bottom is completed, we can see a great rise in the Indian Market.
Lets hope for the best.
Lets look at the analysis --->
1> EW ANALYSIS :-
Assuming this trend from 1490.9 level in corrective phase, we will assume impulse wave completed at 830.1, after that it slightly got complicated, still we will keep prefer count as B as flat, now we might be in wave c of B.
2> Classical TA :-
a. the downtrend channel has given a breakout
b. formed a minor double...
Double Bottom pattern observed in Tata Chemicals. Neck level was broken in second week of May thereby confirming the pattern. The recent fall could be counted as neck level retesting. In that case the stock will move up to 672 where the pattern target falls. However, a trendline still holds and we could see noticeable resistances at 635 and 658. A break above 635...
Stock has formed the double bottom and trading above the neckline. One can buy the stock now for a double bottom pattern target of 324 which offers a reasonable Risk to Reward trade. RSI above 50 is also confirming the trade.
Target 320 - 324
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading...
If this is a double bottom, then it should not go below 5760. It should make one more higher low around 7000 levels which would probably confirm a double bottom. This would take it to its first target of around 10,000$ and subsequent journey towards its all time high.
HDFC has been in a nice long term uptrend trending above 200 EMA, and is just given 13,62 EMA Crossover.
Also the price has broken up from a consolidation zone and confirmed a double bottom.
Long position may be initiated above 1737 with a target of 1800 and SL 1725