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Double Top

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
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
CNXPHARMA – Short term correction on cards ?After an explosive rally of about 1500 points (8000 to ~ 9500), Nifty Pharma NSE:CNXPHARMA has been facing stiff resistance around 9500 levels for past few days. Also, I can see that it has formed a Double top with negative divergence and broke the rising trendline today. Most major stocks like Lupin, Dr. Reddy, Cipla which appeared to give a breakout have retraced back their gains making a strong case for a false breakout. (I had mentioned this possibility yesterday in my ideas on Lupin, Dr. Reddy and Cipla) If it breaks 9100 levels, we could see a retest of 8800 levels before Pharma index resumes next leg of rally. However, if it holds 9100, the rally might continue upward without further fall. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:CNXPHARMAShort
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
ICICI Bank – Double top and Evening StarICICI Bank NSE:ICICIBANK appeared very weak today, with the stock forming a large Bearish candle showing strong price rejection in the 300-302 zone. I can see that the stock has formed an Evening Star pattern today. Also, RSI has been increasing whereas the stock formed a Double Top, indicating hidden bearish divergence. I think the stock is heading back to the 277-283 zone. 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:ICICIBANKShort
by nano6yogesh
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
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
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
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
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