1) Not able to break 580-- bearish divergence
2) Bank trade at 3.4x P/B and has been showing good performance
3) It is likely to show dip in price due to BANK NIFTY bearish view
4) Any dip should be used to buy
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...
After 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...
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...
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...
The daily chart of USD/CAD has formed harmonic shark pattern AB=CD.
The daily chart has also formed a long engulfing candle.
Also in 4-hour chart a double top pattern has been formed.
So we can expect some profit booking in the counter and a long retracement could be possible.
The 4 hour chart of DXY shows sideways movements and double top pattern
With engulfing candle formed selling pressure intensifies further more here after
Short until reaching the expected targets respectively.
ICICI 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...
USD/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.
With 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...
I 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,...