Wish you all happy new year 2018!
As published last on this stock in May 2017 - Journey above cloud @237 - A new story could unfold, I am excited to put video update about that story & its current structure.
Do support & enjoy.
There is a bearish butterfly & double top@10500.
Strategy 1 - If Nifty Holds in 10400 -10425 then expect a bounce to 10460-10485 & we book profits & wait outside
Strategy 2 - If Nifty gets resistance between 10475-10500 after strategy 1 is done then look to sell on tops with minimum stops above 10500 - Target -10425 - 10390 - Below 10370...
In weekly, price broke horizontal support, then it bounced back to retest the broken support, which is acting as a resistance now.
also price is at descending channel resistance.
also double top pattern confirmed here,
it can slide down to 670, 640, 560 levels.
Its been a while since I wrote on the Index. In my last post I marked 10094-10013 as the key area.
Market tested that key area and bounced sharply. Although the Bat pattern could not complete as per expectations, market reacted near 1:1 level (10013) shown in the above post and...
A nice Pick for a swing/ positional trade for this week is a short trade of TCS, Because the market NIFTY is overbought & is the world's most expensive market based on PE valuation so its better to short rather than to buy anything in nifty 50, and a recent filter showed TCS as overbought technically and seems to have formed a double top and is moving down, The...
KPIT has a high PEG ratio of 1.48. This means the fair value of the stock is around Rs 100.
Technically, it is forming Double Top + Evening Star.
Good candidate for short if the next daily candle opens below today's low.
Target T1: 127
Target T2: 115
Long Term Target: 108
SL: 139.5 (Today's high)
If Butterfly turns into cipher- spelling mistake. Time to open your dictionary & add a new word in your vocab list. Who cares about the spelling mistake & who cares about the doosra (cricket term) till the time they give you results.
There is a bearish cypher in the range 425-427 zone & will it confuse to make you clean-bowled like doosra - well I don't know till...
1st Innings Head & shoulder breakout + confirmed by double email@example.com gave the push upside & turned from 77 highs which was shy of 1-2 points from 79-80 -closing last trading day at 71.50 levels.
Price has pulled back to the neckline which can give another opportunity to bulls & this time if it surpasses 79-80 zone then it attempts 88-90 zone next.
Tomorrow being RBI day its usual for Nifty to give only scalping trade chances. We slightly have a different view from yesterdays but still in-line with what we are expecting with Nifty.On lower timeframe's scalping chances will arise whether its move till 10110 or on bearish reversal with formation of double-top. Be conservative on the formation of double-top...
We continue with ALBK (Allahabad Bank) as suggested in the previous post that we can plan to buy ALBK if it comes close to 65-66 Zone- Traders should look to buy if it remains above 65 which was our stops downside
I have updated previous post twice when it was close to 65-67 Zone - Please say - "khul ja sim sim" the magical door opened & obliged us by holding...