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09 Feb ’24 — BankNifty retraces and defends the Support LevelNifty Analysis - Stance Neutral ➡️ Recap from yesterday: “Nifty is by no means bearish, unlike BankNifty which slipped into the RED today. If BN continues the southward journey tomorrow, most likely N50 will have to follow suit.” 4mts chart Nifty creates a double bottom (W pattern) in the 4-minute time frame. Although we did not retest the 21913 support/resistance level which we broke yesterday, the entire price action today showed no intent of bearishness. The interesting part of the opening 2 hours today was that Nifty gave a false impression of bearishness. We fell to a swing low of 21629 by 11.03 and then reversed today. The reversal from that point was approx 175pts - it did not come in a fast and furious manner, rather it was a steady climb. What would have happened yesterday would just be a blip, the price action of BankNifty today makes us think so. Or else why would it rally 622 points ~ 1.38% and reclaim the support level today? NiftyIT on the other hand was looking weak today and was contradicting the other index heavyweights. CNXPSE, Metals, Smallcaps, Midcaps, and Energy traded in the RED today. 63mts chart For Monday, we wish to maintain our stance of neutrality. To go long the resistance of 21913 has to be taken out and to go short 21615 has to be broken first and then 21491. Wish you a happy weekend.
NSE:NIFTY
by viswaram
ASIANPAINTS Breaking out 1 month of consolidation . Reasons To Enter : NSE:ASIANPAINT 1. Stock about to breakout after consolidating for a almost a month . 2. Crude Oil is going down , so considering the inverse correlation between crude oil and paint stocks , we can see demand going up as oil gets cheaper . 3. Stock closing above both 50-9 EMA 4.Breakout , retest already done . Now price might go up . . . . The information provided is for informational purposes only and does not constitute financial advice. Investing in the stock market carries risks, and past performance is not indicative of future results. Individuals should conduct their research, consider their risk tolerance, and seek professional advice before making investment decisions. The accuracy and completeness of the information are not guaranteed, and the authors disclaim any liability for losses incurred based on reliance on this information.
NSE:ASIANPAINTLong
by Vector-killz
The Tyre King MRF Done with Upside?? Then Downside Levels hereStock is down almost -9% from it's freak trade all time high 150233 dated 17 Jan. 2024 There is only strong resistance around 145800 All other unnamed green horizontal lines could be work as short term support to bounce back and profit booking from short postions. If Green line broken down decisively then "Support becomes Resistance" theory suppose to be applied. Disclaimer: Analysis & View are personal and for the educational purposes only. Trade at your own risk. We recommend consult your financial advisors and do your own analysis before taking any trade. Profit and Losses are subject to your own risk management and constantly changing market conditions.
NSE:MRFShort
by SEBIRegistered
16 Jan ’24 — Nifty Tests the Ascending Channel Today - stance ➡️Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “Remember how things were looking weak on the 8th and 10th of Jan and how Nifty turned from there? For tomorrow, the bullish stance continues and the first support will be the ascending channel top-line ~ 22050 levels.” 4mts chart Nifty hit a new top of 22124 today and just when everything was going in its favor, it started falling. Most analysts will blame the NiftyIT sector (-1.28%) for the fall today - they are not wrong but it is not just because of IT. The majority of the Nifty sub-sectors were down today, Realty (-1.66%), Pharma (-1.14%), Energy (-0.75%), Service (-0.52%). Very few sectors were in green today - Metal, Media, Consumer Durables, PSU banks, etc. When the majority of sectors are against the primary direction (bullish), it may end up becoming a top-like formation. We discussed yesterday how the Ascending Channel will act like support, on the 4mts TF we got a breach today. 22050 was our laxman rekha but we ended up hitting 21969. 63mts chart The channel top is not breached in the higher TF, just because of this we are not changing the stance from bullish to bearish. We would like to give one more opportunity for Nifty to hold its ground. We would start the day tomorrow with a neutral bias and wait for Nifty to fall below 21913 to go bearish.
NSE:NIFTY
by viswaram
IOC - Add to WatchlistIndian Oil Corporation Limited is engaged in refining business. The Company's segments include Sale of Petroleum Products, Sale of Petrochemicals and Other businesses. TTM EPS: 17.36 TTM PE: 5.43 P/B: 1.00 Mkt Cap (Rs. Cr.): 133,022 Dividend Yield: 3.19 Sector PE: 30.01 Book Value Per Share: 94.73 Some Positives: Strong Momentum: Price above short, medium and long term moving averages Growth in Net Profit with increasing Profit Margin (QoQ) Increasing profits every quarter for the past 3 quarters Company with Zero Promoter Pledge FII / FPI or Institutions increasing their shareholding Recent Results : Growth in Operating Profit with increase in operating margins (YoY) Some Negatives: MFs decreased their shareholding last quarter Inefficient use of shareholder funds - ROE declining in the last 2 years Declining Revenue every quarter for the past 4 quarters Declining Net Cash Flow : Companies not able to generate net cash My Opinion: I am positive on PSU Oil and Gas. NOT A RECOMMENDATION. JUST FOR EDUCATION PURPOSE. Thanks
NSE:IOC
by babutaaniket
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