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Engulfing Candle

Infosys - Trendline rejectionInfosys NSE:INFY has been in a downtrend since October making lower swing highs. I can see that it again got rejected at the trendline resistance and formed a Bearish Engulfing candle. Shorted here with stop loss a few points above the trendline resistance for a first target of 625. A deeper correction can take it to 610. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:INFYShort
by nano6yogesh
1
NIFTY - WHO WILL GET BURNT THIS DUSSEHRA- BULLS OR BEARS?THIS IS THE FOURTH PART OF THE ANALYSIS ON NIFTY -1.24% 2.32% FALL. IF YOU NOT READ THE PREVIOUS ONE 3 POSTS, PLEASE READ THE SAME FOR BETTER UNDERSTANDING. I HAVE ALSO SHARED ITS LINK BELOW. Some Lines I said in the previous post “In the process to up,There has been 2 Gaps created in the past downfall and crossed 2 Fibo support (Mentioned Below) which will stop the market from going up. Resistance 1 - Gap 1 - 10520-10550 Resistance 2 - Fibo Resistance 38.2 - 10650 Resistance 3 - Gap 2 - 10750-10850 Resistance 4 - Fibo Resistance 0.5 - 10860 The Above 4 levels are going to act as major resistance. Even after being optimistic, I do not feel market will be able to cross Resistance 3.” Nifty preached the levels. The first 2 resistances were broken. However the market reversed from the 10700 Levels. It fell a huge 260 Points to close at 10453. FII Data suggest they have only closed 10% of their Index shorts. If 10% can bring so much carnage, what will the remaining 90% do? These resistance levels are going to be the same. Although Resistance 1 is not all that strong now. Candles Formation The last 2 day candles have created a Bearish Engulfing pattern, which an extremely effective bearish pattern. A Major Gap up closing below yesterdays Low shows the sentiment of the market is really not good. Important Event 1. Reliance result – It was announced this week and it was not much good. We can expect some downfall. 2. HDFC Bank Result – To be announced 20 Oct 2018. While Reliance is looking for a Fall. Bad Result of HDFC Bank can impact Nifty badly. Reliance and HDFCs together hold heavy weightage in Nifty and can show us a new low of this series. As i already shared Pullback are short term and short lived. Thus, it was a pullback of 2 days and Bears again came in the driver seat. on Wednesday. Also these pullbacks gives good level to again short the market. Please also note : FII even after covering have 90K Shorts. The fall can be deffer-ed but is certain to come until FII decide to cut their shorts in losses. (which never happen :P) Support Levels Support 1 – Fibo Support 38.2 - 10350 Support 2 – Trendline Support - 10240 Support 3 – Historic 10160 Support 4 – Fibo Support 23.6 – 10000 The Bulls might get roasted this DUSSEHRA and DIWALI. 10K seems near. These are just my thoughts, and my view to the things going around. I hope it Helps. All counter views welcomed if they intend a fruitful discussion. And If Warren Buffet says he still learns, who are we to say or believe that we know all. Lets learn together and Earn together.
NSE:NIFTYEducation
by prathamaggarwal
4
Ashok Leyland - Long term uptrend resumes ?After a steep fall of 3 months, looks like Ashok Leyland NSE:ASHOKLEY has resumed its upward journey from August. I can see that the stock has reversed from its long term trendline forming a Bullish Engulfing candle. Also, it has reversed after retracing 61.8% of its previous upmove. Good stock to accumulate with a stop loss below 110 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:ASHOKLEYLong
by nano6yogesh
Aurobindo Pharma –All set to rally ?The Pharma index NSE:CNXPHARMA seems to have resumed its uptrend today after consolidating for about a month. After a pullback from 636 to 566 levels, looks like Aurobindo Pharma NSE:AUROPHARMA is all set to start the next cycle of uptrend. I can see that the stock has reversed after retracing 61.8% of the previous upmove and formed a Bullish Engulfing candle today. Good opportunity to go long here for a target of 610 and above with a stop loss of 565. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:AUROPHARMALong
by nano6yogesh
Crude Oil – Is there more steam left ?Crude oil TVC:USOIL fell sharply from 75 levels to make a low around 67. However, this low is higher than the previous one so the rally may not be over yet. I can see that the price has bounced back after retracing around 61.8% of the previous upmove, forming a Bullish Engulfing candle. So we might be in for another cycle of an uptrend in Crude. As long as the price sustains above 66, would be skeptical that the rally in Crude has ended. Would keep a close eye on OMCs (HPCL,BPCL,IOC) which might be hammered once again if there is a surge in Crude Oil price. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
TVC:USOILLong
by nano6yogesh
SBI - All set to rally ?After a huge upmove from 232 to 289 levels, SBI NSE:SBIN entered into a consolidation zone for a month. However, I can see that it has bounced back strongly after retracing 61.8% of the previous rally and has formed a Bullish Engulfing candle. Looks like it is all set to begin next phase of rally after retracement. Good opportunity to go long here with a stop loss of 250. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:SBINLong
by nano6yogesh
1