TCS NSE:TCS again got rejected at the long term trendline resistance which has been holding strong since Oct 1,2018.
I can see that it formed a long Bearish candle and an Evening Star pattern on Feb 28.
Good opportunity to shot for targets of 1940 and 1920 with stop loss a few points above the downward sloping trendline.
Disclaimer: Views expressed here are my...
After making a high around 11080 levels on Thursday, Nifty NSE:NIFTY witnessed heavy selling pressure and could not hold on to 11000 levels.
I can see an Evening Star like formation here with a large Bearish candle.
Sold 11100 calls in the morning as soon as it broke 11000.
There are multiple supports around 10900 and 10700 levels.
However, I think call...
After a good recovery from the lows of 822 to 900, seems like the downtrend in Escorts NSE:ESCORTS may not be over yet.
The Auto index NSE:CNXAUTO appeared extremely Bearish today forming an Evening Star pattern.
I can see that Escorts has formed an Evening Star like pattern as well and has reversed in the 50%-61.8% retracement zone of the previous...
With both Nifty NSE:NIFTY and Nifty IT NSE:CNXIT indices looking weak, more pain seems to be on the way in certain stocks.
Many IT stocks appear to have formed an intermediate top today.
I can see that Mindtree NSE:MINDTREE has formed an Evening Star pattern with a large Bearish candle today.
Good opportunity to go short with a small stop loss for a first...
As mentioned in a previous idea on Nifty IT, the index appears to have topped out around 14300 levels and is slowly moving towards 13450.
I think many IT stocks like TCS NSE:TCS have also formed an intermediary top, looking at the large Bearish Candle and classic Evening Star reversal pattern that it formed today.
Good opportunity to go short at these levels...