Nifty is nicely placed at level from where it can go UP (10900, 11000) or Down (10700, 10500) Fib levels clearly showing the support and resistance level Interesting to watch how it pans out
With Pharma sector looking to take a break after a superfast rally, many pharma stocks have shown signs of a pullback. After struggling in the 1040-1075 zone for a few days, Apollo Hospitals NSE:APOLLOHOSP formed a large Bearish candle today. I can see that the price has formed an Evening Star pattern and got rejected at 61.8% of the previous downmove. Good...
NSE:BIOCON has touched the retracement level of 38.2%. Will it now fall down & now cross its earlier low of 575 next week?
After a rise from the lows of 277 till 306, looks like Hindustan Zinc NSE:HINDZINC has completed the countertrend move and is on its way down again. With Metal Index looking weak, I can see that the stock price got rejected after retracing 50% of the previous downmove, forming a Bearish Engulfing candle in the process. Good opportunity to short here with a...
GBPYJPY Seems weak at current levels which coincides with a horizontal and falling trendline resistance.
Maruti Suzuki NSE:MARUTI witnessed stiff resistance around 9100 levels today and closed even below 9000. I can see that the stock was pushed down after retracing 76.4% of the previous downmove and has also formed an Evening Star pattern. Good opportunity to short here with a small stop loss for a target in the 8500-8600 zone. Disclaimer: Views expressed here...
Media sector in general is looking weak and Zee Entertainment Ltd. NSE:ZEEL formed a large Bearish candle today. I can see that the price got rejected after retracing 50% of the previous downmove, and has also formed an Evening Star pattern. Good opportunity to short here for a target around 534 levels. Disclaimer: Views expressed here are my own, and should...
After the massive fall from 1108 levels, HCL Technologies NSE:HCLTECH managed to pull back to 934 levels but faced a stiff resistance in the 934-944 zone. I can see that the price faced strong rejection at 38.2% retracement of the previous downmove forming a large bearish engulfing candle. Good opportunity to short here for a target around 880...
Notes on the chart. I like the price inside the channel so the trade will be invalidated below the channel. However, look for an entry as per plan on the chart. Trade safe, stay healthy :) Regards
Looks like we have a bottom in place for Pharma sector NSE:CNXPHARMA after the rally witnessed in Pharma stocks in the past few days. However, a small correction may be due if it is unable to cross 8650 levels, as it has stopped exactly around 61.8% retracement of the previous downmove and also formed an inverted hammer today. Tomorrow’s candle would be...
This trade is for intraday basis on June 12. I can see that M&M NSE:M_M stock price has got nicely rejected after retracing 38.2% of the previous downmove, forming a Bearish Engulfing candle. Will look for selling opportunities below 912 if available near current levels for a first target in the 897-900 zone. Disclaimer: Views expressed here are my own, and...
This trade is for intraday basis. Dr Reddy NSE:DRREDDY appears to have topped out on 15 min chart around 2070 levels. I can see a negative divergence here with price coming down slowly. Good opportunity to short if it stays below 2070 for a first target around 2035 and next target around 2000 levels. Disclaimer: Views expressed here are my own, and should...
This is strictly on intraday basis. Wockhardt NSE:WOCKPHARMA appears to have topped out on 15 min chart around 705 levels. I can see a negative divergence here with price coming down slowly. Good opportunity to short if it breaks below 686 for a target around 665 levels. Disclaimer: Views expressed here are my own, and should not be interpreted as an...
Nifty at higher levels looks weak and might retrace with Friday profit booking.
Relcap might come down tomorrow very high RSI levels after the rally profit booking might happen before the next move.
Banknifty appears considerably weak after the large Bearish Engulfing candle that it formed yesterday as it encountered heavy selling pressure around 27000 levels. With all the private sector banks witnessing a selloff on Monday, Yes Bank NSE:YESBANK looks like a nice candidate for shorting. I can see that the price got rejected at the resistance zone near 350...
After a considerable recovery from the lows of 1780, Bears seem to have taken fresh shorts again in HDFC Ltd. NSE:HDFC on Monday, as the stock failed to cross the crucial resistance at 1865 and was pushed down to 1833. I can see that the price got rejected after retracing 50% of the previous downmove and formed a large Bearish Englufing candle. Good...
CANBK is showing some strength now and if momentum stays then it will retrace back to previous levels soon I would buy above 263 (close) for 272 and 285 SL as per Fib levels mentioned on the chart