IT NSE:CNXIT has been a strong sector which hardly corrected when Nifty was falling since Karnataka election results. However, today’s candle is a Bearish one with a long upper shadow. Also, it faced stiff resistance around 61.8% retracement of previous fall from ~ 14300 levels. I also observed the USD/INR chart and feel that Dollar has topped out against...
Ashok Leyland NSE:ASHOKLEY had a massive fall from 167.5 to 134 levels (I had posted an Idea on May 9 about shorting it) after which it has been moving up for past few days. However, I can see that it faced a strong resistance today at 61.8% retracement of the previous fall, near the previous support-turned-resistance. Took short positions here with a small...
After a 3 day rally in PSU banks, today we saw some selling pressure from the top which pushed these banks down from day’s highs. The market particularly isn’t very supportive and if the Bear onslaught continues on Nifty, PSU banks with relatively weak fundamentals compared to their private peers may be an easy target for Bears looking for new opportunities to...
I had posted an idea earlier about Escorts NSE:ESCORTS on May 8 when it was trading at 989 wherein the target of 911 was mentioned. (Well, as we can see that target was achieved long back !) Now looks like the stock has completed a countertrend move on the upside and is ready to fall again. I can see that it faced a strong rejection at 50% retracement of the...
Biocon NSE:BIOCON has been relatively unaffected by the current mayhem going on in the Pharma sector. However, after a few days of upmove, looks to me that Bears are tightening their grip on this stock as hammering of Pharma sector continues. I can see that the stock retraced around 61.8% of its fall from April 30 to May 7, and now it has resumed its downward...
After a swift move from 730 to 637 levels,Tech Mahindra NSE:TECHM has retraced 61.8% of the downfall to make a high of ~ 698 on Friday. I can see that it is facing resistance around 700 levels and witnessed selling pressure at those levels today. Today’s bearish candle suggests that the stock may have resumed its downward journey. Took short positions here...
Profit booking seems to have commenced in Sun TV NSE:SUNTV after good Q4 results. Also, I can see that it has retraced 61.8% of its previous fall from ~ 1100 levels before starting a downward journey. Looks like a good shorting opportunity to me with stop loss a few points above 1000 and first target near the 903-915 zone. Disclaimer: Views expressed here are...
Its Simple, lets follow the Fib levels as shown in the chart ICICIBANK rallied post results to 50% Fib levels but not able to sustain, lets see how it plays with FIb levels from here on
APollo Hospital has made a bullish candle and retraced to 38% of Fib ratio Now it would go towards 1125 and 1150 Best buy would be around 1085 SL 1056 for short term
Tata Steel NSE:TATASTEEL is witnessing selling pressure after not so good results where most of the profit came from exceptional gain. I can see that the stock has also reversed after retracing around ~ 38.2% of its previous fall from Jan 31 highs and is on its way to form a Bearish Engulfing candlle today. Good opportunity to short here with stop loss a few...
Nifty and Banknifty have formed a shooting star pattern today after Karnataka Election Results which may indicate trend reversal. I am looking for shorting opportunities in relatively weak private sector banks like ICICI NSE:ICICIBANK and Axis NSE:AXISBANK who came up with bad results but have gone up significantly. Here I see a Bearish candle around 50%...
GAIL has made a bullish candle and formed a base. Now its following the Fib levels as per chart I would buy above 329 for 338 348 and 356 SL 319.8
BPCL after the downtrend is showing the reversal sign however need to close above 397 to gain more strength I would buy above 397 for 409, 421 & 439 then we need to follow the remaining Fib levels SL 368 (CB) and then 359 RR is good above 420 only though
Cumminsind has started to move upward and looks good buy Either Buy around 750 or close above 770 Targets & SL are as per Fib levels
Go long in IDEA with CBSL 67.5 with minimum target of 78 and if 67.5 breaks then go short for downside extension
Ajantapharma is following the Fib levels as shown in the chart. close above 1275 would take it back to 1415 and 1450 SL1 1354 CB Sl2 1339
Nifty formed a bearish candle from 50% fibonacci level. A short pullback can be expected. Also, the stochastic indicator showed a bearish divergence further showing the possibility of a pullback. Entry: 520 Target: 500/495 Stoploss: 530
ONGC ONGC has hit the first fibonacci level and is expected to retrace from the point since a bearish candle has formed.