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BUDGET 2024: Technical Outlook & Money Flow in Different SectorsNSE IT SECTORS NSE:CNXIT TREND: POSITIVE India IT sector is currently on an upward trend. After a bullish Pole & Flag pattern was spotted on the chart, a breakout occurred leading to a surge in index and the formation of a bullish Pennant pattern. Encountering resistance at the 38,600 level, the IT index underwent a correction and consolidation phase. During this consolidation, a Rounding Bottom pattern emerged, suggesting a potential continuation of the trend. Since the breakout, the index has successfully maintained levels above the breakout point and is steadily climbing higher. NSE FMCG SECTORS NSE:CNXFMCG TREND: POSITIVE The chart shows a strong uptrend. In the past, there was a bullish Pole & Flag pattern formation, resulting in a surge after the breakout. The index faced significant resistance at 58,000, causing a correction and consolidation. A Cup & Handle pattern appeared emerged in the chart, suggesting a potential continuation of the trend. The recent breakout in the cup & handle pattern suggests that the FMCG index has managed to stay above the breakout level and is gradually moving higher. NSE METAL SECTORS NSE:CNXMETAL TREND: NEGATIVE The metal industry underwent a period of consolidation time and again in the past. Reaching a peak near the 10,200 level, the metal index consolidated again, and a recent breakdown suggests a potential downward movement. Looking at the downside, the 8,800 level could serve as a solid support, leading to a possible rebound in the index. NSE MEDIA SECTOR NSE:CNXMEDIA TREND: NEGATIVE A bullish Ascending Triangle pattern was visible in the chart earlier. Instead of breaking upwards, the index experienced a breakdown, marked by a powerful bearish marubozu candle. Furthermore, the support level was breached, leading to a notable decline. The index eventually found support and traded within a box pattern. Following the breakout, the index rallied but encountered resistance at the former support level, now acting as a resistance post-breakdown. It is anticipated that the Media index will continue to decline and potentially find support around the 1,750 level.
NSE:CNXITEducation
by GoodluckCapital
ONGC Witnesses a Multiyear Breakout - What's Next? When analyzing the monthly chart, it's clear that the stock price has experienced numerous fluctuations. In June '14, the stock reached a high near 315 level before taking a sharp downturn. By March 2020, the stock price had plummeted to just 50 INR. However, from that point, the stock began a strong upward movement with significant volume increase. An ascending triangle pattern appeared on the chart, and the price successfully broke through the pattern to continue its upward trend. Ultimately, the stock managed to surpass its previous resistance. As long as it maintains above the 300 level, the price is likely to continue its upward trajectory.
NSE:ONGCLong
by GoodluckCapital
TCS & Just Dial - Getting Ready for a Bull Run After the market crash in 2020, the stock price experienced a significant upward movement and reached close to the 3,990 level, which was the previous all-time high for the stock. Subsequently, the stock entered a downtrend until the price found support near the 2,900 level. Following this, the stock price began to rise again and reached a new high in March’24 at around the 4,250 level. After a pullback, the stock successfully broke through the neckline of the Inverted Head & Shoulder pattern, which had formed during the entire consolidation phase. If this breakout sustains, we may witness a further price rally in the coming days. The stock price reversed its downward trend by breaking through the Ascending Triangle pattern upwards. After dropping near the 1,150 level, the stock rebounded strongly and started moving upwards. The stock price found support around the 520 level after a significant drop and started climbing. An Inverted Head & Shoulders pattern appeared on the chart during the consolidation phase, signaling a possible trend reversal. Following the breakout, the stock price moved upwards but faced resistance at a previous level. After a brief pullback, the stock price successfully broke through the resistance and continued to climb.
NSE:TCSLong
by GoodluckCapital
Infosys and Atul Ltd. Showing High Rise In Future OIINFY The stock price was strongly rejected near the 1,730 level and experienced a significant drop. Later on, the stock found support near the 1,380 level and started to climb. Once the price broke through its trendline resistance, it made a sharp upward movement and reached its previous resistance area. Due to the rising volume, there is an expectation that the stock could break through the resistance and continue to move upward. Additionally, the MACD indicator is showing strong momentum as it is trading above the zero level. ATUL The stock has been on a downward trajectory, consistently creating lower highs and lows. A recent breakthrough of the parallel channel has been noticed, accompanied by a rise in trading volume. Moreover, the RSI indicated a divergence amidst the downtrend, with the current RSI standing above 70, indicating strong buyer momentum. There is a potential for the price to move upwards from its current position.
NSE:INFYLong
by GoodluckCapital
HINDCOMPOS - INVERSE H&S, THEN CONSOLIDATION AND BREAKOUTHi All, This idea is about Hindustan Composites Ltd Certified developer, manufacturer & marketer of Friction Materials in India comprising Brake Lining, Clutch Facing, Disc Brake Pad, Roll Lining, Brake Block, etc. Company is also engaged in the treasury business. Clientele Ashok Leyland, Maharashtra State Road Transport Corporation, Eastern Railway and Southern Railway, etc. HCL is also a Tier 2 supplier of brake lining for Toyota, TATA Technical Price Action formed an inverse Head and Shoulder but after the formation of right shoulder could not break the neckline, instead went into consolidation. Eventually the price broke out of the darvas box ending the consolidation and have reached the initial neckline of Inverse H&S. If neckline is broken, it could lead to a substantial rally Fundamentals Market Cap ₹ 905 Cr. Current Price ₹ 613 High / Low ₹ 650 / 347 Stock P/E 26.3 Book Value ₹ 669 Dividend Yield 0.33 % ROCE 4.46 % ROE 3.60 % Face Value ₹ 5.00 Equity capital ₹ 7.38 Cr. No. Eq. Shares 1.48 EPS ₹ 23.3 Promoter holding 75.0 % Change in Prom Hold 0.00 % Chg in Prom Hold 3Yr 0.00 % Pledged percentage 0.00 % Market Cap to Sales 3.04 Sales growth 5.30 % PEG Ratio 2.10 EVEBITDA 17.3 Quick ratio 1.95 Trade receivables ₹ 37.3 Cr. Sales ₹ 298 Cr. Debt to equity 0.00 Price to book value 0.92 Free Cash Flow ₹ 3.92 Cr. CMP / FCF 91.1 Happy Trading Thanks, Stock-n-Shine
BSE:HINDCOMPOS
by Stock-n-Shine
Laurus Labs and Fine Organic - Reversal Breakout Alert! In the past, the stock found strong support around the 450 level, but when the price dropped below this support zone, it experienced a significant decline. The stock started to move upwards within a parallel channel after finding support around the 290 level. A recent bullish candle allowed the price to break through its trendline resistance with strong volume support. The stock also broke through the upper Bollinger Band and has been able to sustain its position above it. With the price showing strong upward momentum, there is potential for an upward movement from the current level. The stock price reached an all-time high of nearly 7,330 before dropping sharply to around 4,100. After the decline, the price entered a consolidation phase and traded in a Box pattern. A breakout has occurred recently, with the stock surpassing its previous range and trying to maintain its position. The rising volume suggests the possibility of an upward movement from the current level.
NSE:LAURUSLABSLong
by GoodluckCapital
Momentum Trading Picks: Welspun Corp & Himadri Speciality Chemic Price went through a significant consolidation after a big rally. Volume completely dried up during the consolidation phase. Price recently broke out strongly, surpassing its resistance area. Rising volume suggests buyers are becoming more interested in this stock. A bullish MACD crossover confirms the strong momentum in price. The price created a symmetrical triangle shape and stayed stable for a while. There was no trading volume during this time. Following the breakout, the price stabilized above the breakout point and then retraced. After a successful retracement, the price is now moving upwards with significant trading volume. A bullish MACD crossover confirms the strong momentum in price.
NSE:WELCORPLong
by GoodluckCapital
SWING IDEA - GRASIMGrasim Industries , a prominent player in the Indian conglomerate landscape, presents an intriguing prospect for swing traders, as evidenced by a convergence of technical factors signaling a potential upward rally. Reasons are listed below : The repeated testing of the 2175 level underscores its significance as a critical support/resistance zone. With the recent breach accompanied by strong candle activity, the stage is set for a significant market movement. A bullish engulfing candle, spanning daily price action over the past two months, serves as a powerful signal of bullish momentum, marking a pivotal juncture for traders. The presence of the 50-day Exponential Moving Average (EMA) as a support level on the daily timeframe adds further credence to the bullish outlook. Elevated trading volumes serve as a corroborating factor, indicating heightened market participation and conviction behind the price movement. The recent breakout from a two-month consolidation phase signifies a significant shift in market dynamics. Such breakouts often herald the onset of a new trend or the resumption of an existing one, presenting lucrative opportunities for traders to capitalize on directional movements. The consistent formation of higher highs underscores the underlying strength of the uptrend. This pattern of ascending peaks reaffirms the prevailing bullish trajectory, offering traders confidence in the sustainability of the upward momentum. Target - 2360 // 2575 Stoploss - Daily close below 2045 DISCLAIMER - Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services. @visionary.growth.insights
NSE:GRASIMLong
by Visionary_Growth_Insights
SWING IDEA - HFCLHFCL emerges as an attractive swing trade prospect, combining technical strength, breakthrough dynamics, and heightened market participation. Traders eyeing potential opportunities should keep a keen eye on these developments, as HFCL navigates its path in the market. Reasons are stated below : After enduring multiple tests at the 92 levels, HFCL has successfully broken through, signifying a notable shift in market sentiment. A noteworthy spike in trading volumes accompanied the breakthrough, underscoring heightened market interest and potential sustained momentum. The stock is exhibiting a pattern of forming higher highs, a crucial sign of an ascending trend and an encouraging signal for traders. A strong bullish candle on the weekly timeframe serves as a powerful breakout signal, further affirming the positive trajectory for HFCL. Adding to the bullish narrative, HFCL exhibits a robust 900-day consolidation, reflecting stability and resilience in the face of market fluctuations. Target - 121 // 153 StopLoss - weekly close below 82 DISCLAIMER - Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services. @visionary.growth.insights
NSE:HFCLLong
by Visionary_Growth_Insights
4
AARTI DRUGS - Price Observation & OverviewPrice Observation & Overview: 1. Currently reacting from the supply zone and trendline. 2. Volumes are dry! 3. Earnings are weak. 4. Buying strength is lacking at the moment. Plan: 1. Wait and observer. 2. Will try to update a follow-up review post in the next week if found anything interesting and significant... - Stay tuned for further insights, updates and trade safely! - If you liked the analysis, don't forget to leave a comment and boost the post. Happy trading! Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Please, do your due diligence before investing. Thanks & Regards, Anubrata Ray
NSE:AARTIDRUGS
by SuperNova396
DIVISLAB and ONGC showing high rise in Future OIDIVISLAB The price has been consolidating in a narrow range for more than a year. Recently, the price successfully surpassed its resistance level. Since the breakout, the price has maintained above the breakout point and is steadily increasing. The current RSI is above 60, suggesting strong buying pressure. ONGC Before, the price was rising steadily, pushing the highs and lows higher. Since March’24, the price has entered a consolidation phase, and an ascending triangle pattern has been established. A breakout with significant volume has occurred recently. The RSI is currently above 60, indicating strong buying pressure.
NSE:DIVISLABEducation
by GoodluckCapital
2
Globus Spirits Wave Counting and Next Targets 1700 and 2350!Here is why we are super bullish on Globus Spirits: 1. This stock has corrected deeply from the top (61.8% Fib). 2. Falling wedge pattern (proper buying angle). 3. Hidden bullish divergence. 4. Wave analysis: The stock has completed Waves A and B, and is now ready for Wave C. 5. Ichimoku turning positive. We see great risk-to-reward in this stock. It has the potential to hit our targets and could rally even further. Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:GLOBUSSPRLong
by WaveMoku
BBTC: Keep an eye on this multiyear breakout stock(1) The price at the 2050 level was strongly rejected in the past, leading to an 63% decrease. (2) Eventually, the price found support near 690 and began to rise. (3) However, it was rejected again near 1570 and fell. (4) The price surged after a notable increase, breaking through its trendline resistance and carrying on with its upward momentum. (5) At long last, after nearly half a decade, the price managed to shatter its resistance barrier and hold its ground above it.
NSE:BBTCEducation
by GoodluckCapital
Glrnmark Pharma's upward trend is notable. Can it be maintained?(1) Before, the price was strongly rejected around the 1250 level. (2) Then, the price dropped by about 85%. (3) Later on, the price found support near the 165 level and began to rise. (4) However, the price was rejected again around the 690 level and dropped. (5) After a significant increase, the price finally broke the neckline of the Double Bottom pattern and continued to rise. (6) Finally, after nearly 9 years, the price successfully broke through its resistance zone and maintained its position above it.
NSE:GLENMARKEducation
by GoodluckCapital