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Inverted Hammer

Cipla: Time to Book Some ProfitsWhat market doesn't like is high volume and it hates when it is immediately followed a clear sign of distribution. Its definite that smart money has taken advantage of the parabolic markup and they have started to sell at their favorite auction price. They trap the gullible retail trader at the top and drive the price down to the potential stop loss of the retail buyer and the process of accumulation and distribution repeats. The current surge in volume and price in this stock (after a 10% gap opening on 9th April 2020) can be considered as a full/partial profit taking opportunity rather than a buying opportunity at this point of time. Its better to wait for fresh buying in case of pullback. All the opinions are personal. Do like if it helps. Regards JJSingh
NSE:CIPLA
by Bravetotrade
6
Buy Morepen Laboratories - Long Term Positional CallI recommend to Buy Morepen Labs as a positional call for medium term. Charts of morepen labs shows that the stock is oversold in the market with unjustified pessimism. It's prime time to get into the morepen labs with targets of rs. 42.00 which can be seen within 12 months from now. It has created a Inverted Hammer Pattern which is a strong bullish reversal sign. While the fundamentals of the company are very strong as company has shown growth in bottom line. Strict stop loss must be placed at 18.00 If anyone interested in more such fundamental and technical calls please visit our website wp.me
NSE:MOREPENLABLong
by VivekAggarwal
HDFC Bank - Topped out ?After the seemingly never ending uptrend, looks like HDFC Bank NSE:HDFCBANK is facing resistance around 2220 levels. I can see that the stock got rejected at the trendline and also formed an Inverted hammer with Bearish Divergence. It may come down to 2000-2100 levels. Good opportunity to short here with a small stop loss. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:HDFCBANKShort
by nano6yogesh
8
Nifty Pharma – At a crucial levelLooks 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 crucial as it may decide further move on either side (would take positions accordingly). Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:CNXPHARMA
by nano6yogesh
Do We Need To Be Cautious ?Hi, Since festive season is over here in North, I might spare some more time to write on TV. Let's begin with this post on Nifty. In my last post I tried to time the market in anticipation of a correction. Although market reacted for a few days from there, yet I can't call that a correction. Price-Time analysis has once again been hinting at something but this time let's not talk about time and talk about price action only. Few words of caution: First of all we are in the uncharted territory which is highly bullish. But that does not mean that we ll have a parabolic ride on the upside only. There will be corrections and consolidations. Secondly, we are at the upper end of the uptrend channel, in which markets have been gyrating for the past few years, which could be a concern. Thirdly, patterns similar to previous corrections have been observed near the upper end I just discussed. Fourthly, Jumping out of the channel takes us to an overbought zone which demands consolidation/correction. I am just saying it on price action basis not on any indicator basis but you can have it confirmed if u want to. So If history is to repeat, we might see correction. In this scenario 10400-10425 would be the level to watch out for. At present I ll not discuss levels below this point and would reassess once the market reaches that point. I might be wrong: I would be happy if markets correct but my heart ll go "gaga" if markets make new highs, because I have just reduced on my long positions I am not short yet. So let's say the current move has more legs on the upside. Here I would assume that markets have been trying to develop a new channel which has its upper boundaries outside the current channel. What should be the levels on the upside to book more profits? I ll look for 10800-10850 zone to book some more profits. 10930 would be an extended zone for major concern. If this level is achieved and we correct, 10530-10600 zone may offer a first level of support. I a nutshell , in the backdrop of the above cautious notes, I would like to book some profits at this stage and would use trailing stops on remaining positions. May we all make nice profits in this year too. Regards Bravetotrade
NSE:NIFTY
by Bravetotrade
2