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TCS - A GOOD MOMENTUM PICKTCS LOOKS GOOD ON DAILY TIME FRAME AND A BUY CAN BE INITIATED. I have analysed it on daily time frame considering few points. Key Observations- 1. Fibonacci Retracements - Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. TCS managed to retrace around 61.8% i.e 1980 from bottom of 1557 which it made around on 19th March. A move above 61.8% suggests a Trend Reversal for any stock. TCS failed to sustain above 61.8% i.e 1980 and it fell back to 50% i.e 1890. For about a month 50% i.e 1890 was crucial level for TCS to break, which it managed to sustain this time. (shown by arrows in graph) 2. Channel Analysis - A price channel is a continuation pattern that slopes up or down and is bound by an upper and lower trend line. The upper trend line marks resistance and the lower trend line marks support. Price channels with negative slopes (down) are considered bearish and those with positive slopes (up) bullish. For explanatory purposes, a “bullish price channel” will refer to a channel with positive slope and a “bearish price channel” will refer to a channel with negative slope. TCS is currently in a good bullish channel for last 1 month and currently respecting the trend lines. Based on this, TCS will continue to move UPWARD and good returns can be generated. 3. Moving Averages - A moving average (MA) is a widely used technical indicator that smooths out price trends by filtering out the “noise” from random short-term price fluctuations. The most common applications of moving averages are to identify trend direction and to determine support and resistance levels. For short term Trading Purpose we can considered 9 day and 21 day Moving Averages has seen a good positive cross over of 9 and 21 day Moving average. TCS Has also managed to sustain above its 9 day moving average for few days, which shows its in strong UP- trend. 4. RSI - Relative Strength Index (RSI) is momentum oscillator that measures Speed and change of Price movements. RSI oscillates between 0 and 100. Traditionally RSI is considered overbought when its above 70 and oversold when below 30. RSI of TCS has hovering in mid 50 to 60 for last few days. This also suggests that there is strength in Up-move of TCS. 5. Directional Movement Index - The DMI is a technical indicator that is typically shown below or above the price chart and is calculated by comparing the current price with the previous price range. DMI then displays the result as an upward directional index (+DI) and a downward directional index (-DI). The DMI also calculates the strength of the upward or downward movement and displays the result as a trend strength line called Average Directional Index or ADX. +DI and -DI show up as two separate lines, colored green and red, respectively. When the red line is above the green line, it means the price is dropping. When the green line is above the red line, it means the price is rising. If the - DI and +DI are crisscrossing back and forth, there likely isn't a price trend going on, and the price is moving sideways. An ADX reading above 25 signals a strong trend is in place. Based on this explanation, DMI of TCS is currently at 25 which is strong, suggesting strength in price movement. SUMMARY- [/b ] Considering all the above points, we can initiate a trading Buy in TCS at 1949 with Stop Loss of1885 ( which is just below 50% retracement). Trading Target can be set at 2050-2075-2100.
NSE:TCSLong
by EquityPulse
AXIS BANK – A GOOD LONG-TERM PROSPECT?AXIS bank has corrected 60% from its highs of 760 and had touched 300, but does it make AXIS Bank a good investment opportunity? I have broken it down to you and analyzed AXIS bank on WEEKLY Time-Frame. Key Observations- 1. VOLUME ANALYSIS- • SELLING CLIMAX (Green Arrows)- A climax occurs at the end of bull or bear market cycle and is characterized by escalated trading volume and sharp price movements. The beginning of selling Climax is often signaled by steadily increasing volume on sell side of market as growing pessimism accelerates the downtrend. • On this weekly chart of last 12 years (Green Arrows), volume climax has happened 3 times and once all selling pressure is over, there was a good Up-move. • Volume Spikes (Dotted blue and Red lines)- Unusually large volume, graphed on chart. If one day’s volume is two to three times the average volume, it will appear as spike. Volume spikes are plotted on Ascending Triangle formation. Volume spikes on trendline Support and Resistance confirms visibility of big buyers and sellers. • Currently AXIS bank is at demand Zone and is witnessing huge volume spikes. 2. DEMAND AND SUPPLY ZONE (Rectangle box)- • AXIS bank is currently in good demand zone (Price Range 372-340), it has tested this level in year 2014, 2015 and 2020. It also managed to test strong support zone of 300 which it couldn’t break for 4 years from 2010 to 2014. AXIS bank managed to close above this demand zone of 370 to 340 for last 5 weeks which is a positive indication. 3. RELATIVE STRENGTH INDEX (Blue UP Arrows)- • Relative Strength Index (RSI) is momentum oscillator that measures Speed and change of Price movements. RSI oscillates between 0 and 100. Traditionally RSI is considered overbought when its above 70 and oversold when below 30. • Over the last 12 years AXIS Bank has faced 6 oversold levels (Blue Arrows) where the RSI has touched below 30 levels on weekly chart. AXIS Bank managed to gain momentum as soon as it reached over sold levels and bulls managed to change the trend up. Currently AXIS Bank has reached extreme Oversold levels and history suggests that it could be a good entry point for new buying. 4. FIBONACCI RETRACEMENTS – • Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. • AXIS Bank after hitting a low of 285 managed to retrace till 465 which is 38.2%. Currently it is stuck at 23.6% ie (400 ). 5. PRICE CHANNEL- • A price channel is a continuation pattern that slopes up or down and is bound by an upper and lower trend line. The upper trend line marks resistance and the lower trend line marks support. • Price channels with negative slopes (down) are considered bearish and those with positive slopes (up) bullish. • For explanatory purposes, a “bullish price channel” will refer to a channel with positive slope and a “bearish price channel” will refer to a channel with negative slope. • AXIS Bank has broken its bullish pattern and is facing resistance around 400, which is negative for short term SUMMARY – Looking at all the above points, we can conclude that AXIS Bank can be accumulated at current levels of 360 to 375. Second phase of buying can be done when AXIS bank is able to sustain its 400 level for few weeks. A medium-term target can be placed at 480 to 522 and long-term target of 600 can be achieved in few years. In Short term, we could see some pressure, but Axis Bank is a good Investment Prospect currently.
NSE:AXISBANKLong
by EquityPulse
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Nifty Media Index Could Fall Another 25%Nifty Media has failed to gain any meaningful traction over the last month and is now breaking down from its short-term bear flag. If prices are below their recent highs of 1,205 on an absolute basis, then we’d expect a retest of the lows near 971 and an eventual break to new lows that targets 830 over the coming 6-8 weeks. We’re not here to catch falling knives or be right about calling a top or bottom, we’re here to make money. And we do that by riding the strongest trends as long as they’re intact, which in this case it most certainly is.
NSE:CNXMEDIA
by AllstarchartsINDIA
New Relative Lows In Nifty PSU BanksIn addition to Nifty PSU Banks breaking down to new all-time lows on an absolute basis, we're also seeing new all-time lows relative to the Nifty 100. This trend of underperformance has accelerated and unlikely to continue this steep pace for the long-term, but there's no reason to be looking for a reversal just yet. We’re not here to catch falling knives or be right about calling a top or bottom, we’re here to make money. And we do that by riding the strongest trends as long as they’re intact, which in this case it most certainly is.
NSE:CNXPSUBANK
by AllstarchartsINDIA
Further Downside Ahead For NIFTY PSU BanksHere’s the leader of the weakest stocks, Nifty PSU Banks, breaking down to new all-time lows on an absolute basis. When bullish momentum divergences fail to spark any sort of upside traction, that shows that sellers are remaining aggressive even at lower prices and that the downtrend remains firmly intact. If prices are below their recent lows of 1,220 then we’re looking for further downside towards 1,025. We’re not here to catch falling knives or be right about calling a top or bottom, we’re here to make money. And we do that by riding the strongest trends as long as they’re intact, which in this case it most certainly is.
NSE:CNXPSUBANK
by AllstarchartsINDIA
Gold Spot / USD Dollar(Gold Shining Fading in May)?Gold Spot / USD Dollar (Gold Shining Fading in May) (Gold “The Light Had Faded and Dusk was Advancing) • Gold Spot The Shining of Gold is Fading now means the Light had Started Fading now and Dusk was Advancing in Gold Slowly in the start of Month of May and Will Continuous will go for entire Current Month • Three Time Gold Tried for New Break out from the upper Channel but Unable to do the same • Continuous Rise in the Upper Channel • Volumes Started Decreasing • Momentum also Decreased in the last 10 Sessions • Let See If Equity will Rise Subject to if Slowly Lock downs Will Start Releasing the effect will see on Gold on Negative Side • If Lock downs Opens Slowly then Economy and Industries will rise which will impact Gold Negatively and His Shine will start fading off • Let See? (Finally if you liked the Idea pls provide likes and comments and pls provide suggestion if you something dont like about the idea )
OANDA:XAUUSDEducation
by Ashhish-Chhabra
Money Flowing Bank Into Nifty Financial ServicesIn this chart of the Nifty Financial Services Index vs Nifty 100 ratio, we see a bullish momentum divergence as prices stabilize above a confluence of support. Prices staying above their recent lows signals outperformance is likely from this sector of the market, at least in the near-term while money flows out of areas that have run a lot like Nifty Pharma and Nifty Fast Moving Consumer Goods. Strength in Financial Services will be a tailwind for the Nifty 50 and broader indices given it's the largest sector weighting at ~33%. Our Nifty Pharma and Bank stock ideas related to this thesis are below in the "related ideas" section.
NSE:CNXFINANCE
by AllstarchartsINDIA