Nifty weekly analysis for 05/02/24.Nifty has tested the higher levels and got rejected from the high forming a hanging man candle on the daily charts.
Weekly charts is still showing some postivity and it is still way high from the weekly 20 ema.
The market has gained 500 points on the weekly close and is looking positive as compare to the other indices.
Major support levels :- 21820, 21660, 21500
There is a possibility of a double top pattern formation but confirmation for the M pattern will be below 21230 levels.
A confusion is there in the market as the budget was about to come this week and market participants were over excited for that .
It will face a major resistance from ATH and if it goes up to the levels and consolidate from 2-3 trading session or create halt candle, high chances for testing 23k levels will be there.
Resistance :- 21900 (hourly), 22130 (ATH).
Wait for the price action near the levels before entering the trade.
Nifty50
Nifty50 Support And Resistance 9-Feb-24Nifty50 Support And Resistance 9-Feb-24
Please find below simple resistance and support:
Resistance: 21764
If crossed up then will see upward move as follows:
T1: 21849
T2: 21915
Support: 21685
If crossed down then will see downward move as follows:
T1: 21586
T2: 21520
This is only for education purpose. Do your own research before investing or trading.
I AM NOT SEBI REGISTERED ANALYST, SO BEFORE TAKING ANY DECISION CONSULT ANY PROFESSIONAL.
We Strictly Recommend You Not To Make Any Decisions, Financial, Investments, Trading, Or Otherwise.
Please Understand That Using This Information Would Be Totally At Your Own Risk.
****************************************************************************
𝐃𝐈𝐒𝐂𝐋𝐀𝐈𝐌𝐄𝐑: We/I are not 𝐒𝐄𝐁𝐈 ( Securities and Exchange Board of India ) Registered. The Information Provided Is For Educational & Instructive Purposes Only. Our Intention Is Not To Provide Any Financial Advice, Investment Advice, Training Advice, Or Any Other Advice. This Is General Information And Is Not Explicit To You Or Anyone Else.
Without The Consultation Of Any Professional, We Strictly Recommend You Not To Make Any Decisions, Financial, Investments, Trading, Or Otherwise. Please Understand That Using This Information Would Be Totally At Your Own Risk.
Do Not Take Any Action Unless You Are Set Up To Continue An
'All Out Misfortune " or "Total Loss".
Your Misfortune Could Incorporate Cash You Contributed Just As Commissions And Exchange Charges
07 Feb ’24 — Nifty Passes the Fire Test - Stance Upgraded to 🐂Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: ” Nifty is still undecided on the 63mts TF and for that same reason, we wish to start the day tomorrow with a neutral bias and then go long if we have a green candle above the 21913 zone. Only if BankNifty lends support we can take out the ATH and there is no better day than the expiry day for such feats.”
4mts chart
The gap-up was much more than expected and we did not live well to that hype anyway. When we have a huge gap and the market starts to close, it accidentally builds momentum for the weaker hand and most of the time the scale tips in their favor. Luckily, the Bears could not capitalize on it today as Nifty fell 192 points ~ 0.87% from the highs, breaking the support of 21913. The recovery was not anything spectacular, Nifty just ended the day above the level of 21913 and for us, that is more than enough to change our stance from Neutral to Bullish.
NiftyIT reminds us of the night watchman in cricket. When there are only a few more overs remaining in a Test match - you send a tail-ender instead of your best batsman. Today when BankNifty started awakening, NiftyIT started giving up. What was the reason NiftyIT ended the day with a loss of -1.25% on an otherwise good GREEN day?
63mts chart
The Inverse Head and Shoulders look perfectly formed and since it is a high-accuracy pattern - we wish to put our weight behind it. The only thing standing in its way was the 21913 resistance, now the next target should be the all-time highs. Our stance for tomorrow is bullish and since these are all games of probabilities we reserve the right to be wrong as would like to keep the 21826 area as a good stop loss.
Nifty50 Support And Resistance 8-Feb-24Please find below simple resistance and support:
Resistance: 21983
If crossed up then will see upward move as follows:
T1: 22059
T2: 22123
Support: 21867
If crossed down then will see downward move as follows:
T1: 21801
T2: 21737
This is only for education purpose. Do your own research before investing or trading.
I AM NOT SEBI REGISTERED ANALYST, SO BEFORE TAKING ANY DECISION CONSULT ANY PROFESSIONAL.
We Strictly Recommend You Not To Make Any Decisions, Financial, Investments, Trading, Or Otherwise.
Please Understand That Using This Information Would Be Totally At Your Own Risk.
****************************************************************************
𝐃𝐈𝐒𝐂𝐋𝐀𝐈𝐌𝐄𝐑: We/I are not 𝐒𝐄𝐁𝐈 ( Securities and Exchange Board of India ) Registered. The Information Provided Is For Educational & Instructive Purposes Only. Our Intention Is Not To Provide Any Financial Advice, Investment Advice, Training Advice, Or Any Other Advice. This Is General Information And Is Not Explicit To You Or Anyone Else.
Without The Consultation Of Any Professional, We Strictly Recommend You Not To Make Any Decisions, Financial, Investments, Trading, Or Otherwise. Please Understand That Using This Information Would Be Totally At Your Own Risk.
Do Not Take Any Action Unless You Are Set Up To Continue An
'All Out Misfortune " or "Total Loss".
Your Misfortune Could Incorporate Cash You Contributed Just As Commissions And Exchange Charges
CDSL | Positional Trade📊 DETAILS
Sector: Misc. Commercial Services
Mkt Cap: 20,460 cr
Central Depository Services Limited is a Market Infrastructure Institution (MII), part of the capital market structure, providing services to all market participants - exchanges, clearing corporations, depository participants (DPs), issuers and investors. It is a facilitator for holding of securities in the dematerialised form and an enabler for securities transactions.
TTM PE : 57.96 (High PE)
Sector PE : 54.23
Beta : 0.84
📚 INSIGHTS
Mid range performer
Stock with medium financial performance with average price momentum and valuation. These stocks may be affordable and are showing some investors interest.
1.59% away from 52 week high
Outperformer - Central Depository Services Ltd up by 3.27% v/s NIFTY 50 up by 1.07% in last 1 month
📈 FINANCIALS
Piotroski Score of 5/9 indicates Average Financials
Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you.
🔍 More Analysis & Trade Setups 🔍
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MAHABANK | Swing Trade📊 DETAILS
Sector: Bank - Public
Mkt Cap: 36,646 cr
Bank of Maharashtra is engaged in providing banking services. The Bank's segments include Treasury, Corporate/Wholesale Banking, Retail Banking and Other banking operations.
TTM PE : 9.95 (Average PE)
Sector PE : 12.91
Beta : 1.50
📚 INSIGHTS
Strong Performer
Stock with consistent financial performance, quality management, and strong technical momentum indicating good investor enthusiasm. Currently valued at Good to expensive valuation
1.33% away from 52 week high
Outperformer - Bank of Maharashtra up by 10.07% v/s NIFTY 50 up by 0.19% in last 1 month
📈 FINANCIALS
Piotroski Score of 4/9 indicates Weak Financials
Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you.
🔍 More Analysis & Trade Setups 🔍
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Carysil: The Stock Ready to Fly?Today, I'm going to tell you about a company called Carysil in a way that's easy to get.
📊 Meet Carysil
NSE:CARYSIL started in 1987, making sinks out of quartz and granite. They've been doing it so well that now they're one of the top names in India for these products. But we're not here to talk about sinks; we're here for the exciting stuff - their stock performance.
🔍 Spotting the Pattern: The Rounding Bottom Breakout 🔍
For those new to chart patterns, a rounding bottom is a bullish signal. Carysil's stock has not only formed this pattern but has also broken out to reach new all-time highs. This breakout was accompanied by spiking volumes, a sign that the big players are taking notice.
📈 The Retest: A Second Chance?
After such an impressive breakout, Carysil's stock has come back to test the breakout level, but this time with significantly lower volume. This retest offers a golden opportunity for investors and traders to hop on board with a more affordable stop loss, targeting at least a 20% gain from the depth of the rounding bottom pattern.
🌟 Financial Highlights: Numbers Don't Lie
Carysil's recent financial performance adds another layer of excitement:
Net Sales surged by 36.4% in December 2023, reaching Rs 187.96 crore.
Quarterly Net Profit rose by 27.21% in December 2023, hitting Rs. 15.33 crore.
EBITDA experienced a 43.5% increase in December 2023, standing at Rs. 36.12 crore.
EPS grew to Rs. 5.72 in December 2023, up from Rs. 4.50 in December 2022.
Moreover, Carysil shares have delivered a staggering 26.94% return over the last six months and an even more impressive 97.05% over the last year.
🚀 Wrapping It Up: Carysil's Future Looks Bright
it's clear that the stock holds promising potential for those willing to delve into its patterns and financial health. The alignment of technical signals with robust financial performance paints a picture of a stock on the cusp of a significant rally.
Remember, this is all about learning and not actual investment advice, as I'm not a certified expert. But I love sharing what I find with you all.
Lastly, thank you for your support, your likes & comments. Feel free to ask if you have questions. Dive into the market with confidence and remember, in the world of trading, the sky's the limit! ✨ Keep soaring, traders! ✨
Time to be Cautious in Nifty50 ?Nifty Ends Above 22,000 today, For First Time.
Time to be cautious?
The setup for 2023 was very powerful as its previous calendar year witnessed only 10 new 52-week highs, while for 2024, its previous calendar year saw a staggering 29 new 52-week highs. Today markets opened at new lifetime highs marking the second new lifetime high in just 15 days of calendar year 2024. Reliance alone is the biggest contributor in last 1000 point Nifty gain.
Furthermore, IT sector has led the Nifty rally and has spiked significantly in the last three trading sessions because of results backed by cheaper valuations.
The markets are clearly in bull's favor but the recent upswing warrants a certain degree of caution as, many times, such sharp rallies do not sustain. There is high probability that there will be profit booking in areas of ebullience, specially in small-cap & mid-cap space.
Though the larger texture of the market is still on the positive side & current leg of rally may extend up to 22,400 levels but due to temporary overbought conditions, upcoming interim budget & elections, markets may remain volatile & in profit booking mode.
We can see a selling market only after sustaining below 21750-21700 levels but right now THE TIME IS NOT TO SHORT BUT TO BE CAUTIOUS DEFINITELY.
IOB | Positional Trade📊 DETAILS
Sector: Bank - Public
Mkt Cap: 89,313 cr
Indian Overseas Bank was founded in 1937 by Chidambaram Chettyar. It was one of the 14 major banks that were nationalized in 1969.
TTM PE : 38.10 (High PE)
Sector PE : 13.27
Beta : 1.47
📚 INSIGHTS
Mid-range performer
Stock with medium financial performance with average price momentum and valuation. These stocks may be affordable and are showing some investors interest.
9.88% away from 52 week high
Outperformer - Indian Overseas Bank up by 7.22% v/s NIFTY 50 up by 0.49% in last 1 month
📈 FINANCIALS
Piotroski Score of 4/9 indicates Weak Financials
Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you.
🔍 More Analysis & Trade Setups 🔍
For more technical analysis and trade setups, make sure to follow me on TradingView: www.tradingview.com
NIFTY Intraday Trade Setup For 07 Feb 2024NIFTY Intraday Trade Setup For 07 Feb 2024
Bullish-Above 21970
Invalid- Below 21920
T- 22150 22350
Bearish-Below 21720
Invalid-Above 21770
T- 21525 21315
NIFTY has closed on a bullish note with 0.72% gain today. Nothing triggered as per trade setup today. It has revered yesterday's sentiment and chances are high that there can be bear trap above 21970 tomorrow. We will exit the short trade initiated below 21800. Best trade will be above 21970 on a flat opening for a fresh ATH. 21700 is now the last hourly swing low below which bearish price structure will be initiated.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 21970 then we will long for the target of 22150 and 22350.
For selling we need a 15 Min candle close below 21720. T- 21525 and 21315.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
==========
I am Not SEBI Registered
This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
FinNifty weekly expiry levels for 06/02/24.FinNifty is trading in a no trading zone of 21200-21450. It has consolidated today and tomorrow being weekly expiry can give a trending move.
It is trading between both the moving averages on the daily time frame. Watch it take support around 200 ema, a short term bearish trend is confirm.
If the market opens gap up and takes rejection from the upper zone, good R:R ratio trade can be initiated with target of 21200.
In case of a gap down opening, there will be negative signs and position can be created below 21200 support zone.
Major bearish targets :- 20230, 20020
The market is trading in a volatile cycle and giving hard time to option buyers.
Option seller will enjoy the markets as the VIX is high (closing 6.5% higher).
Resistance levels for expiry :- 20450, 21560
Wait for the price action near the levels before entering the market.
SAPPHIRE | Positional Trade📊 DETAILS
Sector: Hotel, Resort & Restaurants
Mkt Cap: 9,193 cr
Sapphire Foods is one of the largest franchisees of Yum! Brands Inc. in the subcontinent, and operates more than 400 KFC, Pizza Hut, and Taco Bell restaurants across India, Sri Lanka, and the Maldives.
TTM PE : 44.23 (Average PE)
Sector PE : 73.28
Beta : 0.48
📚 INSIGHTS
Strong Performer
Stock with consistent financial performance, quality management, and strong technical momentum indicating good investor enthusiasm. Currently valued at Good to expensive valuation
7.95% away from 52 week high
Underperformer - Sapphire Foods India up by 2.29% v/s NIFTY 50 up by 4.73% in last 1 month
📈 FINANCIALS
Piotroski Score of 6/9 indicates Average Financials
Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you.
🔍 More Analysis & Trade Setups 🔍
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CENTRALBK | Mini Swing Trade📊 DETAILS
Sector: Bank - Public
Mkt Cap: 42,362 cr
Central Bank of India is a commercial bank. The Bank's segments include Treasury Operations, Corporate/Wholesale Banking, Retail Banking and other Banking business. The Treasury Operations segment includes dealing in government and other securities, money market operations and Forex operations.
TTM PE : 19.44 (High PE)
Sector PE : 12.51
Beta : 1.65
📚 INSIGHTS
Strong Performer
Stock with consistent financial performance, quality management, and strong technical momentum indicating good investor enthusiasm. Currently valued at Good to expensive valuation
12.86% away from 52 week high
Underperformer - Central Bank of India up by 3.06% v/s NIFTY 50 up by 9.05% in last 1 month
📈 FINANCIALS
Piotroski Score of 5/9 indicates Average Financials
Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you.
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NIFTY Intraday Trade Setup For 06 Feb 2024NIFTY Intraday Trade Setup For 06 Feb 2024
Bullish-Above 21970
Invalid-Below 21920
T- 22150
Bearish- Below 21720
Invalid-Above 21770
T- 21525 21315
NIFTY has closed on a bearish note with 0.38% cut today. In the we discussed in detail that index formed a bearish reversal candle at an important resistance level in daily TF. Below 21800 our short trade is triggered and our invalidation level is 22130. If our sl is triggered then above 22150 there will be a bullish move. We will trail sl after we get comfort move. Tomorrow once again on a flat opening below 21720 there will be a good sell off. Above 21970 there is a chance of a bullish move.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 21970 then we will long for the target of 22150.
For selling we need a 15 Min candle close below 21720. T- 21525 and 21315.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
==========
I am Not SEBI Registered
This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
TRIVENIThis is the chart of Triveni Engineering & Industries Limited, stock is moving in a fixed pattern and is showing positive momentum towards the upside. According to my analysis it will break the trendline and move further for targets of 365, 390, 415, ATH.
Stoploss - 320
Only for Educational Purpose
Do your own research
Banknifty weekly analysis for 05/02/24.Banknifty has given a nice move after the budget day and closed 200 point lower on daily close and 1000 points lower from the day's high.
The weekly chart is showing a rejection from golden fib ratio of 61.8% around 47k zone.
Though, it has closed above the 20 WEMA buy still it is trading below 20 DEMA. The market has given much move in the last week but volatility was high which helped option seller to create position while taking a hunt on option buyers.
Major support levels :- 45860-900, 45300, 44550
Currently, nifty tested it high but banknifty is still lagging in testing the high by 1800 points. If the market remain positive and give some bullish momentum there are chance for the index to retest the high.
It will face resistances while testing the higher highs around round number figure and resistance zone.
Resistance zone :- 46550, 47000
No trading zone is marked and there is possibility of market easing of with the volatility to create a trend or sideways movement.
Wait for the market to decide whether it sideways or trending. Must watch for the price action formation near the zone and trade accordingly.
Nifty50 Support And Resistance 6-Feb-24Please find below simple resistance and support:
Resistance: 21818
If crossed up then will see upward move as follows:
Target 1 : 21987
Target 2 : 22054
Support: 21725
If crossed down then will see downward move as follows:
T1: 21719
T2: 21652
This is only for education purpose. Do your own research before investing or trading.
I AM NOT SEBI REGISTERED ANALYST, SO BEFORE TAKING ANY DECISION CONSULT ANY PROFESSIONAL.
We Strictly Recommend You Not To Make Any Decisions, Financial, Investments, Trading, Or Otherwise.
Please Understand That Using This Information Would Be Totally At Your Own Risk.
****************************************************************************
𝐃𝐈𝐒𝐂𝐋𝐀𝐈𝐌𝐄𝐑: We/I are not 𝐒𝐄𝐁𝐈 ( Securities and Exchange Board of India ) Registered. The Information Provided Is For Educational & Instructive Purposes Only. Our Intention Is Not To Provide Any Financial Advice, Investment Advice, Training Advice, Or Any Other Advice. This Is General Information And Is Not Explicit To You Or Anyone Else.
Without The Consultation Of Any Professional, We Strictly Recommend You Not To Make Any Decisions, Financial, Investments, Trading, Or Otherwise. Please Understand That Using This Information Would Be Totally At Your Own Risk.
Do Not Take Any Action Unless You Are Set Up To Continue An
'All Out Misfortune " or "Total Loss".
Your Misfortune Could Incorporate Cash You Contributed Just As Commissions And Exchange Charges
ONMOBILE | Positional Trade📊 DETAILS
Sector: Software
Mkt Cap: 1,256 cr
OnMobile Global Limited is engaged in providing value-added services such as Ringback Tones, Digital Content Store, and Infotainment over the mobile devices.
TTM PE : 61.94 (Average PE)
Sector PE : 74.50
Beta : 1.33
📚 INSIGHTS
Strong Performer
Stock with consistent financial performance, quality management, and strong technical momentum indicating good investor enthusiasm. Currently valued at Good to expensive valuation
7.87% away from 52 week high
Outperformer - OnMobile Global up by 13.86% v/s NIFTY 50 up by 1.99% in last 1 month
📈 FINANCIALS
Piotroski Score of 5/9 indicates Average Financials
Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you.
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NAZARA | Swing Trade📊 DETAILS
Sector: Software
Mkt Cap: 6,885 cr
Nazara Technologies is the leading India based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, and offerings across the interactive gaming, eSports and gamified early learning ecosystems.
TTM PE : --
Sector PE : 34.24
Beta : 0.72
📚 INSIGHTS
Mid range performer
Stock with medium financial performance with average price momentum and valuation. These stocks may be affordable and are showing some investors interest.
7.23% away from 52 week high
Outperformer - Nazara Technologies up by 9.03% v/s NIFTY 50 up by 2.28% in last 1 month
📈 FINANCIALS
Piotroski Score of 5/9 indicates Average Financials
Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you.
🔍 More Analysis & Trade Setups 🔍
For more technical analysis and trade setups, make sure to follow me on TradingView: www.tradingview.com
MMTC | Multiyear Breakout📊 DETAILS
Sector: Trading
Mkt Cap: 8,235 cr
MMTC, a public sector undertaking, was incorporated in 1963, to facilitate foreign trade in India and canalize the export and import of essential minerals and metals. It is under the administrative control of the Ministry of Commerce & Industry, and Government of India and is engaged in trading across minerals, metals, precious metals, agro products, fertilizers & chemicals and coal & hydrocarbons.
TTM PE : 47.33 (High PE)
Sector PE : 104.73
Beta : 1.55
📚 INSIGHTS
Strong Performer
Stock with good financial performance alongside good to expensive valuation, but lacks price momentum as suggested by technical indicators
42.88% away from 52 week high
Underperformer - MMTC down by -6.02% v/s NIFTY 50 up by 7.89% in last 1 month
📈 FINANCIALS
Piotroski Score of 6/9 indicates Average Financials
Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you.
🔍 More Analysis & Trade Setups 🔍
For more technical analysis and trade setups, make sure to follow me on TradingView: www.tradingview.com
RITES | Positional Trade📊 DETAILS
Sector: Transport Infrastructure
Mkt Cap: 12,848 cr
Established in 1974, RITES Limited is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).
TTM PE : 26.33 (High PE)
Sector PE : 34.43
Beta : 0.78
📚 INSIGHTS
Strong Performer
Stock with consistent financial performance, quality management, and strong technical momentum indicating good investor enthusiasm. Currently valued at Good to expensive valuation
8.44% away from 52 week high
Outperformer - RITES up by 3.7% v/s NIFTY 50 up by 2.99% in last 1 month
📈 FINANCIALS
Piotroski Score of 8/9 indicates Strong Financials
Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you.
🔍 More Analysis & Trade Setups 🔍
For more technical analysis and trade setups, make sure to follow me on TradingView: www.tradingview.com