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Hi guys, what a day. I had to wait till afternoon for the short opprtunities. The patience really paid. I had three nice trades and I would like to share one special trade in UPL.
Price Volume Analysis
It opened with a gap down and made a spike low (see A). Later it broke that low and formed two more spikes with larger volumes, clear indication of some buying ...
The Nifty seems to be forming a HEAD - which fact I discussed in my sessions as we touched 11k.
The next leg should be down towards 10400 - which is the neckline level.
LOOK IN THE CHART......
WILL BE A CANDIDATE FOR OUR POSITIONAL TRADE ON FRIDAY
On 5th Sept we discussed 2 possible scenarios for Tata Motors that we are looking at...
1st was Tata Motors holding 374 on the downside and jumping towards 405-416 levels
The stock made a low of 374.05 precisely and has managed to crawl back above 405 levels...
Now if we see ...
The stock will see demerger of shares and will be divided into 4 verticals in October viz:-
- power genreation
- power distribution
Now coming back to charts
On weekly charts the stock has given a nice breakout and the stock may be heading towards 1160-1200 zone
Immediate Support at 1023-1030
Stronger support at 996-1003 ...
- Last year on 31-May-2016 the stock opened with a significant gap up & closed at 459 up 38 points from its previous day close of 421
- This year On 8-Aug-2017, the stock opened significantly lower and closed at 380 down 36 points from its previous day close of 416
- the gaps have occurred from similar levels 421 and 416 respectively ...
Price broke and closed above symmetrical triangle. An opportunity for long entry.
#Target 1: 425
#Target 2: 450
Price is about to breakout from an ascending triangle formed on Balaji Telefilms. Good opportunity for long entry. Enter only if price breaks out and closes above the triangle.
#Target 1: 102
#Target 2: 112
Head and shoulders type pattern on 15 min tata steel chart after nice bull rally
buy above - 451.35
stoploss - 443
target - 474+
reaching resistance zone
if 7890 not broken short term up side
BAJAJ Finance having trouble moving higher is making Pennant Chart pattern, Pennant pattern are mostly Continuation pattern and the earlier trend here is down trend so we can expect a downtrend continuation in bajajfinace.
Conservative Entry 874
Good Risk reward trade.
So today in Nifty 15 mins we can expect the breakout of head and shoulders pattern and a move downside. Why we are expecting downside breakout ? Well, then only My last two days post will be right prediction :) We have same amount of chances to take support on trendline and move up. So watch Nifty carefully, won't you love it if the breakout happens & get a ride ...
Nifty after the gap up open looking weak and possible short term pattern trading for short possible before the RBI met. also 8600pe of nifty option charts is rebounding from BAT PRZ adding more conviction to this trade set up.
Aggressive Entry 8755
Conservative Entry 8745
Aggressive StopLoss 8820
Conservative Stoploss 8820
Banknifty completed the pattern and now its ready for the upmove and possible harmonic targets