Praj Industries Ltd - Trading BoxPraj Industries Ltd has formed a rounding pattern from November 2023 to June 2024, followed by a breakout and subsequent retest. Although the price initially surged, the target has not yet been reached. Currently, the stock is trading in a range with support at 715 and resistance around 820. Recent high volumes suggest a potential upside breakout is imminent, with both the range target and rounding pattern target aligning at 950. This confluence strengthens the bullish outlook for the stock.
Disclaimer
Please Note Above analysis will work if price pierced and closed above resistance zone.
Rangetrading
Lupin - upside breakout of consolidation rangeLupin has pierced the resistance line yesterday, and there is a clear breakout.
One should initiate a long position when price is above the previous high, if closing above previous high with bullish candle gives us price confirmation also.
Pattern will fail if close below the resistance line.
ASIANPAINT - Will it take support or bounce back?ASIANPAINT - weekly chart looks interesting, the stock has been trading in this channel for the past 3 years. Everytime the stock comes to the bottom trendline, it takes support and bounces back.
What will happen this time? Will it take support and bounce or will it break down? Well, time will tell.... but watch out for a good trading opportunity.
BankniftyENTRY TARGET SL Mention in the chart.
ALWAYS TAKE TRADE WITH CONFIRMATION
Note : Trading in any financial market is very risky. I post ideas for educational purpose only. It is not financial advice. Do not hold us responsible for any potential loss you may incur. Please consult your financial adviser before trading.
NIFTY50: (THE BROADER PICTURE) HEY FAM,
- As you see in the pictorial representation of NSE:NIFTY , the index took an upsurge at around 13th June, 2023 with a gap-up opening which happens to the level of previous month high (PMH).
- Moving on we also see a PEMA crossover with an initial retest of price at Monthly H3 (MH3) level which shows that monthly responsive players are in action now when the price takes the first support from marked zone that is -> (PMH - MH3)
- Now in the same week we form a Weekly high (PWH) at around 19th June, 2023 which you can see comes in a beautiful confluence with the level of Monthly H4 (MH4) thus making it a hot level on the upper side which is why the line is marked as 'orange'.
- Fast forward to this current week, we have a reference that the index has a responsive range of around 210 points which is clearly marked on the chart too.
- This week beautifully shows the fight between the weekly and monthly responsive players trying to break through from the responsive range and thus open gates for their respective initiative players to race towards their range targets.
NOTE:
I hope you understand the broader picture now and can also testify how simple things can be if you just connect the respective dots from multiple pivot timeframe.
So, I think that this information through a brief pictorial representation helps you in further projects and the same time shows you one of the way you can use PIVOT STUDY WITHOUT EVEN APPLYING ANY INDICATOR!!
Let me know your thoughts upon this publish in the comment section.
THANK YOU
trading range in nifty Nifty has formed a range bound movement at higher levels which is indicating more trades in the buy as the market is bullish.
1. nifty tried to break the range but failed on either side so there are lot of orders waiting below the range and above the range tobe executed.
2. sell nifty only when trades below 18577 Sl top of range with target of 18375
3. buy only when trades above 18666.sl bottom of range target is only the size of range.
PostMortem on BankNifty Today & Analysis of 19 APR 2023NSE:BANKNIFTY had a narrow range based trade today with a minor negative bias. Yesterday's swing low was breached by 13.40, but it does not pose a major scare yet!
The pattern may look bearish on the 5mts TF, but it actually isnt. Banknifty is comparatively outperforming the Nifty50 and NiftyIT index for the last 3 days.
NSE:BANKNIFTY did not have enough momentum to take out the swing high or breach the 42576 levels. This along with the weak sentiment in Nifty50 would have prompted the bulls to take a small break today. There was no violent price moves or support/resistance breaks - this again ensured that the option prices remain low on the penultimate day of weekly expiry.
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The unusual low options premium in bank nifty options are nudging traders like me to switch back to Nifty50 options. I am hoping that this decoupling of banknifty with nifty50 may not last long and the volatility will normalize in the days ahead.
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The 15mts chart has not turned bearish yet. What we see could just be a consolidation. If banknifty is planning to reverse direction at this level - the the first support of 41624 has to be taken out in the next 2 days. Only if the support is taken out quickly, the momentum will favor the dip.
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1hr chart is still looking strong, the 2 prominent gap-ups standing out boldly.
It might be interesting to watch out how the global markets react to the EURO, UK CPI data today. If there are more rate hikes in pipeline - then we may have a weak global sentiment again!
BATAINDIABATAINDIA again took support around 1380 & bounced back, this is fifth time bataindia is not breaking below 1380, BATAINDIA is trading @ lower end of range which is 1380.
BATAINDIA could be bought with stoploss below 1380(lower end of range)
&
Target 1445(upper end of range)
Extremely Bullish Risk:Reward Ratio.
Not to be missed.
Range StockHDFCLIFE is in a Range since it has been listed in the market and is continuously making higher highs and Higher Lows in a weekly time frame which suggests that it is in a UPTREND and therefore can be bought at the last support level for a potential next upswing.
It has come back to its support and further trading at the trendline where potentially it can take support.
A very short risk can be taken for a potentially big profits at this level, which makes it a highly favorable trade in risk reward ratio perspective.
ENTRY - can be made at the same level i.e. 495
Stop Loss- at the last low i.e 470
Reward - at the last resistance i.e 600 and then range resistance and then at next resistance i.e. 650.
*This is HIGH RISK HIGH REWARD trade. Use Stop Loss POSITIVELY in the market.
*preservation of capital in the market is the first step of a profitable Trader.
Nifty: Important levels for November series expiry Nifty
November series has seen a decent up tick
Observations
- In the last couple of days above 18200, Volumes have dropped
- 18180 is an important level to watch out for the November series
Important levels to watch out for on the lower side 18180 / 18133 / 18036
Important levels to watch out for on the upside 18228 / 18304-18323 odd levels
With 2 and a half days to go, as of now expiry range likely to be between 18036 - 18323
Take care & safe trading...!!!
Resonance speciality: Range bound supportBSE:RESONANCE
Range-bound trading strategies involve connecting reaction highs and lows with horizontal trendlines to identify areas of support and resistance. The strength, or reliability, of the trendline as an area of support or resistance depends on the number of times the price has reacted to it. For example, if the price has moved lower off of the resistance trendline five or four times, it's considered more reliable than if the price only moved off of it two times.
A trading range occurs when a security trades between consistent high and low prices for a period of time. The top of a security’s trading range often provides price resistance, while the bottom of the trading range typically offers price support.
Traders capitalize on range-bound trading by repeatedly buying at the support trendline and selling at the resistance trendline until the security breaks out from a price channel. The idea is that the price is more likely to rebound from these levels than break through them, which puts the risk-to-reward ratio in their favor, although it's important to always watch for a potential breakout or breakdown.
Entry: after trendline breakout
Target: upper range.
Stoploss: Support
Confuluence to enter: Trading around support indicates cheap entry at current market price which will be confirmed after trendline breakout
Poonawalla Multisupport with possible range breakoutNSE:POONAWALLA
View: Bullish
Time Frame : D
Structure Range Bound
Range: 210 - 268
CMP : 248.60
View : Bullish till 260 then expecting breakout of 268 due to multiple buying between 210-216
Important support or Buying Zone : Multi support at 211 -216
Buy at > = 248.60
Stop Loss : 238
Target 260 - 270 - 295
EURUSD Macro and Technical ViewPoor macros, #Gas prices continue to rise and the risk of rationing and high prices continue to haunt the continent. European gas contract are near to click a fresh all time high. On technical terms we can see multiple descending trendlines pushing the pair down . The fall below parity and quick 3 day short covering pushed #EURUSD to 1.02700. Current trading range for the pair is 1.02700 - 1.02000 and a break above or below that will decide further action. Technical Structure and Macro factors are signaling bearish action for upcoming days.