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Cup and Handle Breakout on weekly charts for HDFC. Cup and Handle Breakout on weekly charts for HDFC. Proxy real state play.
28th June Nifty50 Index chart analysis. As you can see there isn't much room for nifty to go up. 15900 looks as strong resistance and it also forming like double top in 15 minute chart. Nifty may give breakout above 15900 but it will reverse back. Because there isn't much positive atmosphere in Global market neither in Indian domestic market. So tomorrow one can expect a fall from 15900 or from above 15900 range.
Another thing to notice is, Nifty is above 20 MA. As long Nifty stays above 20 MA either it will move up to 15900 or it will stay sideways. If Nifty falls it may take support from 15750 or 15700. Below 15700, next support is at 15673.
Grasim Industries Ltd.- Ascending Triangle on Daily ChartGrasim Industries Ltd. was in a consolidation after an amazing rally. The consolidation got a breakout on the daily candle on Friday 4th June 2021 and closed at Rs.1503.25 with volume support. The flat resistance line and rising support line formed the ascending triangle on the chart. I anticipate the price target of Rs.1688 in 14-18 daily candles. I suggest the stop loss at Rs.1479. This gives the risk-reward ratio of 1:13. The stop loss should be followed for the first four daily candles. Thereafter the profit booking/ exit decision should be based on downward crossover of 26 EMA by 5 EMA.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea shall be solely at the risk of the investor.
LIC Housing Finance - Cup & Handle on Weekly ChartLIC Housing Finance was in a downtrend. The counter tested the bottom level of Rs.185.25 in March 2020. Thereafter the counter experienced the gradual recovery and reached the price level of Rs.487.40 in February 2021. This price level was the major resistance for the counter. This resistance was tested twice in the past in November 2019 and January 2020 and could not be breached. After testing the resistance level for the third time in February 2021 there was a pull back to the level of Rs. 372.70. The price started rising again from this level and finally breached the major resistance line on weekly chart on Friday 5th June 2021. On this breakout the price closed at Rs.530.20 with a massive rise in volume. This formed the Cup & Handle price pattern on the chart. Here I expect the price target of Rs.790 in a time period of about 6 months from now. I suggest the stop loss at Rs.487 giving the risk-reward ratio of 1:6.
NOTE: This Idea is an attempt to predict the future price movement. Investment based on this idea shall be solely at the risk of the investor.
Magma Fincorp Ltd. - Symmetrical Triangle on Daily ChartMagma Fincorp Ltd. was in a consolidation since 12th March, 2021. The declining resistance line and rising support line has formed the symmetrical triangle on this chart. The price gave an upward breakout on 4th May, 2021 and closed at Rs. 122.55. I anticipate the price target of Rs.160 and suggest the stop loss at Rs. 118 to be followed for the first four daily candles starting from 5th May 2021. Thereafter, the profit booking/ exist decision should be based on achievement of the price target or downward crossover of 26 EMA by 5 EMA whichever happens earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be solely at the risk of the investor.
Beautiful respect to weekly resistance in IDFCFIRST BANK chartUltimately Idfc first bank moved from 35 price levels to almost 70 after breakout of long TL. Reached to third proposed target which was previous weekly high point. And how beautifully it respected that resistance and pulled back down till second target, trying to go up again now. Visit previous charts in the link below.