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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.
NSE:LICHSGFINLong
by ShriramN
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.
MLong
by ShriramN
LAXMIMACH - Positional pick with 15-23% potential (CHART#338)LAXMIMACH has tested 3950-4000 level multiple times and again closed very near to this level. If manage to break it, then it can show good intraday movement. If provide closing above 4010, then can be taken as positional for 4500 & then 5000 levels. Volume build up in recent weeks is also indicating bullish momentum if levels are crossed. As company don't have very sound financials, keep this 3-5% of your portfolio only. Watch my other charts to understand simple price action used for all of the analysis. Keep your charts simple and free from lagging indicators. Thanks Piyush Gupta
LLong
by Piyush-Gupta
NMDC, 3 FACTOR CONFLUENCE (CHART# 383)NMDC has confluence of 3 breakouts which can help this stock to move tomorrow. 1. Cup & Handle 2. Resistance zone at 99-100 (respected multiple times) 3. Psychological level of 100. It will be good buy 101 tomorrow. Watch my other charts to understand simple price action used for all of the analysis. Keep your charts simple and free from lagging indicators. Reach out if you wish to learn powerful technical analysis based on simple price action. Thanks Piyush Gupta
NSE:NMDCLong
by Piyush-Gupta
7
ICICIPRULI, CUP & HANDLE + CONSOLIDATION (CHART# 382)ICICIPRULI has formed textbook Cup & Handle pattern. To make things more probable, it has been consolidating in a range (DARVAS box) for last 1 week. Above 461, this can move. Next resistance is 488 zone which can be reached in a day or two once breakout is confirmed. 30 min view Watch my other charts to understand simple price action used for all of the analysis. Keep your charts simple and free from lagging indicators. Reach out if you wish to learn powerful technical analysis based on simple price action. Thanks Piyush Gupta
NSE:ICICIPRULILong
by Piyush-Gupta
9
RAMCOCEM, READY TO FLY WITH THIS CEMENT SEC STOCK (CHART# 381)RAMCOCEM has given very good breakout and is near to 900 (psychological resistance). If this manages to stay afloat above 890-900, then it has very good potential to move tomorrow & coming days. If this after 30-40 move, give a pullback and take 880-885 as support then it will give us double confirmation to enter. Watch my other charts to understand simple price action used for all of the analysis. Keep your charts simple and free from lagging indicators. Reach out if you wish to learn powerful technical analysis based on simple price action. Thanks Piyush Gupta
NSE:RAMCOCEMLong
by Piyush-Gupta
7