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NIFTY for 11th NovemberIt is going to be a critical trading day tomorrow. After Moody's rating downgrade already out before our market opening hours in morning, we openned slightly gap down (25 points down) but climbed up soon (thinking that moody's downgrade was misplaced) and then broke Thursday's high briefly, before starting to come down. And it did come down massively. Later came the news that it could have been because of Nomura's report with similar concerns but much poor outlook. Nomura's report pegged India's GDP growth at 4.9%, till date most pessimistic figure of all the figures. On daily chart, Nifty formed an exact evening star pattern which is bearish reversing indicator. But more about it when talk about charts. Let's check our usual data. 1) FII & DII data: Like on 7 previous trading days, FIIs were net Buyers by 932 Crs whereas DIIs were net Sellers by 584 Crs. By figures, FIIs bought a lot but DIIs volume of sale , probably in Nifty stocks was much higher, resulting in 103 point fall in Nifty over previous day's close. With such scary reports, it seems FIIs (at least few of the lot) might rethink their strategy and start selling. But as we have seen in past, DIIs might turn buyers then and therefore I have said in the beginning, it is going to be a critical day tomorrow. 2) Option chain data: On PUT side, we see unwinding on 11900,11950 & 12000 strikes even though total OI at 11900 (12.69 lakhs) is quite near the highest figure seen at 11700 (12.82 lakhs). Observe that highest total OI is now on 11700- Put writers have lost confidence on 11900 and on 11800 also, which is surprising just in one session. On CALL side, we can see confidence of Call writers - highest total OI ( 26 lakhs) and highest fresh Call writing (12 lakhs) both are at 12000. Scaling past 12000 will be tough task in this truncated week. 3) Charts: Nifty finished a strong red candle with much lower high and lower low. It also created evening star pattern which is taken as a reliable bearish reversal pattern. People may say that high made on Friday was higher than thursday's high. But in evening star patterns, gap-down openning and then closing further down is much more important. On Thursday, RSI showed 72.53, which is in overbought region. On friday after fall RSI is now at 64.6. So I have marked selling and buying areas on 15 min chart. Actually, we have a weak selling area and strong buying area, but in current bearish scenario, I am more confident about selling Nifty than buying. But this is my view and traders may please use their own discretion. In such case, strictly use stop loss and secondly, use spread strategies so as to protect us from unnatural opposite swing. All the best. Happy trading.
NSE:NIFTYShort
by protrader1969
1
GBPUSD bullish pattern spottedThe British pound has fallen back under the 1.2700 level against the US dollar in early Thursday trade after bulls failed to break the former key trading high, at 1.2747. However, yesterday’s move higher has helped to create a bullish inverted head and shoulders pattern on the four-hour time frame. All moves lower in the GBPUSD pair are expected to find strong buy dip-buying demand around the 1.2660 support level. The GBPUSD pair is strongly bullish while trading above the 1.2700 level, key resistance is located at the 1.2747 and 1.2800 levels. The GBPUSD pair is only bearish while trading below the 1.2660 level, key intraday support is found at the 1.2645 and 1.2630 levels.
by OctaFX_Official
Biocon: Jumps to 1.618% Fibonacci levelsBiocon CMP 518 The stock is up big time on news of USFDA approval for Herceptin biosimilar, but charts had already indicated to expect some positive reaction. Notice how the stock had closed (Friday's closing at 447) well above the previous high of 438.85 indicating strong buying by strong buyers expecting positive outcome... You don't need any rocket science to figure that out, just have to listen to what charts are telling us... Buying now could be a difficult proposition...as the stock has already done 1.618% Fibonacci extension (comes at 514.3) rally... Instead if we see price getting rejected here in the zone of 514-520 levels that would indicate price action respecting Fibonacci levels and then one may look to sell for target of 496 / 478 / 466 Take care & safe trading...!!!
NSE:BIOCONShort
by indiamarketoutlook
Redington: Swing Trade OpportunityRedington has demonstrated a significant recovery after a rebound from the demand zone, which is identified between the price levels of 158 to 161. The stock has successfully breached the previously established resistance range of 186 to 189, closing above this critical level, which is a positive indicator for potential further upward movement. The price movement from lower lows to higher highs illustrates a robust bullish trend. Notably, the stock has encountered the 61.8% Fibonacci retracement level multiple times, reinforcing the notion of a strong upward trajectory in the near term. This recurring interaction with the Fibonacci level suggests that the market participants view this area as a strong point of support and resistance, which is crucial for traders to consider. Further corroborating the positive outlook, both the Relative Strength Index and the Moving Average Convergence Divergence indicators on the daily and weekly time frames reflect strong buying momentum. An RSI value above 70 may indicate an overbought condition; however, current readings suggest that the stock is not yet in that territory, leaving room for potential upward movement. Meanwhile, the MACD crossing above its signal line indicates a bullish trend. The stock currently appears poised for accumulation at the current market price. Traders and investors should be aware of a potential resistance range at approximately 225 to 227. It is advisable to consider placing a stop-loss order below the demand zone, ideally around the 158 level, to mitigate potential losses in the event of an unfavourable market movement. Disclaimer: The information contained in this technical analysis report is for informational and educational purposes only and should not be construed as financial advice. It is recommended that individuals conduct their own research or consult a qualified financial advisor and consider their financial situation and risk tolerance before making any investment decisions.
Editors' picks
NSE:REDINGTONLong
by NiftyNotions
1
Federal Bank Looking Very Strong- Keep In Radar📊 Federal Bank Ltd ✅ The stock has successfully broken above a descending trendline that has been acting as resistance for the past few months. This breakout, accompanied by increased volume indicates strong buying interest and a potential shift in trend direction. ✅The recent price move was supported by a notable surge in volume, further validating the breakout. High volume on the breakout suggests that institutional investors may be involved which adds strength to the upward momentum. ✅ Federal Bank has established a solid support base around the 182-184 level which has held up well over multiple testing points. This level now acts as a floor limiting downside risk and providing a robust foundation for the stock’s upward move. ✅The RSI currently stands at 70 signaling strong bullish momentum without yet entering the extreme overbought zone. This suggests the stock has further upside potential as momentum builds. 🚨With the trendline breakout and volume confirmation, Federal Bank could target 215 in the short term, with a potential extended move towards 225 if the momentum continues. These targets align with historical resistance zones, making them realistic profit-taking levels. 🚨 The 192 support serves as a logical stop-loss level, providing a cushion against a potential pullback while allowing room for the trade to mature. Any close below this level would indicate a weakening of the bullish setup signaling an exit.
NSE:FEDERALBNKLong
by Marketik
Stock Analysis: JK Paper Ltd (Weekly Time Frame)Breakout with Retest: 1) All-Time High Breakout: JK Paper has recently broken out of its all-time high with significant volume on the weekly chart, suggesting strong bullish momentum. 2) Retest of Breakout Level: After the breakout, the stock came back to retest the previous high, which is a classic technical move. The retest was successful, and the stock has reversed from this level. 3) Marubozu Candle: A strong Marubozu candle has formed on the weekly time frame, confirming the reversal with good volume. This type of candle typically indicates strong buying pressure with no hesitation from sellers. This setup suggests that JK Paper might continue its bullish momentum after the successful retest. Keep an eye on the stock's movement for a potential entry point.
NSE:JKPAPERLong
by TechnoTrader10
JPPOWER - Risky - Triangle BO -Wkly- Near Multiyear BOJPPOWER -Risky bet - The Jaiprakash Power Ventures Ltd. (JP Power) weekly chart shows significant bullish momentum after a prolonged period of accumulation. Here’s an analysis based on the chart you provided: ### 1. **Cup and Handle Formation** - **Cup Formation (2017-2023)**: The chart clearly shows a large **cup pattern**, which is a bullish continuation pattern. It started forming around 2017 and completed in 2023. The depth of this cup indicates a long consolidation phase, with strong accumulation at lower levels. - **Breakout**: JP Power broke out of the cup’s resistance around the ₹10.71 level, leading to a sharp upward move. ### 2. **Handle and Continuation** - The handle formation was brief and followed by another breakout, confirming the strength of the pattern. The breakout from the handle shows increasing volumes, a strong bullish sign. ### 3. **Current Consolidation in Triangle** - After the breakout, the stock is currently consolidating in a symmetrical **triangle pattern** between ₹16.63 and ₹23.78. - **Support**: The lower bound of this triangle is around ₹16.63, which also coincides with a previous resistance level. - **Resistance**: The upper bound of the triangle is near ₹23.78, which could act as the next resistance zone. - A breakout above ₹23.78 could lead to a continuation of the bullish trend, possibly taking the stock higher. ### 4. **RSI and Momentum** - The **RSI** (Relative Strength Index) at the bottom of the chart is hovering in the bullish range (above 50), but not yet in overbought territory. This indicates the stock still has room for upward movement. - The recent bounce in RSI suggests that buyers are stepping in to support the stock at current levels. ### 5. **Volume Analysis** - There is a noticeable increase in **volume** during the breakout phases, which indicates strong buying interest. The volume spikes during the key breakout confirm the strength of the move. ### 6. **Targets and Projections** - The measured move from the **cup and handle** pattern, calculated from the depth of the cup (approximately ₹10.71), projects a potential upside target around ₹31.80 in the longer term, which aligns with a previous high seen in 2015. - Near-term resistance levels could be ₹23.78 and ₹31.80 if the triangle breaks to the upside. - Support levels: If the triangle breaks down, the stock might find support around ₹16.63 or even as low as ₹11.00. ### Conclusion: - **Bullish Outlook**: The chart shows a long-term bullish trend, especially after the breakout from the cup and handle pattern. However, the stock is currently in a consolidation phase and traders should watch for a breakout above ₹23.78 for further bullish confirmation. - **Risk Management**: Key support levels to monitor are ₹16.63 and ₹11.00 in case of any pullbacks.
NSE:JPPOWERLong
by VCharts_TA
SBFC -Consolidation breakout - Daily Here's an analysis of the key features: 1. Overall Pattern: The stock has formed a series of cup and handle patterns over the past year, with the most recent one just completing. 2. Recent Price Action: - The stock has broken out of the latest cup and handle pattern. - Current price is 105.62 INR, up 19.78% on the day, indicating a significant bullish move. 3. Key Levels: - A major resistance level at around 98.03 INR has been broken, which could now act as support. - There's another potential resistance level at 119.00 INR, which appears to be the next target. 4. Volume: - There's a substantial spike in trading volume coinciding with the recent price breakout, supporting the bullish move. - The volume is significantly above the volume moving average, indicating strong buying interest. 5. Price Targets: - The chart shows two potential targets: a) 105.81 INR (recent high) b) 119.00 INR (longer-term resistance) - These targets represent potential gains of 13.85% and 21.34% respectively from the breakout point. 6. Support Levels: - The previous resistance at 98.03 INR should now act as support. - There's another support level at 77.24 INR, which has held multiple times over the past year. 7. RSI (Relative Strength Index): - The RSI at the bottom of the chart shows a sharp uptick, confirming the strong bullish momentum. - It's approaching overbought levels, which might suggest a short-term pullback or consolidation soon. 8. Historical Context: - The stock has been trading in a range between roughly 77 INR and 98 INR for most of the past year, with occasional breakouts. - The current move represents a significant breakout from this range. Overall, the chart presents a bullish outlook for SBFC Finance Ltd. The breakout from the cup and handle pattern, supported by high volume and a strong RSI, suggests potential for further upside. The next key level to watch would be the target at 119.00 INR. However, traders should be cautious of potential short-term pullbacks due to: 1. The large single-day move (19.78%) 2. The RSI approaching overbought levels 3. The proximity to the first target at 105.81 INR It would be prudent to watch for how the stock behaves around the 105.81 INR level and whether it can hold above the broken resistance at 98.03 INR in case of a pullback.
NSE:SBFCLong
by VCharts_TA
ESCORTS - Symmetrical triangle -Breakout -DailyThis image shows a price chart for Escorts Kubota Ltd stock, Here's an analysis of the key elements: 1. Price Action: - The stock has been in an overall uptrend since April. - It formed a symmetrical triangle pattern from June to September, which it has now broken out of to the upside. - The current price is 4,079.25 INR, up 4.88% on the day. 2. Key Levels: - There's a significant resistance level around 4,400 INR, which was the previous high in June. - The breakout level from the triangle pattern (around 3,920 INR) may now act as support. 3. Volume: - There's a notable spike in trading volume coinciding with the recent price breakout, suggesting strong buying interest. 4. RSI (Relative Strength Index): - The RSI is currently at 67.60, indicating strong momentum but not yet in overbought territory. - There was a bullish divergence between the RSI and price from July to September, with the RSI making higher lows while price made lower lows. 5. Potential Targets: - The chart shows a potential price target of 4,870.90 INR, which represents a 21.02% move from the breakout point. 6. Overall Outlook: - The breakout from the symmetrical triangle, accompanied by increased volume and strong RSI, suggests a bullish outlook for the stock. - The next major resistance to watch would be the previous high around 4,400 INR.
NSE:ESCORTSLong
by VCharts_TA
3
Case Study: Kotak Mahindra Bank Breaks Long-Term Trendline (W)Pattern: Long-Term Trendline Break Stock: Kotak Mahindra Bank Timeframe: Weekly Status: Trendline broken with volume confirmation Pattern Characteristics: The stock has tested the long-term trendline 5 times in the past, failing to break through. Finally, it has broken above the trendline with a significant spike in volume, indicating a strong momentum shift. Key Observations: Resistance Trendline: The stock has been consistently rejected at this trendline for months but now shows a clear breakout. Volume Confirmation: The breakout was supported by a noticeable increase in trading volume, which adds confidence in the validity of the move. Breakout Implications: 1) Bullish Confirmation: A clean break above the long-term trendline suggests that the stock could enter a new bullish phase. The volume spike suggests strong buying interest. 2) Watch for Retest: Sometimes, stocks retest the broken trendline. If it holds as new support, that’s another strong signal of continued upside. Trading Strategy: Entry: Consider entering on a pullback or retest of the broken trendline, or ride the momentum if it continues. Stop Loss: Place a stop loss below the trendline in case of a false breakout. Target: Set targets based on previous resistance levels or recent highs on the weekly chart.
Editors' picks
NSE:KOTAKBANKLong
by TechnoTrader10
2
CEG -Falling Wedge Breakout -DailyThis chart depicts **Constellation Energy Corporation (CEG)** on NASDAQ with a daily timeframe. Here's an analysis of the current price action: ### Key Observations: 1. **Falling Wedge Breakout:** - The stock has broken out of a **falling wedge pattern**, a bullish signal. The wedge starts around the high in May 2024, with a steady decline until early September. - The breakout occurred with strong momentum, as evidenced by the sharp price rise to **$254.98**, signaling the potential start of a new uptrend. 2. **Cup and Handle Formation:** - A **Cup and Handle** pattern is visible, a bullish continuation pattern that suggests more upside is likely after the breakout. - The "cup" spans from June to August, followed by a smaller "handle" in September. 3. **Targets:** - After breaking above the **$199.59** resistance level, the first measured move shows a potential gain of **22.23%** from this breakout level, targeting **$276.11**. - If this move plays out, the next target is an additional **38.48%** increase, aiming for **$276.11**, indicating the potential for further gains. 4. **Support Levels:** - If the breakout fails or a pullback occurs, immediate support lies at the **$199.59** level, which coincides with the bottom of the wedge. - A deeper pullback could find support near the **$120.00** level. 5. **Volume Surge:** - There was a significant increase in volume during the breakout, with **15.031M** shares traded, signaling strong buying interest and conviction behind the move. ### Conclusion: - The breakout from both the **falling wedge** and the **cup and handle** patterns suggests a strong bullish outlook for Constellation Energy. Immediate targets are **$276.11**, with potential upside to **$280.00**, while **$199.59** serves as the nearest support.
NASDAQ:CEGLong
by Vem_TA_Charts
Stock To Keep In Radar:- Technically Looking Very Strong - The stock has been moving within a well-defined rising channel since mid-2022. This is a bullish continuation pattern that indicates the stock is trending upwards in a structured manner forming higher highs and higher lows. - The stock recently bounced off the lower trendline of the channel and is heading towards the upper boundary suggesting further upside potential. - The immediate resistance is around 70 where the stock previously encountered selling pressure. A breakout above this level would confirm the continuation of the bullish trend, and the price could move towards the upper boundary of the channel, which is around 90. - The stock has strong support around 60 where it has consolidated multiple times in the past. This zone has acted as a demand area where buyers stepped in to push the price - The recent price movement is supported by increasing volume suggesting strong buying interest. The rising volume is a good indicator of the stock's bullish momentum and increases the likelihood of the stock continuing its upward trend within the channel. - The RSI is currently at 60 suggesting that the stock is gaining momentum but is not yet overbought. This leaves room for further upside before it reaches extreme levels supporting the bullish view for a potential rally towards 90.
NSE:BCLINDLong
by Marketik
1