#LETSTALKABOUTMARKETSThis maybe an old school approach as you may say but this is something that everyone can understand. My analysis is based on volatility(BOLLINGER BAND) and momentum(RSI). Here what my analysis is that, Nifty is trading in a sideways pattern after breaking the rising wedge . A positional trade can be taken with a healthy risk/reward ratio. One can keep 9450 as stoploss and short Nifty for targets of 9000-8800. Nifty has not been able to surpass the fibonacci retracement level of 38% in the past 2-3 trading days. If the resistance level is taken off then 9000 will be the support point and that resistance level will be the second support point. RSI has also retraced from the 60 levels indicating resistance at that zone. RSI above 60 on a daily time frame indicates bullishness. Resistance at 60 and falling shows reversal. According to Bollinger Bands, close below the mean level(9195) i.e the 20 day moving average can make Nifty test the lower band which is the support zone of 8800.
Sideways
CUMMINSIND ::: NEUTRALINSTRUMENT: CUMMINSIND
TIME FRAME: DAY
OTHER TIME FRAMES FOR CONFIRMATION:
1HR, 2HR, 3HR, 4HR, DAY & WEEK
INDICATORS AND THEIR TRENDS:
PSAR: BEARISH
STOCHASTICS: BULLISH
SUGGESTED TREND: SIDEWAYS
END OF DAY PRICE ACTION SUGGESTS BEARISH TREND
CMP: 377.50
SELL BELOW: 372.88
SL: 373.92
TARGET 01: 370.30
TARGET 02: 369.14
My analysis is that CUMMINSIND is expected to stay in a sideways trend for some time. Very good jobbing opportunity in this counter. Expecting it to bounce around 368.35 to388.35. A trend can be established only after a breakout of either of the levels. On the monthly time frame, this counter is expected to be bullish only above 395.50.
RISK DISCLOSURE
Technical analysis of FOREX and INDIAN MARKETS. We are not SEBI REGISTERED ANALYSTS the views expressed here are for our record purposes only. Please consult your personal financial advisor before investing. We are in no way responsible for your profits/losses what so ever.
Nifty in no trading zoneUntil Nifty sustains below 10780 (weekly 100EMA), there is no short opportunity. On the other hand, there is no positive bias in the market to start an upward rally.
At present Nifty is in a volatile sideways zone and it is better to stay out of the market till it closes below 10780 on a weekly basis. Protect your capital and wait for the right opportunity, even if that means taking no trades at all for several days!
INFRATEL IS NEUTRALNOW IT IS IN SIDEWAYS IF IT BREAKS THE TREND LINE UPWARD IT HAS A CHANCE TO GO UPTREND OTHERWISE IT WILL BE NEUTRAL FOR SOME TIME.
Mindtree | Range breakAfter 10 weeks of consolidation, Mindtree looks to break down from the range. However, it would be better to wait for a daily close below 964 for confirmation. Noticeable supports are at respective Fibonacci levels and a rising trendline.
VIP Industries | Trading between 400 & 485VIP Industries in recent weeks is in a sideways trend since February. Taking a broader look we could find the price action is forming lower highs and higher lows leading to a triangle pattern.
Currently, the stock looks to be in the middle of both the patterns and only a breakout could give us a clue on next big swing. It would be wise to get in if either 485 or 398 is breached.
FRETAIL - RANGEBOUNDStock started its upward journey in Dec,16.
The Stock turned out of be a multibagger giving returns of about 468% in just one year.
However from last one year stock has been trading in a range of 200 points ( 640-440 levels).
Hence , a decisive break is needed to see a trending move in the stock, till then wait and watch.
BReak in trade Price been cycling between support and resistance now expecting the price to hit the resistance
Break in trade Price has been cycling between the price now looking price to bounce back and hit the take profit.