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Trend Analysis

Update on #YESBANK The company has recently released its results and the results are outstanding with net profit rising 145 percent. I expect a strong rally with bullish momentum from here as we have filled the FVG between 17.5 to 19.5 and due to the strong financial result we could see serious bullish momentum take over. I had shared 3 entries at ₹23, ₹20 and ₹19.5 . All three of your entries should now be active. These entries were perfectly timed with the result of yes bank and correction in nifty . I believe we will reach the three targets that I had mentioned within 4 to 5 years from here now. Target prices ₹93, ₹120 and 280, check out my earlier post on Yes bank for more information about the company's fundamentals and technical.
NSE:YESBANKLong
by SkyTradingZone
Analyzing the price chart shows a solid upward trajectory from tOn the daily chart, the mid-October dip may raise concerns for some investors. However, it's important to consider the broader market context; after a prolonged uptrend, minor corrections are typical and can present valuable entry opportunities for new investors. With a robust market capitalization of $2.4 billion and a total supply of 998.85 million tokens, Dogwifhat's price closely correlates with its market cap, which is vital for assessing the token’s valuation and potential future movements. Analyzing the price chart shows a solid upward trajectory from the order block, particularly since its low in August, characterized by a sequence of higher lows. Nevertheless, caution is warranted as the token approaches a critical high volume profile level (VP-$2.3119), where it may risk losing support. Should the price drop below this volume profile, it could trigger a more significant decline, potentially around 36%, if it breaches further support levels. Investors should weigh both long and short positions based on forthcoming market trends. A successful breakout for Dogwifhat could lead to potential gains of 50%, aiming for approximately $3.50.
BITFINEX:WIFUSDLong
by Sam_TCR
Nifty 50's Top Constituents Stand Tall Amidst Uncertainty◉ Abstract The recent decline in the Nifty 50 index can be attributed to several interconnected factors affecting market sentiment. Geopolitical tensions, particularly the conflict in the Middle East, have increased uncertainty and volatility among investors. Additionally, significant foreign institutional investor (FII) outflows, surpassing ₹1,00,000 crore in October 2024, reflect concerns over high valuations in Indian markets compared to more attractive options abroad. Weak earnings reports from Indian companies have further fueled investor anxiety, prompting reassessments of growth sustainability. Overall market sentiment has turned cautious due to uncertainties surrounding upcoming events like the US elections and ongoing geopolitical issues, leading to a broader sell-off. Technical analysis indicates potential support levels between 22,750 and 23,000, while valuation metrics suggest that despite recent declines, many key Nifty stocks remain fairly valued, with caution advised for new investments during this volatile period. Read full analysis . . . ◉ Introduction The recent fall in the Nifty 50 index can be attributed to several key factors that have affected market sentiment and investor behaviour. ● Geopolitical Tensions: The ongoing conflict in the Middle East, particularly the Iran-Israel war, has heightened global uncertainty. This geopolitical instability has led to fears among investors, contributing to market volatility and declines in stock prices ● Foreign Institutional Investor (FII) Outflows: There has been significant selling by foreign institutional investors, with outflows reaching above ₹1,00,000 crore in October 2024. This trend is partly driven by concerns over peak valuations in Indian markets compared to cheaper valuations in other markets, such as China ● Weak Earnings Reports: Recent quarterly earnings from Indian companies have shown weakness, raising concerns about the sustainability of growth. This has led to increased selling pressure as investors reassess their positions in light of disappointing financial performance ● Market Sentiment and Investor Jitters: Uncertainty surrounding upcoming events, such as the US elections and ongoing geopolitical tensions, has made investors cautious. This sentiment is reflected in the broader market sell-off and a lack of confidence in taking long positions during this volatile period ◉ Technical Analysis ● Weekly Chart ➖ The weekly chart indicates a strong upward trend, with the index consistently achieving higher highs and lows. ➖ However, a significant selling pressure from the peak has led to a sharp decline. We expect to find potential support in the range of 22,750 to 23,000. ● Daily Chart ➖ The index has broken through the neckline of the Head & Shoulders pattern. ➖ While there is immediate support around the 23,900 to 24,000 level, we believe the index may struggle to maintain this level and could drop further. ➖ Robust support is anticipated between 22,750 and 23,000. ◉ Valuation Analysis ➖ The Nifty PE Ratio has dropped to 22.5, slightly below its 1-year average of 22.6 and significantly lower than its 5-year average of 25.24. This suggests that the Nifty is currently fairly valued. ➖ However, the recent quarter's lacklustre EPS growth is a concern, exerting downward pressure on the major index. As the major index struggles, it's worth taking a closer look at the key Nifty constituents that carry substantial weightage. 1. HDFC Bank NSE:HDFCBANK Sector - Banking & Financial Services Weightage - 11.34% ● Technical Overview ➖ For nearly three years, the stock has been range-bound, exhibiting stability. ➖ Despite the broader market's downturn, it has shown no reaction, suggesting that its sideways movement is likely to continue. ● Valuation ➖ The stock currently trades at a PE ratio of 19.2, moderately above its 1-year median PE of 17.5. ➖ Notably, the company's earnings performance has shown improvement, with a quarter-over-quarter increase in EPS: June quarter: ₹21.65 September quarter: ₹23.36 2. Reliance Industries NSE:RELIANCE Sector - Oil & Gas Weightage - 8.64% ● Technical Overview ➖ Following a record peak near 3,200, the price retreated and is now approaching its key support level of 2,550. ● Valuation ➖ The current PE ratio of 26.5 indicates undervaluation relative to its 1-year median PE of 28.3. ➖ Earnings growth supports this positive valuation outlook: Current EPS: ₹24.48 Previous quarter EPS: ₹22.37 3. ICICI Bank NSE:ICICIBANK Sector - Banking & Financial Services Weightage - 7.74% ● Technical Overview ➖ The stock has maintained a strong uptrend, demonstrating remarkable resilience amidst recent market downturns. ➖ However, from a technical standpoint, a short-term pullback towards the 1,100 level cannot be ruled out. ● Valuation ➖ The present PE ratio of 18.7 suggests a minor overvaluation when compared to its 1-year median PE of 17.9. ➖ EPS improved significantly from ₹16.62 in June to ₹18.38 in September, indicating a positive trend in the company's financial performance. 4. Infosys NSE:INFY Sector - Information Technology Weightage - 5.83% ● Technical Overview ➖ The stock has successfully broken out of its Rounding Bottom pattern and is now consolidating above the breakout level. ● Valuation ➖ The present PE ratio of 28.7 suggests a minor overvaluation when compared to its 1-year median PE of 26.4. ➖ Earnings growth, although subdued, remains stable: June quarter: ₹15.34 September quarter: ₹15.67 5. ITC NSE:ITC Sector - FMCG Weightage - 4.16% ● Technical Overview ➖ The stock remains in a strong uptrend, consistently forming higher highs and lows. ➖ After reaching an all-time high of 528, the price has pulled back and is now testing its crucial support zone between 460-470. ● Valuation ➖ The present PE ratio of 29.4 suggests a minor overvaluation compared to its 1-year median PE of 27. ➖ Furthermore, the earnings per share (EPS) has declined from the previous quarter, falling from ₹4.08 in June to ₹3.99 in September. 6. Bharti Airtel NSE:BHARTIARTL Sector - Telecom Services Weightage - 3.95% ● Technical Overview ➖ The stock price has experienced a notable rise. ➖ After hitting an all-time high near the 1,780 level, it has corrected and is anticipated to find support along its trendline. ● Valuation ➖ The stock's current PE ratio of 83.5 significantly exceeds its 1-year median PE of 65.3, indicating substantial overvaluation. ➖ Ahead of the upcoming quarterly results, earnings execution is not expected to be robust, potentially leading to a sharp correction in the stock price. ◉ Conclusion Analysis of six pivotal Nifty 50 stocks reveals that, excluding Bharti Airtel, they are fairly valued. With a combined weightage of over 40%, these stocks underpin index stability Given this significant representation, we do not foresee a drastic decline in the index from either a technical or fundamental standpoint. However, the ongoing war may impact global sentiment, influencing market mood. Therefore, we advise caution when considering new buy positions.
NSE:NIFTY
by GoodluckCapital
Bitcoin's price action on October 23, 2024here's what to expect based on current technical indicators: Bullish Scenario: If Bitcoin manages to hold above $66,000, expect a possible upward movement towards $68,743, which is the key resistance level. Breaking above this resistance could trigger a further rally, targeting $71,645 and potentially $73,687​ Bearish Scenario: If Bitcoin fails to hold the $66,000 support, the next potential downside could bring it toward $64,800, which serves as a secondary support level. A break below this may lead to a bearish continuation​ Price Action Summary: Bullish above $66,000, targeting $68,743 and higher if resistance breaks. Bearish below $66,000, targeting $64,800
by GAVIXH
2
Flag and Pole Pattern in V-mart RetailNSE:VMART a Flag and Pole pattern is forming in V-mart Retail, it is in an Uptrend Currently and High Possibility that it will break the pattern and continue the upward trend. If a Bullish flag pattern Breaks Out above 4500, the stock may move toward the pattern target after the breakout which is 5420. Keep a Stop Loss of 4050. NSE:VMART is engaged in the business of Value Retailing through the chain of stores situated in various cities in India. It will Announce results in a few days of Q2 🙋‍♀️🙋‍♂️If you have any questions about this stock, feel free to reach out to me. 📌Thank you for exploring my idea! I hope you found it valuable. 🙏FLLOW for more 👍BOOST if useful ✍️COMMENT Below your views. Meanwhile, check out my other stock ideas below until this trade is activated. I would love your feedback. Disclaimer: This analysis is intended solely for informational and educational purposes and should not be interpreted as financial advice. It is advisable to consult a qualified financial advisor or conduct thorough research before making investment decisions.
NSE:VMARTLong
by Karanshah137
AVAX Price Retests Ascending Channel Pattern's Lower Support Tre Since August, AVAX has followed a pattern of higher highs within an ascending wedge, breaking free from a previously dominant downtrend. However, amid recent market volatility, AVAX has shown a persistent downtrend, with a 3.10% drop in the past day and an 8.70% decline over the week. Over the last month, the token fell nearly 10%, bringing its year-to-date loss to 41.60%. Currently, AVAX finds support near the $25 level and the lower edge of its ascending wedge. A break below these levels could lead to a significant downturn. If market uncertainty intensifies, AVAX may retest its $24.30 trendline, and in a bear-driven Q4, it could fall further to key lows around $20 and $17. On the upside, a bullish reversal could see AVAX retesting resistance at $33.06 this month, potentially signaling a successful Change of Character (ChoCh). Should bullish momentum persist, AVAX could climb to higher resistance levels of $39 and $49 in the coming sessions.
COINBASE:AVAXUSDLong
by Sam_TCR
Dixon Now Trading Near A Very Strong Support Zone ✅The stock has been consistently trending within an ascending channel for most of the year, respecting both the upper and lower trendlines. Currently, it has pulled back to a key support zone near 13800, which coincides with the lower trendline of the channel, suggesting a potential bounce from these levels. ✅ The 50 EMA has provided solid support to the stock during pullbacks within this trend. This EMA, coupled with the lower trendline, forms a strong support base around 13800–13900. As long as the stock holds above this level, the bullish trend remains intact. The recent correction saw a spike in selling volume, indicating profit-taking at higher levels. However, as the price approaches support, we would expect buying interest to increase if this level holds signalling potential accumulation for a renewed upward move. ✅ The RSI stands at 43 approaching an oversold territory. Historically, the stock has rebounded when the RSI reached similar levels hinting at a potential reversal. If RSI rises from this zone it would confirm a build-up in bullish momentum. 🚨 The immediate resistance is at 15000 which aligns with the upper boundary of the channel and has acted as a cap for previous rallies. A breakout above 15000 could lead to an accelerated move towards 15500 and potentially 16000 the upper trendline of the channel. 🚨The 13000 level now acts as a crucial support. Any dip below this zone could indicate a break from the uptrend channel making this a significant level for managing downside risk. Given the combination of trendline support 50 EMA strength and RSI nearing oversold levels Dixon Technologies appears set for a bounce. Traders should watch for a surge in volume to confirm renewed buying interest around the support zone.
NSE:DIXONLong
by Marketik
The Stock Consistently Trending Higher Now Trading Near Support 📊 Voltamp Transformers ✅ The stock has been consistently trending higher following a robust ascending trendline since early 2024. This trendline along with the 100 EMA has provided strong support in the past. The recent pullback to this level suggests a potential bounce-back opportunity with the trendline acting as a foundation for renewed upward movement. ✅ The stock has been approaching the 14000–15000 resistance zone where it has faced selling pressure multiple times. A successful close above 14000 could initiate a fresh breakout opening up significant upside potential as it moves into uncharted territory. ✅ The recent correction witnessed a decline in volume indicating that there was limited selling pressure. If volume picks up as the stock approaches the 14000 resistance it would signify a strengthening breakout with strong buyer interest. ✅ The RSI is at 37 close to the oversold territory which suggests that the stock may be primed for a reversal if buying momentum increases. RSI in this zone often precedes a rally especially when the price is testing key support levels. 🚨 Once the stock breaks above the 14000 resistance the next target will be 15000 which aligns with previous highs. A move beyond 15000 would indicate the start of a new bullish phase potentially setting the stage for even higher levels in the long run. 🚨On the downside 11800 will act as critical support. Any pullback toward this level should be seen as a buying opportunity as the trendline support and 100 EMA provide a solid foundation for the stock. 🚨The combination of the ascending trendline EMA support and RSI positioning makes Voltamp Transformers a favorable candidate for a bullish rebound. Traders should look for a surge in volume as the stock tests the resistance to confirm a breakout.
NSE:VOLTAMPLong
by Marketik
Looking Very Strong For Longterm Investment 📊 Bannari Amman Sugars ✅ The stock has recently broken out above a massive 18-year-old resistance trendline, a highly significant technical event. This breakout from such a long-term resistance level indicates a major shift in sentiment and could lead to substantial upside as the stock enters a new growth phase. ✅The stock is comfortably trading above its 50 EMA and 100 EMA reinforcing the bullish trend. These EMAs are acting as dynamic support further validating the strength of the recent breakout. A pullback to these levels would likely attract fresh buyers. ✅ The breakout has been accompanied by a noticeable increase in trading volume, suggesting strong buying interest. Such volume behavior typically reflects institutional participation which is essential for sustaining a long-term rally. ✅ The RSI currently stands at 59 well below the overbought zone, suggesting ample room for further upside. The RSI has shown consistent strength indicating that the stock is building momentum for a continued upward move. 🚨 Following the breakout the stock’s immediate target is 4000 with a potential extension towards 4200 if the bullish momentum continues. These targets are based on the breakout projection from the previous resistance zone. 🚨The 3000 level now acts as a critical support having served as a resistance before the breakout. Any pullback towards this level should be seen as a buying opportunity especially for long-term investors aiming to accumulate shares. 🚨 The breakout above an 18-year resistance line is a powerful signal marking the beginning of a potential long-term uptrend. The combination of strong support from EMAs volume confirmation and favorable RSI levels makes Bannari Amman Sugars Ltd an attractive choice for investors seeking long-term growth.
Editors' picks
NSE:BANARISUGLong
by Marketik
3
What is Price Action ? Beginners Guide in Easy Steps Part -2In our previous discussion, we delved into the fundamental techniques of reading a price chart with key price action strategies. This time, we're set to expand our understanding even further. By the end of this article, you'll have a fresh perspective on analyzing charts and interpreting price movements, empowering you with deeper insights and more confident trading decisions. 1. Identify the direction of trend with the help of price action candlesticks a.)Strong Uptrend: Green candlesticks moving upwards continuously. Indicates strong buying pressure with no selling pressure. b.)Uptrend with Deep Retracement: Green candlesticks with some pullbacks. Sellers present, causing temporary price dips. c.)Indecisive Market: Alternating red and green candlesticks. No clear market direction, prices moving up and down without strong conviction. d.)Tight Range Before Breakout: Small red and green candlesticks within a tight range. Usually occurs before a significant breakout. e.)Weak Uptrend with Choppy Price Action: Alternating red and green candlesticks, choppy pattern. Indicates weak buying pressure and strong selling presence. f.)Healthy Uptrend: Green candlesticks with few red ones. Strong buying pressure with minimal selling, indicating a solid upward trend. 2. Importance of Wicks and the closing of candle Wick and a Doji Candle: Indicates early signs of buyers attempting to stop the price decline, If you observe closely there is a wick in previous candle also, on the break of high of the candle price hit trendline resistance and fallen again. Second Wick at the Same Zone: Sellers tried to push the price down again, but buyers stopped it, forming a bullish pin bar. First wick formed a demand zone but the second wick confirmed of buyers activity. After Some Fight, Buyers Win: Buyers managed to push the price up From the range, kicking out the sellers. More Lower Wicks: Indicates both buyers and sellers are active, but buyers are gradually winning, which is bullish. Lower Wick Shows Demand: After a downturn, the lower wick signals demand coming in. Inside Bar with Bigger Upper Wick: Shows bearish bias. The break of the low led to the continuation of the fall. NOTE: Wicks are an early indication of demand or supply presence, but the location of formation will be more important.It would help if you determined whether it's in an uptrend, downtrend, or range. 3. Multiple Candle Rejection A)Exhaustion Gap: At one point, the chart shows a gap up, where the opening price equaled the high of the day. This indicates an exhaustion gap, suggesting potential for a larger correction. Despite this, only a single bar correction occurred initially, showing resilience. B)Brutal Correction: A sharp, one-bar correction is seen, followed by buyers trying to push the prices back up within the same candle. This indicates a strong fight between buyers and sellers. C)Inside Bars and Tight Range: The presence of multiple inside bars with tight ranges and prominent lower wicks signals consolidation and market indecision. This is a period where neither buyers nor sellers dominate, often preceding a significant move. D)Break and Continuation: Eventually, the price breaks and closes above the range of the inside bars. This breakout triggers a continuation of the uptrend, evidenced by the subsequent series of green candles and higher prices. #Understanding Candlestick Wicks: Wicks/Tails: These are crucial as they indicate early signs of demand or supply. In this chart, the lower wicks suggest that buyers are stepping in at lower prices, even during pullbacks, showing underlying strength. 4.Importance of Close Of Candle If you wait for close of the Candle beyond support or resistance zone then it can help you take high-probability entries only and avoid fake breakouts. Fake breakout means when the price breaks the support or resistance area but it failed to sustain beyond that area and quickly comes inside the range. That's all for today's idea I hope you have gained good insights into how to read market direction with the help of candlesticks structure If you read market direction in consideration with the factors explained in Part 1 then the outcomes will be Great. If this idea helped you learn something new hit the boost button and share with your friends, Stay tuned new ideas in this series coming soon. Keep Learning, Happy Trading. NSE:NIFTY
NSE:NIFTYEducation
by SANJAYPATIDAR_
2