Stock exhibits sustained weakness in Weekly time frame. Falling Trendline holds valid and rejections have been pretty strong whenever the stock hits it.
Currently the stock has hit the Trendline again wherein we could also spot 38% FIB retracement adding strength to the resistance.
Though the above points guides us to take a strong bearish view, we need to be...
Maruti has been in a strong Bearish trend since July 23, 2018.
The stock tried to hold 6900 levels for almost 3 weeks before breaking down further.
I can see a breakdown of an Inverted Flag pattern here.
Good opportunity to short for targets of 6600 and 6200 with a stop loss just above 6900.
Disclaimer: Views expressed here are my own, and should not be...
After bouncing back from the lows around 800, TitanNSE:TITAN has again got rejected at trendline resistance.
I can see that the stock has formed a large bearish candle and got rejected after retracing 61.8% of the previous downmove.
Good opportunity to short here with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted...
After an explosive move from ~ 8000 to ~ 9500 levels, Pharma index NSE:CNXPHARMA went into consolidation.
I think this was a correction within a bigger rally and we have more upside on cards.
I can see that Nifty Pharma has taken support at 50% retracement of the previous rally and formed a large Bullish candle.
Many Pharma stocks like Aurobindo Pharma, Sun...
After a good recovery from the lows of 822 to 900, seems like the downtrend in Escorts NSE:ESCORTS may not be over yet.
The Auto index NSE:CNXAUTO appeared extremely Bearish today forming an Evening Star pattern.
I can see that Escorts has formed an Evening Star like pattern as well and has reversed in the 50%-61.8% retracement zone of the previous...
With both Nifty NSE:NIFTY and Nifty IT NSE:CNXIT indices looking weak, more pain seems to be on the way in certain stocks.
Many IT stocks appear to have formed an intermediate top today.
I can see that Mindtree NSE:MINDTREE has formed an Evening Star pattern with a large Bearish candle today.
Good opportunity to go short with a small stop loss for a first...
After the massive fall from 1108 levels, HCL Technologies NSE:HCLTECH managed to pull back to 934 levels but faced a stiff resistance in the 934-944 zone.
I can see that the price faced strong rejection at 38.2% retracement of the previous downmove forming a large bearish engulfing candle.
Good opportunity to short here for a target around 880...
Banknifty appears considerably weak after the large Bearish Engulfing candle that it formed yesterday as it encountered heavy selling pressure around 27000 levels.
With all the private sector banks witnessing a selloff on Monday, Yes Bank NSE:YESBANK looks like a nice candidate for shorting.
I can see that the price got rejected at the resistance zone near 350...
After a considerable recovery from the lows of 1780, Bears seem to have taken fresh shorts again in HDFC Ltd. NSE:HDFC on Monday, as the stock failed to cross the crucial resistance at 1865 and was pushed down to 1833.
I can see that the price got rejected after retracing 50% of the previous downmove and formed a large Bearish Englufing candle.
NIfty NSE:NIFTY has managed to recover ~ 350 points from the lows of the downfall which started post karnataka election results.
However, I can see that the price is unable to cross the 61.8% retracement level of the previous downmove.
Going above and sustaining 10730 can take Nifty to 10900 levels.
However,if Nifty continues to remain below 10730 it may go...
With Pharma index failing to hold 8300 levles, looks like the pain in Pharma stocks is not yet over.
After a long downtrend, we can see that the stock price for Wockhardt NSE:WOCKPHARMA got rejected after retracing about 38.2% of the previous downmove.
I can also see that it broke the 23.6% level as well with a large bearish candle on Friday.
IT NSE:CNXIT has been a strong sector which hardly corrected when Nifty was falling since Karnataka election results.
However, today’s candle is a Bearish one with a long upper shadow.
Also, it faced stiff resistance around 61.8% retracement of previous fall from ~ 14300 levels.
I also observed the USD/INR chart and feel that Dollar has topped out against the...
Ashok Leyland NSE:ASHOKLEY had a massive fall from 167.5 to 134 levels (I had posted an Idea on May 9 about shorting it) after which it has been moving up for past few days.
However, I can see that it faced a strong resistance today at 61.8% retracement of the previous fall, near the previous support-turned-resistance.
Took short positions here with a small stop...
Biocon NSE:BIOCON has been relatively unaffected by the current mayhem going on in the Pharma sector.
However, after a few days of upmove, looks to me that Bears are tightening their grip on this stock as hammering of Pharma sector continues.
I can see that the stock retraced around 61.8% of its fall from April 30 to May 7, and now it has resumed its downward...
After a swift move from 730 to 637 levels,Tech Mahindra NSE:TECHM has retraced 61.8% of the downfall to make a high of ~ 698 on Friday.
I can see that it is facing resistance around 700 levels and witnessed selling pressure at those levels today.
Today’s bearish candle suggests that the stock may have resumed its downward journey.
Took short positions here...