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Triangle

Nifty weekly review - Jan 20 to Jan 24Movement was bit choppy last weak and price tested the patience of option buyers. Still 23400 zone acts as an important zone to decide the direction. Buy above 23220 with the stop loss of 23180 for the targets 23260, 23320, 23380, 23420 and 22460. Sell below 23140 with the stop loss of 23180 for the targets 23100, 23060, 23010, 22960 and 22900. As per the daily chart, price is still testing the support zone. Once the test is over, we can expect good move. Do your own analysis before taking any trade.
NSE:NIFTY
by vanathi
3
$NSE:GSPLNSE:GSPL : Gujarat State Petro Ltd 🚀 I've spotted several key technical patterns and points of interest 📊: Descending Triangle Pattern 🔺 A clear descending triangle has formed from September 2023 to January 2025 Upper resistance line is descending from around ₹470 to ₹370 levels Lower support line has been relatively flat around ₹350-₹360 levels Price Action & Trend 📈 Currently showing a strong bullish candle with a +9.16% gain 📊 Price has broken above the descending triangle resistance line Multiple EMAs (Exponential Moving Averages) visible on the chart showing previous resistance levels 📉 Volume Analysis 🔍 Significant volume spike visible in the latest session (8.05M vs avg volume of 928.27K) 📊 Volume Run Rate is extremely high at 1664.19% 🚀 Previous major volume spikes were seen in September 2023 📅 Key Price Levels 💵 Current price: ₹373 Recent resistance levels: ₹394.80, ₹401.40 Support levels: ₹350.00, ₹321.05 52-week high appears to be around ₹469.70 Technical Indicators 📈 RSI (shown in the bottom panel) has moved from oversold to neutral territory 🔄 Multiple EMAs crossovers visible, indicating trend changes 🔀 The current breakout from the descending triangle pattern with high volume support suggests a potential trend reversal from bearish to bullish 📊. However, traders should watch for confirmation of this breakout in subsequent sessions to validate the pattern completion 📉. Price Targets 🎯 Traditional Triangle Measurement Method Height of triangle: ~₹470 - ₹321 = 149 points Breakout point: ~₹372-₹375 level Conservative target: ₹375 + 149 = ~₹524 INR Alternative Measured Move Targets First resistance: ₹394.80 (Immediate resistance) Second resistance: ₹401.40 (Previous consolidation level) Third resistance: ₹435.00 (Major resistance from October 2023) Risk Management Levels ⚠️ Support (Stop Loss): ₹350.00 (Previous support) Risk:Reward: Favorable if using ₹350 as stop loss for targets above ₹400 Important Considerations 🤔 High volume breakout (767.99% change in volume) adds credibility to the move Previous resistance around ₹435-₹440 zone Conservative target: ₹394.80 Aggressive target based on pattern measurement: ~₹495 Disclaimer: This is not financial advice. Please do your own research before making any investment decisions. Trading stocks involves risk and may not be suitable for all investors.
NSE:GSPLLong
by vkj123
Wipro Looking for SupportHello friends good evening, I have prepared a chart for one of my trades in Wipro which I am sharing with you all. So as we can see the Wipro ADR ( American Depository Receipt) listed in the American market is trading down by 4 to 5 percent. In such a situation we can expect that we may see a similar decline in the price of Wipro shares tomorrow or in the coming session. Therefore I have marked a demand zone on its weekly chart and hope that the price will get a bounce from this demand zone, which will be helpful for us to trade on the long side. Different traders follow different setups and indicators to understand support bounce, I would like to understand it only through price action on smaller time frames and will update accordingly. I hope you liked the idea if yes then please like and share it, thank you all. Best Regards- Amit.
NSE:WIPROLong
by AMIT-RAJAN
4
Birlasoft Ltd : Ready for a BreakoutBirlasoft Ltd is a company engaged in computer programming, consultancy, and related activities. It provides software development and IT consulting services. Pro: Almost debt-free Good profit growth of 18.2% CAGR over the last 5 years Healthy dividend payout of 28.3% Technical Analysis: \ The stock is forming a Descending triangle pattern , indicating a potential breakout. Volume is also building up from the last swing low. Expecting a good profit for the upcoming quarters Stop Loss of 25 points with a target of 350 ++ points. One can consider this stock for a shorter period with a target of 600 to 605.
NSE:BSOFTLong
by Vikrant_Mighty
3
CANARABank took two times support at 92 what next ?canarabank bounced two times at 92 around ,more times the support is tested it will be broken however we can see it did made lower highs and is below 200 dma i think this time it will continue to be bearish every time on closing basis did not close below support we can see in past two points but this time closed almost at days low strongly bearish Disclaimer- Just my view and opinion trade at your own risk not an investment advice these are only for educational purposes
NSE:CANBKShort
by techno_funda_guy
ICICI Bank Shorting Opportunity Confirmed: Multiple Bearish SignThe broader market has entered a bearish trend, and ICICI Bank, a less-moved stock compared to other banks, is now showing signs of catching up. Technical Confirmations: Trendline Break Ascending Triangle Breakdown Lower Lows Entry for Short : 1245-1243 Range (Can Take 1240/1260 PUT Option Current Month Expiry and/or Next Month Expiry to avoid Volatility) Target : Open/Mentioned. STOP Loss : 1275/Swing High How do you find this analysis? Follow for more actionable trade ideas like this! Happy Trading !!
NSE:ICICIBANKShort
by Vikrant_Mighty
4
Morepen Lab Near Key Support – Big Move Ahead?Morepen Laboratories (NSE: MOREPENLAB) - A Critical Technical Setup In-Depth Chart Analysis 1. Descending Trendline Resistance: • The stock is moving within a descending triangle pattern, with a clear downward trendline acting as resistance since the peak around ₹120. • Currently, the stock is approaching this trendline near ₹80. A breakout above this level, supported by strong volume, could trigger bullish momentum. 2. Key Moving Averages: • 200-Day EMA (Exponential Moving Average): The 200-day EMA is positioned at ₹69.66, which serves as a critical long-term support. The stock has tested this level multiple times, indicating its importance. • The price is hovering slightly above the EMA, suggesting the stock is at a decisive point for trend confirmation. 3. Support Levels: • ₹69.66: Immediate support lies here, aligning with the 200-day EMA. If this level holds, the stock could see a bounce toward higher resistance levels. • ₹65.00 and ₹55.00: If the stock fails to hold ₹69.66, it could slide to ₹65.00, a psychological support, and then to ₹55.00, which marks a previous consolidation zone. 4. Resistance Levels: • ₹80.00: The descending trendline converges with this resistance. A breakout above ₹80.00 could open the path to ₹95.00. • ₹95.00: A crucial horizontal resistance zone. Beyond this, ₹115.00 could be the next major target. 5. Volume Profile: • Recent volume spikes near support levels suggest accumulation by long-term investors. • Watch for increasing volume during any breakout above ₹80.00, which would confirm strong buying interest. 6. Bollinger Bands: • The price is trading near the lower Bollinger Band, indicating oversold conditions. • A rebound toward the middle or upper band could align with a breakout above the ₹80.00 resistance. 7. RSI (Relative Strength Index): • The RSI is nearing the oversold zone, typically a precursor to a potential reversal. 8. Symmetrical Triangle Formation: • The stock’s current price action within a triangle pattern indicates consolidation. A breakout above the upper trendline or a breakdown below the lower support will dictate the next directional move. Possible Scenarios: Bullish Scenario: • A breakout above ₹80.00 with high volume can propel the stock to test ₹95.00 in the short term. • Sustaining above ₹95.00 could lead to a rally toward ₹115.00, marking a significant reversal of the bearish trend. Bearish Scenario: • A breakdown below ₹69.66 would indicate the continuation of the descending triangle, leading to lower levels like ₹65.00 and ₹55.00. • Increased selling pressure or market weakness could exacerbate the downside. About Morepen Laboratories Company Overview: Morepen Laboratories is a pharmaceutical and healthcare company specializing in Active Pharmaceutical Ingredients (APIs), formulations, and diagnostics. With a strong domestic presence and growing exports, the company’s key products include Loratadine (an anti-allergic API) and well-known OTC brands like Burnol and Dr. Morepen. Financial Highlights: • Revenue: The company has demonstrated consistent revenue growth, driven by exports and rising healthcare demand in India. • Margins: Operating margins are moderate, with scope for improvement as exports scale up. • Debt Levels: A low debt-to-equity ratio reflects strong financial stability. • Cash Flow: Positive operating cash flow highlights effective financial management. Growth Drivers: 1. Increasing demand for APIs globally, especially in regulated markets. 2. Expansion into diagnostics and OTC segments, with a focus on high-margin products. 3. Government incentives under the “Make in India” initiative for the pharmaceutical sector. 4. Investment in R&D to create niche formulations and increase market penetration. Conclusion: The stock is at a pivotal technical and fundamental point. A decisive breakout above ₹80.00 could signal the start of a bullish trend, while a breakdown below ₹69.66 might lead to further downside. Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Please conduct your own research and consult a certified financial advisor before making investment decisions.
NSE:MOREPENLAB
by Veersoni108
Positional Long/Reversal Setup: PVR Inox PVR has given a correction of ~40% from its latest High and is trading at a important make or break level. Current price structure is following a Descending triangle pattern, supported by the golden ratio zone based on swings from 2020 onwards. The daily RSI is at 28.41, indicating the stock is approaching oversold territory, which may precede a potential reversal. Also the CCI is at -131.31, placing it in the oversold range, which could indicate a potential price reversal. PVR is currently exhibiting a bearish trend however, oversold signals from the RSI, CCI and based on current price structure suggest the possibility of a reversal. ⚡Note: This is just for analysis purpose, please do your own research before punching any orders. 🔍 For more technical analysis and trade setups, make sure to follow me on trading view. 🔗 Trading View: in.tradingview.com/u/DebasisT/
NSE:PVRINOXLong
by DebasisT