IRCTC is on thin ice here. Weekly charts show the stock has always taken support at 1345 levels. If it closes below the levels, could be a not-so-pleasant journey for the stock.
Short initiate at 1343. Target@1314. SL@1354.
MANAPPURAM | Seeing a Flag formation in Daily time frame & Weekly time frame shows strong rejection in downside.
After a scary H&S pattern the stock gave Wedge breakout but broad market pulled the price down again.
Personally one more strong conviction it has taken a great 20 EMA support in Weekly pattern.
CMP : 153
Strong demand zone : 140
Target : 180,190
Weekly Chart - Broke the previous solid resistance and stable upside now.
CMP : 590
SL : 550
Target : 800
Beautiful 1:5 risk reward setup. Looks good for accumulation, since it is weekly pattern it may take few weeks to month to reach the target.
I love F&O stable stocks like this which respects proper support & resistance , so that we can create some option...
I'll use my monthly view post to take weekly analysis forward
There are interesting things to observe.
1. NIFTY has crossed previous intermediate high of 9889.05 of April last week. This makes it in firmly uptrend.
2. NIFTY is in uptrend on daily and weekly trend.
3. It is now...
My Observations on higher level time frames
1. In my monthly view, I had said " The bounce we see after March 27 bottom is likely to fail". This got underlined when NIFTY fall below the longer term trend line from 2009.
2. The monthly range is contracting. NIFTY is unlikely form a large candle for May.
3. May is likely to end negative.
My Observations on...
Below is my view for NIFTY for coming week
1. April 14 : Trading Holiday
2. April 13 : Lock down extension news
3. There could be some news on stimulus package, but I think it is not going to be enough to create sudden jump on the upside.
4. But with current momentum NIFTY could well go up first 9400 - 9600.
5. Hence intraday positions should be on the long...