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PONDYOXIDE | Ascending triangle | Trendline + EMA confluenceCMP- 281.8 SL - 260 (immediate SL, if close below 260), 230 on closing basis (w.r.t. pattern) Target - 400, 450 1/6/2021 - Breakout of ascending triangle observed with good volume spurt - HL into resistance - Can see support of 20,50,100,200 EMA, trying to give positive crossover -The script has been respecting the trendline after the covid fall - Short term view is negated if close below 260 on daily basis (REAL SL would be of the long term respecting trendline is broken
PLong
by Stockupy
DIIs spoil the party, Drag NIFTY from around 17800NIFTY 50 EOD ANALYSIS -17-09-21 IN SUMMARY O / H / L / C 17709.65 / 17792.95 / 17537.65 / 17585.15 H-L = 255 points VIX 15.23 / +5.69% FII DII: +130 Crores Likely open: Flat to negative. This is based on the SGX NIFTY and as the US markets close was in negative. A bounce-back is more likely as FIIs have bought in good numbers. CHART BASED CONCLUSIONS - 15 Minutes Chart A good gap up with a retest of the opening lows was then bought in to and NIFTY almost touched 17800 but there was immediate and sharp sell-off from 1030 that led to NIFTY falling 225+ points from the day high. After the first sell-off, it turned rangebound, but then as the market close was nearing, there was another sell-off which meant NIFTY ended below 17600. It was indeed surprising that the level was given away so quickly. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters KOTAK BANK 17 HDFC BANK 17 HDFC 04 BAJAJ FINSERV 03 BHARTI AIRTEL 02 TOTAL 43 The Draggers RELIANCE 22 TCS 13 ICICI BANK 08 TATA STEEL 08 INFOSYS 07 TOTAL 58 Lifter - Draggers = -15 POSITIVES NIFTY went very close to 17800 but failed to clear the line. BANK NIFTY made a high above 38100. KOTAK BANK & HDFC BANK outperformed all the other leaders. HDFC appears to have found some support around 2800. FIIs have bought in large numbers. NEGATIVES INFOSYS is suffering from 1700+ Syndrome as it is unable to hold on to the level for more than a day at a time. RELIANCE was doing good but late afternoon sell-off brought it below 2400 yet again. VIX has gone up to 15+ after quite a few weeks. DIIs have sold heavily. TRADING RANGE FOR W/B 20-09-21 17300-17350 is the new support base. For now, 17800 may well prove to be a major resistance as the fall from just below that level was sharp and severe. BANK NIFTY support lines are 37200-400 and resistances at 38000-38200. INSIGHTS / OBSERVATIONS NIFTY was clearly hijacked by RELIANCE, TCS & INFOSYS. There was extreme volatility and fast movement in NIFTY making it a hard day for the traders. HDFC BANK retested 1560 levels and then shot up more than 1% to close above 1580 and this along with KOTAK BANK closing above 2000 saved the day for BANK NIFTY as it ended in the green and in the process, helped NIFTY from sinking further. Clearly, BANK NIFTY is now looking stronger than NIFTY and may well hold the key to NIFTY holding higher levels. RELIANCE ended the day 65 points lower than the day high which is more than 2% and that is what spooked NIFTY. SGX NIFTY is showing a gap down of almost 100 points but this is not entirely reliable as we have seen in the past. Since FIIs have bought in large numbers, a gap-down is more likely to be bought into unless there is something else that happens between 19-9 evening and the market open. Social Media is very quick to signal that the top was made on Friday and now NIFTY is heading down. When August was in good green, it was said that September would be a washout and now when NIFTY kept scaling ATH after ATH in Sep, a fall of 44 points is being called out as end of the road. The fact is no one really knows and there is no point doing guesswork as in a matter of 23 hours, the day would have ended and clarity would have emerged. The best approach would be to keep all news and views aside and react to the price action by sticking to the right process that has given you success in the past. That is what matters in the end. What do you feel about this? Thank you, and Happy Money Making! Umesh 19-09-21 NOTE -- This write-up is not a prediction mechanism for the movement of Indices in the Indian markets as the markets are unpredictable in nature. I may refer to many data points in the article but I do not base my view on any of these standalone. In fact, I prefer to react to the price moves than predict the price moves. I also do not review Open Interest. Whatever data points I am using, are all stated in the article. The article title, as well as its contents, can at best be stated as --- This Is How I Read Nifty. I hope I have been able to set the expectations right.
NSE:NIFTY
by AVENUESOFINVESTMENT
2
BANKNIFTY WEEKLY ANALYSIS (17/7/21)- Price is converging between lower trendline and upper trendline, will need to give breakout (follow the major trend) - Price must trade above 35800 and sustain to make upper move to ATH which is 5.38% away) - Outperformed nifty this week, follow up price action is needed (upside) as price closed exactly at upper trendline shadow - Anticipating breakout in 1-3 weeks time period (although market is supreme) - HDFC bank results on Monday, can help decide the direction of BNF.
NSE:BANKNIFTYEducation
by Stockupy
Alkem lab Ltd - Weekly BreakoutAlkem Lab has given a very good bullish signal and a breakout from the parallel channel pattern trap (August 2020 - June 2021) for past 11 months Its a good stock for a short term trading The Stop Loss for any conservative trader is 3028 The Target is 3678 After reaching our target, trail your stop loss to get maximum profit from the stock in a single trade 🔴DISCLAIMER ***** Its just for an educational purpose and so you must also follow your own technical analysis too ******
NSE:ALKEMLong
by PrakWorld_Traders