Abhijit_Paul

Abhijit_Paul

Underlying momentum of the index slows down with a complete flat close from the benchmark Nifty50 in today’s session. A good-enough “Doji” on the daily chart clearly suggests quite a bit of tug of war between bulls and bears at the current juncture. Now on the 75min chart, prices have so far behaved quite as per our expectations. A short-term bounce back has...

Abhijit_Paul

Some consolation for bears as Nifty breaks the series of positive daily closes with a marginal negative one in today’s session. No big damage to the underlying trend of the index yet, but from a short-term perspective we have a breakdown of the rising channel which we had been eyeing for past few sessions. Now this is an interesting juncture for the index. Short...

Abhijit_Paul

10 days done now for the bulls as benchmark Nifty50 posts a series of positive daily closes. For two consecutive days we’ve seen the index bounce back from intra-day weakness with momentum hitting back to a new life high. Our red rising channel on the 75min chart is intact, but there are signs of negative price-momentum divergence. Yes, they have failed miserably...

Abhijit_Paul Updated 

ICICIGI offers a breakout possibility at the current juncture. Though we have limited data as the stock is relatively newly listed, we can clearly notice a Flag pattern within which the stock is consolidating. A close above 1480 should qualify for a breakout and for such a trade 1400 should be the stop loss. Trade Well. Trade Wise.

Abhijit_Paul

Nifty rallies for the ninth successive trading session with todays 111 point up move. There was a sharp intra-day sell-off today which was short-lived as the index smartly bounced back to a new life high. We now have a confirmed breakout above 14,000. On the 75min chart, clearly prices are trending up within a steep rising channel which has upside targets of close...

Abhijit_Paul

Benchmark Nifty rallies further to scale higher and post a close above the 14K mark for the first time. At a close of 14,050 the index gained over 70 points, majority of which came in the first hour of the trading session. On the 75min time frame the index has been dragging itself along the upper border of the rising channel and is still very much within the...

Abhijit_Paul

7th consecutive positive daily close from the benchmark Nifty to end the year in style. In fact, this is probably the best transformation of all time, considering the way the index was back in Feb-Mar’20 - a complete turnaround. Now for psychological pleasure, the index has met the 14K mark and slipped down marginally. The rising channel on the 75min chart is very...

Abhijit_Paul

Benchmark Nifty is in a “never say die” attitude as the index bounces back from the intra-day low of 13,870 in today’s session to post the sixth consecutive positive daily session. As mentioned yesterday, the index is still very much within the rising channel in the 75min chart with 14,000 as the immediate but-obvious target. Intermediate price-momentum...

Abhijit_Paul

Nifty is on a high with another spree of positive daily closes. With an exceptional bounce back from the recent 1-day sharp sell-off the index is now teasing the psychological 14K mark which is very much reachable. On the 75min chart, there is a beautiful rising channel within which the index has been trading for sometime now. It is very likely that the index will...

Abhijit_Paul

Thanks to a 2-bar positive divergence, the benchmark Nifty50 managed a clean sharp bounce back today. Sub-13,200 the index has managed to find demand from an erstwhile channel which did act as a good source of support. Going forward this “blue” channel will act as immediate supports from the index. On the upside now, the index needs to deal with supply from two...

Abhijit_Paul

Nifty breaks out of the range with a gap and finds fine follow through buying. The index is high on momentum and is all poised to post further upsides. Thanks to this move the index has taken out resistances from 2 separate sources and now any short-term price correction will face supports at (13,600-13,620) range. Trade Well. Trade Wise.

Abhijit_Paul

Nifty seems to be stuck, at least for the time being. The index seems to be taking a breather after the recent one-way rally which has squeezed out bears badly. A clear-cut range has been defined over the past few trading sessions now. On the upside its 13,600 which is a proven resistance and on the downside supports seems to be kicking in from the range of...

Abhijit_Paul Updated 

CADILAHC on the daily time frame has created an interesting setup. As per my 3 Rivers System, the stock is in an UP trend and has entered the lower edge of the River. Herein strong supports from (410-415) kicks in which has earlier worked as a strong source of support & resistance. Essentially the stock is at valid supports. Now add on two more elements - an...

Abhijit_Paul

RELIANCE sells off with a historical one-day fall of 180 points. The stock has been in a downtrend for some time and never managed a bounce back for pull-back traders to initiate a short trade. Over the past three weeks, the stock has corrected significantly from its recent high of 2300. Not to forget the fact that RELIANCE is the top-weighted stock in the bourse....

Abhijit_Paul

Nifty continues to yo-yo 🪀 as the index bounced back today thanks to the helping hand from banking stocks. Recently we’ve had a rising channel & ascending triangle breakdown which has pushed the short term trend down. And now we have an encouraging bounce back in our hands and this time the savior is not RELIANCE Industries. Two important and obvious levels to...

Abhijit_Paul Updated 

Now this is an interesting chart wherein I have highlighted three theoretically bullish patterns. Highlight # 1 and 2 are both Bullish Harami pattern wherein #1 lacks the existence of a well-defined down trend. Comparatively #2 was better off with an erstwhile decent sized down trend. Did not play out that well as we do not notice any bounce back. Now we have...

Abhijit_Paul

Benchmark Nifty50 breaks down below the rising channel, which held price up since 30th Sep’20. The index now confirms a series of lower-highs and lower-lows on the 75min chart - sign of short term weakness. The height of the Ascending Triangle now suggests a downside target of (11,600-11,650) for the index which coincides well with the previous swing low. So from...

Abhijit_Paul Updated 

A beautiful “COIL” in the make for ASHOKLEY on the daily chart. The stock is already in a well-defined UP trend for quite sometime and going by the nature of symmetrical triangles, ideally it should give us a breakout on the upside. A simple projection of the height of the pattern should take us close to the target of 90. But before that the stock needs to deal...