Abhijit_Paul

Abhijit_Paul

This is the 75min chart of Nifty Futures wherein I have spotted two interesting developments. One, the index is trading within a well-defined rising channel with prices now hovering at the lower border of this channel support. Two, the index has also created a well-defined Ascending Triangle with valid resistances at the psychological 12K mark. Considering there...

Abhijit_Paul

Benchmark Nifty50’s fight with the psychological 12K continues. Thanks to last Thursday’s sharp sell-off the index has now moved into a short term downtrend. Friday’s move was more of consolidation to Thursday’s sell-off and only a move above the immediate resistance of (11,800-11,850) can set the short-term momentum back on the upside. Possibility of a...

Abhijit_Paul

A complete “U” turn from the benchmark Nifty50 as it fell close to 2.5% in today’s session. No respect for the immediate support of (11,780-11,800) as the index cuts through and retraces gains of past six trading sessions. Thanks to this sharp sell-off one aspect is now confirmed - our rising channel has yet again proven itself as a strong source of resistance....

Abhijit_Paul

Nifty behaved exactly the way it was anticipated. A short-term dip, enough to get bears interested and create positions. And then bounced back sharply from close to anticipated supports at (11,750-11,800). I have drawn two rising channels on this chart, which I sense will now provide immediate resistances. Going ahead, I feel the index will face resistances from...

Abhijit_Paul

Nifty continues to consolidate and show respect to the over-head zone of resistance. An Inside Bar after today’s close will definitely encourage contrarian traders to take a short position below today’s low. Now that will be a pretty risky bet for which the immediate levels to watch for on the downside will be at (11,780-11,800). If you go short, please be agile...

Abhijit_Paul

Will the Channel Prove itself Again? Nifty shows early signs of exhaustion after a series of positive daily closes. At yesterday’s session, the index slipped after teasing the psychological level of 12,000. Surprisingly the index faces this early resistances from the same old channel which lead the erstwhile sell-off in mid-September’20. Considering the...

Abhijit_Paul

Benchmark Nifty50 rallies sharp for 2 successive weeks scaling back to levels of 11,9000 and more. It has been a “turn-on-a-dime” kind of bounce back from the index, well supported by sectors like IT and now Banks. The underlying trend is definitely UP as the index continues to show resilience to correct, but it’s the level above that offer some serious...

Abhijit_Paul Updated 

Titan posts a 3-day successive bounce back on back of high momentum. Of course this is the counter-move to the recent sell-off which turned the short-term trend down. Short term momentum indicators have gone overbought as the stock faces serious resistances within (1170-1200). I sense there is a short term shorting opportunity once the stock slips below the lows...

Abhijit_Paul

Nifty Analysis: 30 September'20 On the daily charts the index has created an Inside Bar. Last two trading sessions clearly suggests a consolidation post the recent 2-day sharp bounce back. The index is essentially tired and buying time before the next directional move. 11,200-11,300 is the obvious short term range for the index, which it needs to clear to set...

Abhijit_Paul

1. Psychological 11K fails to provide any support as the benchmark Nifty breaks through effortlessly to settle at 10,800. 2. Considering the underlying momentum with which the index is selling off, it is very likely that a re-test of (10,500-10,600) is on the cards. 3. Expect some price-momentum divergence to start shaping up as the index approaches 10,600. 4....

Abhijit_Paul

A classical breakout from BOSCHLTD today - a gain of over 7.5% to inch close to 14.500. The stock has been in a well-defined UP trend for sometime post which it consolidated within a typical Ascending Triangle which are known to be decent continuation patterns. The next immediate level to watch for is in the zone of (14,800-15,000). A high probability resistance...

Abhijit_Paul

ICICIBANK recently has been in midst of some serious price volatility. Recent pice action on the 75min time frame resembles that of an inverted “V” as the stock now deals with immediate supports at (340-345). The erstwhile breakout above 380 has proven to be a failure as the stock reverses quickly to shift back into a short term down trend. The current zone of...

Abhijit_Paul

RELIANCE scales up to a BIG psychological level today. Summit 2K reached and conquered for the stock on back of amazing resilience and momentum. I am quite sure that over the past few weeks if you had tried to go contrarian short on RELIANCE it would have puzzled you enough and whipsawed your trade. And these kind of strong trends generally reverse when you give...

Abhijit_Paul

NESTLEIND is at levels wherein supports come in from multiple sources. (16,000-16,150) is the range wherein we can notice clear supports from erstwhile lows and the 38.2% Fibonacci Retracement. Considering the fact that the stock has been under-performing the benchmark Nifty for past few weeks now, there is a high chance that the stock will attempt a bounce back....

Abhijit_Paul

ICICIPRULI is consolidating in terms of time for past few weeks now. A clear case of range contraction, stock finds obvious resistances from the 61.8% Fibonacci Retracement at (415-420) zone. A move above this zone will confirm a clear breakout. I will be closely watching the upper border of the yellow channel levels of which are at(440-445). Needless to say, we...

Abhijit_Paul

Nifty has now reached a crucial support zone of (11,600-11,700). This 100point zone previously did act as a strong source of both resistance and support. So a lot of important price-related decision making has happened at this juncture of price. A look at the chart and we can see that prices did test this horizontal support band where in we also notice a...

Abhijit_Paul

Havells is in a precarious position. The stock has managed a short-term bounce recently which now faces resistance from erstwhile supports in the range of (620-640). Sharp price volatility which we noticed yesterday can be a sign of shake off which can now lead further weakness. Trigger for this we will get once the stock breaches the low of 615. From a bullish...

Abhijit_Paul

HINDUNILVR is in an up trend passing through a short term price correction. The stock approaches strong support zone of 1780-1790, which earlier acted as strong resistances. A Swing Long trade setup is developing in this daily chart which I call the Aim & Shoot trade. A move above the previous bar's high will trigger such a possibility.