Abhijit_Paul

Abhijit_Paul

The recent down turn for the Nifty index has lead to a reversal in the underlying trend and also shift of momentum towards selling. Simple channels drawn using the RSI indicator clearly shows that the index if it dips further down will see a retest of 11,400 -11,450. Nifty traders should look for swing short opportunities in the index.

Abhijit_Paul

Nifty Daily chart finds a confluence of 2 different bearish candlestick pattern. First the Hanging Man which formed one day prior to last, low of which was breached. This implies that there is potential in this Hanging Man pattern to work and maybe drag prices on the downside. Second, if we consider the last three candles, then an Evening Star shapes up, and its a...

Abhijit_Paul

NIFTY and BANKNIFTY both slipped yesterday to post a new lower close, which has resulted in yet another HOOK setup for both indices. This means that once yesterday’s high of 11,300 for Nifty and 29,100 for BankNifty is breached, we can expect short covering led bounce back.

Abhijit_Paul

BATAINDIA is nicely stuck in between a set of classical reversal divergences at the top (red arrows) and with every low it confirms a positive hidden divergence or positive reversals (green arrows). Closing price at the erstwhile highs act as a good source of support, and as long as this holds one can expect a positive momentum. A break above recent high of 865,...

Abhijit_Paul

INFY in the intra-day charts gives a “COIL” breakout followed by a consolidation and then some follow-through rally. Consolidation of price is a common aspect once prices have moved sharply up or down, that is, travelled quite a distance within a short span of time. Psychological support and resistances are common in while numbers, which was the case here as well,...

Abhijit_Paul

ACC breakout of an Ascending Triangle with momentum. The height of the pattern suggests an upside target in the range of (1730-1735). However we notice a fine Fibonacci Retracement confluence at 1720, which will be an interesting level to keep a watch for. A throwback to the breakout level of 1705 should no be discounted.

Abhijit_Paul

DIVISLAB is worth keeping a very close watch. We have a “COIL” in our hands in a chart which is well defined in an UP trend with momentum easing off. Currently at the Pitchfork boundary lines, a move above 1060 will indicate a breakout, hopefully with higher volumes. On the upside, crucial supply comes in at 1120 (reacted from this level once before recently).

Abhijit_Paul Updated 

In the Hourly charts of DABUR, we see a clean Ascending triangle breakout with high volumes. Encouraging aspect is the fact that the stock has now managed to break above a crucial price band which acted as a source of support and now resistance. First Fibonacci target is at 350

Abhijit_Paul

SOUTHBANK breaks out of a daily consolidation with support from volumes. MACD indicator supports well with a positive cross as well as rising MACD Histogram. That means both trend and momentum are in favour of this move up. On the upside, immediate target comes in at 35-36 zone.

Abhijit_Paul

BIOCON breakouts of yet another Ascending Triangle formation with support from rising volumes. The stock has been an out-performer and has been steadily holding unto an UP trend for sometime. A fine PINCH with the Bollinger Bands suggest a volatility contraction, and add to this fact that we did have an Inside Day formation couple of sessions back. The stock seems...

Abhijit_Paul

TATACHEM breaks out of a COIL (a symmetrical triangle) with fine participation from volumes. Add to this fact, that on the daily chart, there was an Inside Candle on Friday's close. The underlying trend is UP and well established, which is clear from MACD. Fine support from momentum indicators too - CCI and RSI suggests further upside on the cards. Looking for a...

Abhijit_Paul

USDINR face fine support within (64.70-64.80) and a multiple time test of this range sees a clear divergence with the MACD indicator. On the higher time frames, momentum indicators too have created a divergences which suggest that the Dollar will try to appreciate from current prices. However we should wait for a confirmed break above 64.90 for further upsides...

Abhijit_Paul

OFSS, a relatively illiquid counter and ideal stock to have in someone's cash portfolio has finally given a clean breakout. Erstwhile supports came in well from the 50% Fibonacci Retracement, and the recent breakout is well supported by volumes. Structurally the chart is in an UP trend across all time frames, for which i use the MACD indicator. Momentum to pick...