AkhilSuryaFS

AkhilSuryaFS

JSW Steel has been trading on inside a rising channel from July 2017 to November 2018. The channel had a breakdown when price broke down below 330 in last week of November 2018. Post the breakdown the stock corrected to 260 before forming a continuation bear flag. The bear flag had a breakdown in May 2019 but stock seems to be trading in a band between 252 to 300....

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Axis Bank was trading in a rising trend channel. The stock moved within the channel and got rejected within the similar range at around 820 forming a double top. The stock first broke through the rising trend channel support at around 770 and followed it up with a retracement to the support line. The stock then broke below the double top neckline at 760. The...

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NIFTYAUTO index has been on a downtrend traversing through key supports. Now 7000 seems to be the support of last resort for the index. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not...

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Axis Bank had been on a good bull run tracing a rising channel. Strength in bulls looks to have lost steam where it couldn't make new highs. Right now, looking at the chart we could identify a Double top pattern with neck level at 760. Yesterday's close below the neck level has confirmed the pattern and it would be right to take bear bias. However do look for a...

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ICICI Bank chart exhibiting two chart patterns, both indicating bearish bias. One is Bear flag pattern which imply bearish continuation and the other is Head & Shoulder pattern which illustrates prior trend reversal. Do notice a rising trendline as it may have some significance. Bear flag pattern is valid as the price has cracked below 428.75. Considering that...

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On the back of Crude inventories data released by American Petroleum Institute(API), according to which inventories fell less than expected, the commodity declined sharply citing lower demand. For further confirmation of the same one can watch crude inventories data about to be released by US government's Energy Information Administration (EIA) at 20:00 Hrs IST....

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We could observe a Positive divergence through RSI and MACD in Tata Motors. One can clearly find a bullish bias especially with the momentum of current up move. 170 is a key area from price action action perspective as the stock has reacted to this level historically. Fib 23% coinciding at that level makes it even more significant. Hence, even though we hold a...

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Triangle pattern observed in Gold. Pattern looks to be valid and the target comes at 1477. 1438 and 1382 are the trend defining levels and so conservatively, longs can be initiate beyond 1438. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas....

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Descending triangle pattern spotted in Gold,suggesting bearish bias. Though the base of the pattern falls on 1403, immediately below is round number 1400. Hence it is advised to initiate short only if price closes below 1400 with stop above the falling trendline and target at 1380. Manage to book some profit at 1388 if price traverse through our predicted...

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Infosys has broken out of a long consolidation range and further we could look at a trendline resistance cracked. Daily candles have been solid for past couple of days. Noticeably, breakout candle had massive volume. These factors advocate strong bullish bias. Potential magnitude of upward movement can be derived from the depth of the consolidation which suggests...

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Muthoot Finance exhibit a very similar price action to Manappuram. It should be natural considering the magnitude of similarity in their business models. Like Manappuram, Muthoot has bounced off a trendline support, where we could also see a demand area i.e. around 600, which also happens to be a round number. With their nature of business involving gold and the...

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Cup & Handle pattern observed in Maruti. Pattern is confirmed as price has broken above 6080. Pattern suggests a target of 6260. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable...

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BANKNIFTY breaks down after a short period of consolidation. Apparently, price action is showing a Bear Flag pattern, which is confirmed with a close below 30,530. Target of the pattern comes in at 29,330. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or...

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Bajaj Finance shows dual pattern. One is a Descending triangle pattern implying a bearish outlook and the other is a Bear flag indicating bearish continuation. Both the pattern looks valid by breaking the common price of confirmation at 3380. Descending Triangle: Depth of pattern looks to originate from 3760 towards the base of 3380, forming a considerable 380...

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Inverted Head & Shoulder pattern observed in Maruti. Pattern is confirmed as price has broken above 6045. Pattern suggests a target of 6190. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and...

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Double bottom pattern spotted in Reliance. Pattern is confirmed as price has broken above 1290. Pattern suggests a target of 1333. However by further inspection we could find a series of considerable resistance at 1300, 1308 and a trendline which might prove to be very significant. Though trading purely based on the pattern would suggest to initiate longs, the...

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Brent, after breaking through prior high of 66.7 has now pulled back towards the same area. This move could just be a retest of that level and it wouldn't be a surprise if price appreciates from now. Hence long trades are preferable with tight stop below 66; because below which the price could fall to 64 or to the bottom of the Rising channel. On the upside, do...

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Manappuram is currently trading on a trendline support, where we could also see a demand area. With their nature of business involving gold and the yellow metal gaining strong every week, it should be good news for the company with improving loan to value. Stock is a good buy right away. Least case, the script should retest 144 again. (Disclaimer: Our charts and...