After a steep correction from 800 in January till 650, it appears to have resumed its uptrend. The weekly Kumo bounce is activated along with a strong demand zone in hourly being observed today. It could do 750-775 with minor resistance around 730. View would be negated below 670
It appears to have completed its pullback and is now attempting to break above its slanting trendline. Short term resistance at 930, above that medium term targets 975 & 1025. Short term view negates below 885.
After giving a gap down its daily chart as per Ichimoku is suggesting a retest of 1675 which also coincides with a weekly support. Large Pvt Banks appear to be seeing profit booking since Friday and Kotak Bank in particular looks weak. View negates above 1870
As per Maruti / M&M spread chart. Maruti could outperform M&M from here onwards. A retest of 9 is possible provided 8.20 is not breached.
The pair chart is suggesting Maruti will rally more and fall less than M&M
Pair Spreads are high risk management set ups. They are not to be done in isolation but in sync. Those not affluent with them should refrain.
The media co owns DAINAK BHASKAR. It has given reversal signals in higher time frame suggesting 120 & then 175 as possible targets as long as it does not breach 85. It has minor resistance near 100. This is a medium term outlook based on weekly and monthly time frame
The pair chart is suggesting a reversal in Relative Strength from this level as it takes support near a rising trend line, suggesting Bajaj Finserv will outperform Bajaj Finance from here onwards. As per this the spread could now resume its uptrend till 1.95 and then 2.10, view negates below 1.72