Nifty Auto Index is clearly showing breakout on the weekly charts. Last week candles closed out of the symmetrical triangle. It was accompanies by RSI breakout of the last 20 weeks moving average.
Potential upside in the index possible for 2000 pts (+20%).
BO is converging with upcoming festival season in country and maybe precursor for good auto sales in the...
Strong Bullish movement after earnings. Then, selling emerged from 52 week high which was expected. This was a previous Pivot high. Then retraced back to previous resistance turned support level confirming the Breakout sustainability. Since then consolidating and now again testing the most important reassurance for second time. Come let's break it down together.
LTTS - Strong on all time frame. RSI also supporting except on hourly. If it opens between 2815-2820, goes to 2830, then buy 2800 CE Jun. Spot target 2860 immediate.
Bata India has given strong upside move today post the earnings. Largest ever green candle on daily time frame. Saw some selling pressure from days high. Strong contender of re-open theme. Near term move to 1700, retest 1650, then move to targets of 2000-2100.
SBI is breaking out of multi year channel of 147-365. It tried in last couple of weeks earlier also but there was a pull back. On weekly charts, there had been a bullish pivot and on daily charts it has made bullish candles which have closed above last days dojo patterns high. So bullishness will continue. If it crosses 375, then immediate target of 420
A fudamentally strong mutli-bagger, currently uprising slowly with gradual decrease in supply, may go into mark-up phase soon. Stop loss should be kept at 1046.
Bajaj Finserv had reached its all time high, after that it has created a piercing pattern in current week over last week candle. Also daily charts indicate formation of Bearish Pivot (last 3 days), today it broke down yesterday's Dozi low, down momentum (pull back) to continue till last bullish pivot at 10800. Immediately short idea for 200 points.
Advance Enzymes has come out of the Distribution / Accumulation Phase and breaking out of the recent horizonal channel. Weekly charts Pivot Stop is at 445, if it moves up from the last week hights, then there is a possibilty of Mark-up phase.
Tata Motors moving out of last 30 days channel. It had Bullish Engulfing pattern 3 days back and after that 3 advancing soldiers (bullish candles). Long position can be taken for short term. Immediate target of 340.
