I drew this triangle a few days ago and the price actions has been obediently following the pattern. The price should eventually break on the downside if all goes well. 156 at least is very good short term target even if the triangle bottom is not taken out. This is a continuation pattern so a good probability of downtrend continuation. COALINDIA is similar stock.
The USD would ususally move according to the USD strength i.e. DXY. Lately, it hasn't been the case. There could be multiple theories around it..from fundamental to political to technical. I am wondering what gives! One plausible explanation is may be the Fed policy has gone beyond what's needed. But then again, it's pretty much set in stone now! Is it a...
JPASSOCIAT has been doing terrific lately. From the looks of it, it is just getting started! This stock has been in a sustained downtrend followed by a long consolidation. It is finally looking to break out on the upside by a big margin. The short term target is 24 at least. Medium term 40. Long 50 at least. We may want to look for a slight correction only because...
Auto sector in India has been a stellar performer for last few years. Its performance is catching up though. In general the Indian market looks ripe for a correction and in general the hardest bull is usually the hardest bear. CNXAUTO has just broken though the trend channel. Individual stocks in the sector exhibit similar trait. I small bump up would be an ideal...
ONGC specifically has retraced 61.8% of the rally. Considering the energy sector rallied on Friday in US session, this is likely to bump up on Monday and likely to follow through over next couple of sessions. 165 is the short term target. Leveraged trade for adventurous ones as this is expiry week. Purely a short term play though. Not buy and hold by any means.
TATAPOWER -1.51% has been trending in a nice channel. 82 seems to be a good level to go short for a target of 80. This is also the expiry week so the next four days present a lot of opportunities. This definitely seems a good one for a leveraged trade. Also, the general sentiment is turning negative or at least neutral for highly positive. That adds to the...
The CNXENERGY index is showing ominous signs. These stocks haven't been doing too well recently but have enjoyed a sustained uptrend. It's time for reversal now. The fundamental picture is not at all good and this move downward is just getting started. For more thorough analysis, check out my daily NSE dashboards at rpubs.com
- The index level retraced to the 20 day SMA - Even though there is a little further to go for 61.8 % Fib level, hanging man pattern is clearly visible on the chart - Looks like a reasonable risk/reward play on the short side considering above two factors - Sunpharma, Auropharma, Biocon, Wockpharma etc seem like a good bet