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Titan has made perfect Head & Shoulder pattern on weekly charts and now breaking down from neckline support while volumes are jumping upwards, during the formation of H&S also one can see that with every fall volumes gone up while on green days volumes were comparatively lesser, this is perfect example of a neat H&S setup,
So as it is now breaking down below ...
There is clear distribution seen in Tech Mahindra daily charts with clean divergence on RSI,
As we can see on chart there is very good support around 720 levels which was earlier a strong resistance, also volume has spiked up recently during last couple of down days.
TechM has been very resilient recently and despite the steep fall in Nifty we haven't seen much ...
Eicher Motors have seen strong fall in last 1 month where it fell from 29500 to sub 23000 levels and now down around 30% from its all time high,
On daily charts Eicher Motors looks deeply oversold, RSI is below 30 and Money Flow Index which is another very strong indicator is now at sub 11 which is indicating that a strong reversal is very much likely.
L&T in near very crucial trend line support around 1230-1240 zone which can be make or break level in short term, plus 100 day EMA is currently at 1210 which can also provide very good support, so if L&T doesn't close below the channel and maintains 100 EMA then chances will that it will move back towards upper resistance zone of 1340-1360,
But if it fails to ...
Jain Irrigation is now looking for a breakout from 3 & half year long triangle pattern with solid volumes, if sustain then can see 15-20% in next 2-3 months and 50-70% up move from current level in next 1 year, Look for a long trade here with sl as per support line.
Sail is consolidating since 1 month after big move earlier and since then trading in symmetrical triangle, now it's near support zone as shown in chart, and as the triangle getting narrowed, expect a breakout soon, most probably a upside breakout as volume is not great during fall also RSI & CMO is in oversold zone, so expect a reversal in trend, and as it break ...
Look for buying GIC housing, breaking out, indicating reversal in medium term trend.
Hindalco is near strong support line and trying to breakout from small trend line, if succeed then can travel back to it's resistance zone 264-266 levels as shown in charts, and once break past 268 expect to see 280+ in fast & furious mode.
KEI breaking out from pennant pattern, width of the pattern is 67 points, so expect the same amount of up move from the breakout level, Go long.
Bajaj Finance formed a triangle patter on hourly charts, move beyond the channel can give easy 5-7% move either side, keep a watch on it and make full out of it.
After solid 10% fall, Auro Pharma consolidated well in 690-720 zone and now looking for a breakout on hourly charts above 710-712, if sustains then may see 4-6-8% bounce, 685-690 good support zone.
Cup & handle Pattern Breakout, if sustains above 95-96, then expect 20-25% upside over 6-8 weeks
Possible breakout coming in Oriental Bank, once starts trading above 120-121 zone then bulls may take over and may push stock towards 128-130 & then 135-138, follow sl below trendline support.
Arvind looking to break above important resistance zone, two important pattern developing here, one is Symmetrical triangle and another is small Inverse H&S pattern,
Though Inverted H&S is not that convincing one but still along with Symmetrical triangle breakout can do very good, if breakout sustains then probably it can see 60 to 100rs upside in coming ...
Descending triangle in Bank Nifty with price range of 1150 points in 22 session, once breaks above resistance line @ 18550 and sustains then may see 1100-1200 point move in 25-30 session.
Cup & handle Pattern Breakout, if sustains then expect 15-18% upside over 30-40 days.
Jain irrigation breaking out from a triangle pattern, may see 20% up side in next 30-40 days.
ICICI bank has been trading in a rising channel and now near lower band of channel and should take support at lower band of this channel, hence generating a buy call in it with sl just below the support line as shown in the chart with expected gain of around 20% in next 30-45 days.