Tata Power analysis - 1. Major Support - 200. Major Resistance - 265 zone. 2. Past trend - Up, strong selling from 267. 3. Current momentum - Every time since 21st October faced selling from 235 and made lower low but on 3rd November failed to continue lower. We may have change in structure if it sustains above 235. 4. Overall market - Correction going on, but...
Axis Bank Analysis - 1. Major Support =1st - 700, 2nd - 630. Major Resistance - 800. 2. Past Trend - Was in Uptrend and broke major resistance 800, failed to sustain above it. 3. Current momentum - In down, even after such a big fall from 867 to 714 the bounce was very weak from 714, failed to test even 50% to 800. 4. Overall market - Correction is going...
Immediate trend is down. Market is making lower high lower low against support 17650 which means it is getting weaker, break of 17650 likely. Today's possible trades - 1. Enter short on break fail of 17800 for target 17700 and 17600. 2. Enter short below 17650 if it sustains below it. 3. Long above 17850 only if it makes higher high higher low.
SHRIRAM TRANSPORT- All time high is 1625, wait for break above it and then either stall above it or weak pullback to buy. 1625 is a major resistance, supply is expected from this level. Sell near resistance and buy near support. This 1550 zone should be used to book profit, not to go long or short. By buying here one may win this time but buying below resistance...
We had strong selling in Nifty 50 futures yesterday, i am considering 3 scenarios and will act according to them - 1. Current momentum continues - Break of 17400, enter long only above break candle high that is break down failure. 2. Momentum slows down - some pullback to up then another down move leading to 17400/17500 - add to your investments, up move leading...
Immediate trend is up till 18250 is broken, will be looking to buy around 18350, 18400. Below 18250 will be looking to short till 18100 which is a buying zone now. For past many days initial buying is overtaken by selling in first hour itself and then buying comes at lower levels. Lets see if this pattern changes or not, watch first hour... if strength in up...