ParimalDevnath

ParimalDevnath

Weekly charts are convincing. Nifty has broken down of the support line. Target of Descending Triangle (on daily chart) is coming. So it downside is not correction. Trend has changed. Nifty is in bear grip remaining below 200 Daily Moving Average and also below the support line on weekly chart. Below 10430, Nifty has potentiality to go down to 10000, previous low....

ParimalDevnath

Weekly chart in consonance with 50 Week MA. 50 Week MA offered support 3 times in the past and then price moved up. Price again at/below 50 Week MA.

ParimalDevnath

First target is achieved. Now the target of Descending Triangle remains to be done. However one should be very cautious about shorts since weekly TAs are in oversold condition.

ParimalDevnath

Descending Triangle pattern has triggered. Target of this pattern is the length the pattern which is 10435 . Breaking down of 200 DMA (10777) and then the support line (trend line -10753) will make Nifty quite bearish. OI Table: Bulls have reduced their holding on 11000 Put strike and shifted their focus on lower strikes -- 10500 (highest OI) and 10700 (second...

ParimalDevnath

Descending Triangle : may trigger. If triggers, may achieve the target as marked.

ParimalDevnath

Technical chart study often means historical study. Price corrected to 200 Week Moving Average. Just as previously it made strong upmove from 200 WMA, it may also do the same now provided 200 WMA is saved which is 210.40. Weekly charts are impressive.

ParimalDevnath

Megaphone pattern formation. Breakout is possible either of the sides. Hindalco is a volatile stock. Those who can switch sides quickly can trade this stock.

ParimalDevnath

Nifty is yet to meet the significant support level of 200 DMA (10767). There seems to be Short Covering that has pushed the price up on last session. OI Table: Bulls have built strong positions at 10500 Put, 10800 Put (Highest OI position -- Nifty on Monday came down to 10812 and moved up) and 11000 Put (closing of Monday was 11008). Nifty recovered all 200...

ParimalDevnath

Broke out with a big candle and consolidating in a triangular form. A support line is holding the price. So if this line is protected, price can see northward move targeting at least the prior top.

ParimalDevnath

10850 is the low made during this downward correction. 10770 is the level of 200 DMA which may come in near term. As per OI Table it appears that some consolidation is to take place and it is also possible that Nifty goes towards 11130-50 due to profit booking. Bulls have been able to hold onto 11000 so far. Bears have built resistances at 11200 and 11500 levels....

ParimalDevnath

Bulls are losing confidence in defending 11000 level. So they are building support at 10800 level. We may see the level of 10766, 200 DMA-- last hope for bulls. Negative Divergence on weekly chart is playing well. Divergences, once trigger cannot be stopped until it completes its course. Weekly charts are reliable.

ParimalDevnath

Moving in a down sloping channel. Price at the support line. Price developed Tweezer Bottoms-- sign of bear fatigue and probable reversal level.

ParimalDevnath

Is Nifty reversing? May be, may not be. But there are at least two technical factors pushed the price up. One, Oversold TA and secondly, bulls are holding onto the highest OI at 11000 Put strike. So bears tried twice to pull down Nifty below 11000 but could not succeed. Expiry is at short distance. India VIX has reduced its intensity. If bulls can save 11000 for...

ParimalDevnath

Downward corrections are sharp during uptrend. Nifty may meet the support line of the up-slanting channel. May give a small correction now due to profit booking. Then resume the downslide. India VIX has risen to 18.

ParimalDevnath

One more attempt to give a breakout in down market.

ParimalDevnath

Covered this stock several times. Ascending Triangle is still intact. Price at Double Top pattern. A breakout may take price to new highs. SL is a small one.

ParimalDevnath

Broke out, fast and furious.

ParimalDevnath

This is one of just a few charts spared from 'blistering barnacles' of Friday. Double Top within a small range. May give breakout.