ParimalDevnath

ParimalDevnath

Weekly charts carry lots of significance. Chart is telling loudly that three years of consolidation/correction is coming to an end post big runup. Presently, price is trying to give a breakout. Above breakout level --800, near term target and resistance is 900.

ParimalDevnath

Same as Wipro. But coming to terms of IT majors. So sooner or later, there may be a breakout from the resistance.

ParimalDevnath

IT majors gave a strong run up for a year time except two laggards: Wipro and HCLTECH. At present Wipro is also falling in line with co-brothers. Price reaching resistance. So breakout or consolidation--only these two scenarios. Let us see what this stock does.

ParimalDevnath

OI Table study: Today bulls made some good effort to gain control by building strong positions at 11400 (highest Put OI) and 11500 (2nd highest OI) Put strikes. So it is worthwhile to ask if the correction has been a small and negligible aberration? Let us see how bulls fare for next couple of sessions. The range of 11500 to 11432 is crucial to hold. Resistance...

ParimalDevnath

RIL contributed well in pushing Nifty today. RIL made a low close to 1200yesterday which has strong support of the bulls. Price moved above 5 DMA. This may resume momentum. 1300 is the tough resistance which has the highest Call OI.

ParimalDevnath

After a big run up, FMCG sector is witnessing profit-booking. There is a trade gap in this Index and price may take support at this level. This index made a strong breakout on 5th July this year. We shall keep a close watch on these two levels and accordingly decide about entering long in the FMCG majors such as Britannia, Colpal, Dabur, HUL, ITC, GodrejCP,...

ParimalDevnath

Reposting this Index. Today this Index played a vital role in backing up Nifty. (RIL too contributed a lot). Pharma sector has turned around. Now surging up. This is reflected in the price move of the front line pharma stocks. Long term to medium term investment may be a good idea. Three years back good Pharma stocks were considered to be safe bets. It seems that...

ParimalDevnath Updated 

OI Table study: Roller-coaster day: Bulls were able to protect 11400 but could not protect 11500. Bulls are running for cover. Bears have heavily written Calls at 11600 (added 997050 shares) and 11500 Calls (added 1019625 stares). So now we have to see if bulls can save 11500. Highest OI position stands at 11800-- big wall of resistance for the bulls. If Nifty has...

ParimalDevnath

Chart of RIL looks very much like that of Nifty. Channel broken. So weakness persists. OI Table tells that 1300 is the biggest resistance-- highest Call OI. Support lies at 1200 Put. Any decline towards 1215-20 will be closely watched. If this level is reached, one may go for long position targeting 1240. SL may be at 1210. All levels are according to OI support...

ParimalDevnath

11500 strike is the nearest support as per OI Table. If this level is broken, bears will get more power. Highest OI is 11800 Call strike. So more correction is in the pipeline. Bulls have been at the backfoot since they have unwound their position at lower levels-- even 11000 Puts are squeezed significantly. Nifty closed below 15 DMA. In last six days a large...

ParimalDevnath

1:1 Bonus in Infy. Ex-bonus today. Now valuations will be readjusted. Just for info.

ParimalDevnath

Nifty faces strong resistance of 11800 -- big barrier created by the bears by heavily writing Calls at this level-- highest OI. Bulls are tamed. Bulls are holding position at 11600 Put-- second highest OI position and also 11700 Put -- third highest OI put. Nifty bracing for correction. Today big sell off halted at 15 DMA. Ministry of Company Affairs has started...

ParimalDevnath

Price broke down the support line of the rising channel. More downside is possible.

ParimalDevnath

Reposting periodically. Pharma is ascertaining reversal after fours of downtrend. 50 DMA crossing 200 DMA-- Golden Cross. Pharma Majors such as Lupin, Cipla, DrReddy, Divis, SunPharma, PEL, Auro, Ajanta, Torrent, Cadila, Glenmark, Biocon (more in R&D)-- all are striding up after recent correction. One can think of investing if one more correction comes for medium...

ParimalDevnath

Descending Triangle Pattern in the down-trending stock, about to breakout on the downside below 186, targeting 156 --height of the pattern being 28 points. SL 190.

ParimalDevnath

Bullish Flag pattern. Long entry 788, Trgt 805+, SL 780.

ParimalDevnath

Reposting. Price is attempting to come near to breakout point. Time to be alert. Good investment idea.

ParimalDevnath

Price broke out of the Ascending Triangle. Now another breakout is happening-- Resistance Breakout with a large bullish candle. Entry 1100-2, Trgt 1125-30, SL 1095.