About meTrader, Investor, Financial Advisor
Active in market since 2012
Sharing my knowledge to help all retailer friends. ALL IDEAS ARE SOLELY FOR EDUCATIONAL PURPOSES. KINDLY DO YOUR OWN RESEARCH BEFORE TAKING ANY POSITIONS.
Maruti given a flag pattern BO in last trading session with good volume.
If sustained over 7130, Buy can be initiated and there are several hurdles like marked in the chart.
Sl to be maintained below 6970.
Jindal steel might be next metal stock after JSW steel which can give good gain in coming days as metals are performing well.
Currently trading at 202, if breaks 204 and sustains swing buy can be initiated. SL to kept at 196 for the target of 217 (gap border), 230 (trendline resistance).
Motherson Sumi near support and 200dma
On upper side if breaks 108, First Tgt 115, 121 (treandline resistance)
Sl can be maintained below the support line (104.35)
Swing short should be avoided as long as it doesnt break 200 dma as well.
Nifty made a good bullish candle after trapping all the seller (who sold below doji). It respected the level 11800-11850.
Looking at momentum Nifty may breach 12000 in coming session. First target 11250. A profit booking may be seen here. Second target is 12400.
Banknifty is looking good to go long
(Plz go through my previous weekly idea of bn)
1. BN retraces after touching 24100 (yellow marked line)
2. Took support and bounced from 23150 level
(previously marked; green line)
3. It has breahed 200 dma convinsingly in PDS
making a bullish engulfing.
4. A good rally may be seen from here. First target 25100.
ITC trading at 167 and trying to hold the low of
24 Sep 20 (166.15)
In previous day session it has formed a doji near
this level. Plz dont pre-empt of reversal and start buying it.
Wait for a bullish candle (with good vol) like I've shown in chart.
And, when high of this green candle breaks we can go long.
Conversaly if breaks 166, 157 is the next target
Banknifty is outperforming since 25 Sep 20.
In last trading session it closed slightly above 200 dma.
Looking at the PSU sector, It may also outperform in coming days.
Considering these facts, Banknifty is looking good. 25100 swing high will be the first target.
Slightly it may retrace from 24100 level (due to nifty's 12000-12050 level) but overall banknifty is...
Nifty trading at 11914. Looking positive.
Many were assuming fall after doji formed on 08 Oct 20.
But, as of now nifty is looking good.
1. First resistance is 12000-12050 both on chart & psychological.
Slight profit booking may be seen if reaches there.
2. If goes up next resistance are 12250, 12400
3. If profit booking comes at 12000-12050, it may...
Cipla was able to gain its 10 Aug 20 level in previous day session when nifty pharma was up by 2.5% . There still some space is left for pharma sector to cover on upper side. Considering this probability lets understand the cipla's possible moves.
1. Cipla is looking very good at this time and today if 815-820 hold we can see a rally towards 880, SL to be...
NIFTY FRIDAY TRADING PLAN:
Firstly, it is very evident that 11900 is a resistance
and 11800 is a good support.
1. If price opens gap up above 11900 (which has less probability) and sustains this level, buy can be initiated
2. If opens gap down below 11800, a 50 points till 11750 move can be seen to fill the gap.
If 750 breaks more pain can be seen.
Hind petro has been bleeding since months. In previous day session it closed at 171 which is its a good support. If you zoom out its chart on weekly time frame
you will find this zone is very crucial for Hind petro (171-164). So, swing short should be avoided and anybody having postiion on short side they must book their profit.
If a bounce came from here and...
BERGER PAINT gave breakout in PDS with good volume.
- Buy can be initiaited if high breaks(610) Target 635
- Best buy if retraces to breakout level (600)
- SL to maintained below 600 like 595, 590 according to your risk appetite
On contrary side
Shorts can be initiated only when 585 breaks (on swing basis)
1. HAS BEEN IN GOOD MOMENTUM
2. SECTOR IS ALSO PERFORMING WELL
3. RESISTING AT ITS 0.618% (GOLDEN RATIO) LEVEL
4. FORMED DOUBLE DOJI ON DAILY TIME FRAME
INTRADAY : DOWN SIDE
SHORTS CAB BE INITIATED IF PDL BREAKS (166.5) FOR TARGET OF 164.5
Berger paint made a bearish engulphing at its resistance, below PDL (574)sell can be initiated for the first target of 568 (trendline support). If this trendline breaks 550 can be seen in coming session. SLto be maintain at 583, keep trailing your SL if trade goes in your direction.