Simplecharttraders

Simplecharttraders

Descending triangles are generally considered bearish patterns, as the consistent selling pressure (lower highs) often leads to a breakdown below support. However, breakouts in the opposite direction can also occur. Hence, Trading Strategy for Descending Triangle in Navin Fluorine International Ltd: 1. Bearish Scenario (Breakdown below ₹3,200): Entry: Short-sell...

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The price is currently approaching the lower end of the channel, near support. The price is testing support near ₹4,000, a critical psychological and technical level. Volume appears relatively low, suggesting a lack of strong participation during the recent pullback. This could mean limited selling pressure. Support Levels: ₹4,000 (current level, coinciding with...

Simplecharttraders

The daily chart of United Spirits Ltd (NSE: UNITDSP) shows a strong bullish setup with a confirmed breakout from a textbook rounding bottom pattern, with the neckline resistance at ₹1,700. The breakout, accompanied by high volume, suggests bullish momentum, although the RSI at 76.54 indicates overbought conditions, hinting at a possible minor pullback or...

Simplecharttraders

The chart of Bata India Ltd. is showing a bullish breakout from a Symmetrical Triangle Pattern. As the stock nears the apex of the triangle, a breakout above the descending trendline at approximately ₹1,500-₹1,550 would confirm the upward momentum. This breakout, accompanied by strong volume, signals the potential for a substantial price movement. The target for...

Simplecharttraders

Eicher Motors has recently broken out of a consolidation phase near the key resistance level of ₹5,385, signaling the potential for a strong uptrend continuation. A successful breakout could target ₹5,500-₹5,700 in the short term, offering an attractive swing trade setup. For positional traders, the long-term structure supports a target of ₹6,000-₹6,200, with...

Simplecharttraders

The chart for Mahindra & Mahindra (M&M) displays a strong bullish trend, highlighted by a previous flag pattern breakout and a recent symmetrical triangle breakout, indicating a continuation of the uptrend. The breakout is confirmed by increasing volume, with the first target set at ₹3,300. MACD shows a bullish crossover, further supporting upward momentum. For...

Simplecharttraders

he chart indicates a potential falling wedge pattern, signaling a bullish breakout opportunity. To trade this pattern, wait for the price to break above the resistance zone at ₹24,200, which serves as the entry point. For risk management, set a stop-loss at ₹23,000, just below the lower trendline. The first profit target can be calculated by measuring the height...

Simplecharttraders

The chart for IPCA Laboratories Ltd. (NSE) displays a potential flag pattern breakout, suggesting bullish momentum continuation. The price has broken out above the consolidation range, supported by a prior strong rally (flagpole) and notable volume activity. The RSI is near 62, indicating bullish momentum while leaving room for further upside before reaching...

Simplecharttraders

M&M classical diamond pattern for a breakout opportunity, as it presents a strong setup for both bullish and bearish trades. On the bullish side, if the price breaks and closes above ₹3,200 with strong volume, enter a long position targeting ₹3,650, calculated by adding the pattern height (~₹450) to the breakout level. Set a stop-loss slightly below ₹3,150 to...

Simplecharttraders

The chart for Lupin Ltd. (NSE) exhibits a bullish Cup and Handle pattern on a longer timeframe, complemented by a flag pattern in the short term. The cup formation, spanning from 2015 to 2022, suggests accumulation, with a breakout point near INR 2,100, which also forms the handle’s consolidation zone. A breakout above INR 2,200 confirms the pattern, with...

Simplecharttraders

The chart for ITC Ltd. (NSE) shows a clear ascending trendline acting as support near INR 435–450 and a resistance zone near INR 540–550. Currently, the price is trading around INR 478. For a long trade, consider buying near the support trendline (INR 435–450) if the price bounces, with targets at INR 500 and INR 540–550, while keeping a stop loss below INR 430....

Simplecharttraders

The chart of The Ramco Cements Ltd. displays a symmetrical triangle pattern, formed by converging trendlines of lower highs and higher lows, indicating a period of consolidation with decreasing price volatility. The upper boundary, acting as resistance, lies around INR 1,030–1,045, while the lower boundary, providing support, is near INR 800–850. This pattern...

Simplecharttraders

The chart of Laurus Labs Limited displays a classic flag pattern, characterized by a strong upward move (flagpole) followed by a consolidation phase (flag). The breakout appears to have occurred around the INR 570 level, marking a potential entry point. To determine profit-taking levels, the length of the flagpole (approximately INR 250) can be added to the...

Simplecharttraders

The chart of Wipro Ltd. (NSE) displays a classic cup and handle pattern, signaling a bullish continuation with a potential breakout above the ₹400 resistance. The rounded "cup" indicates long-term accumulation, while the "handle" represents short-term consolidation. Currently trading near ₹305, aggressive traders can consider entering now with a stop-loss below...

Simplecharttraders

The daily chart of Dr. Reddy's Laboratories Ltd (DRREDDY) on the NSE indicates a bullish setup, with the price trading above the 50-day SMA (1268.29), 200-day SMA (1275.84), and 21-day EMA (1261.02). A downward trendline highlights resistance near 1368, while an upward trendline indicates accumulation with higher lows. The RSI at 69.74 suggests strong momentum,...

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The stock is currently in a strong uptrend, moving within a well-defined ascending channel and respecting both the upper and lower trendlines, indicating sustained bullish momentum. The lower trendline, around INR 950–1,000, serves as a critical support zone and presents an ideal buy level, offering a favorable risk-reward ratio. Immediate support lies around INR...

Simplecharttraders

The chart for Supreme Industries Ltd suggests the formation of an Ascending Triangle, a bullish continuation pattern. The stock is trading near an upward-sloping support trendline, with resistance around ₹6,000, indicating consolidation before a potential breakout. The declining volume aligns with the pattern, and the RSI at 65 shows strength without being...

Simplecharttraders

The chart for Kalyan Jewellers displays a classic Symmetrical Triangle pattern, which is a bullish continuation pattern. The price has formed converging trendlines, with lower highs and higher lows, indicating consolidation. Recently, the price has broken out above the upper trendline near ₹750, confirming bullish momentum, supported by a noticeable surge in...