About the company
NIFTY IT index & other stocks from Mid-cap & large-cap has shown a tremendous performance, where OFSS being a strong financial company has underperformed. [i ]
This is the monthly chart of OFSS, the stock is in the consolidation zone for years & now has given a breakout from its 2015 high with record volumes.
RIL after making a high of Rs 2369, corrected to 1835 levels. Since November 2020, RIL has underperformed NIFTY50. While NIFTY is making all-time high, Ril is consolidating in a range for almost a year.
It is remarkable that RIL is in the structure of making higher high & the price is moving northwards making rounding bottoms.
Higher low: 1835
Probably, the accumulation of stock has been done & on Friday stock gave a breakout with volumes. Today it has retraced back to its support level, providing a good entry point.
Risk to reward looks favorable
Today, TCS gave a breakout after years of consolidation, will the things are looking positive for the IT industry ( As per some Management commentary)
I have counted Waves for INFY on the daily chart. I think we are in 5 wave & INFY can rally from here. There is a breakout on the chart, thus you should keep your stop loss tight.
Probably this 1070 should be our...
formation of rising wedge pattern: Bearish
Also marked ABC Wave. : prob. completion of wave
There might be some sideway move for some weeks.
Only below 11000, we will see targets for 10000,
11000 might give some support.
Fundamental Data to support this rising wedge.
GDP Data: Bearish
Border Tension: Bearish
-> Fresh Breakout with good volumes.
-> Trading above all major moving averages. (MA based on Fibonacci)
-> Stong bull Candles with high volume in the past few sessions.
19 Aug 2020: Delivery 35%
SL should be around: 62-64.
Note: Take trade only if your Risk to reward is favorable.
-> Elliott wave (5 Wave count)
-> Major Resistance at 1972 turned in good support.
-> Used Cyclic Timeline (Probably trend reversal)
-> Short term major resistance at 2800
->Targets based on Fibonacci
BLS International (Micro/small cap)
CMP: 96.30 (NSE)
-> Promoters Increasing their shareholding
-> Strong buyers (Candles)
-> High Delivery % in the last two weeks.
-> Trading above normal volumes
Target 1: 120
Target 2: 140
SL can be based on MA or previous low.
Buying rage should be in the range of 87 to 90
Note: Low liquidity stock
1.) "+" Shows strength candles.
2.) Higher High + Higher low = Accumulation
3.) CDSL has moved out of the channel & also it is on 61.8% Fibonacci Retracement. There I expect small correction before it continues its rally.
4.) Rs 368 can be tough resistance in the short term, where I again expect some consolation before moving towards are future...
Everything is explained in the Graph.
Short term Targets based on Fibonacci retracements.
My opinion: No new positions should be taken in RIL or should be taken with strict stoploss.
I think RIL needs to give a healthy correction to continue upside journey.
Targets based on FIBONACCI TREND BASED EXTENSION.
SL Can be based as per RR ration or MA.
My opinion: Overall I don't have a positive outlook on overall market. Only short term trades should be taken with strict stop loss.
-> RSI Divergence (Red line): 11 MAY to 8 June 2020
-> Price & volume : Price is increasing & volume is decreasing : Bearish
-> Fiboonaci extension used to find short term upside movement which can be a point of reversal.
RIL has tested 1600 level for the third time, hence there can be a + Breakout. ( Extension levels,...