Today earnings of Reliance industries were declared. It is very clear that the bottom-line of business took a good hit. Now, RIL has issued the right issue. Here is my look at how as an investor you should look at it. The right issue will technically reduce your ownership if you don't participate in the right issue. I think one can sell RIL from current level...
In this setup, I have clearly explained how powerful RSI divergence is but sometimes they don't work is some kind of stocks. In my own opinion, I think HDFC Follows RSI Divaregance & this move fill be a successful move. Observation Price Action -> In the last 5 days narrow range candle has been formed. (Contraction of volatility) -> Positive price...
As the broader market is choppy, it's a big challenge to find outperforming stocks in such market conditions but still, I have tried to get a strong stock to trade. Observations: -> Bullish Heikin ashi pattern -> RSI above 60 (Shows good strength) -> Bullish MACD with increasing divergence -> Healthy Channel ( Angle between 45*-30*) -> Volume Profile: I have...
There is a shift in the GANN channel. I think it should move in my marked area (TWO BLACK TRENDLINES) 45* is the best suitable angle for Reliance Industries Gap at Rs 1260 should be filled soon.
I have used the GANN FAN to analyze support & resistance. There is a shift in the channel (The price have moved to lower channel) In this analysis, I have taken 45* as it is considered most crucial. In the last trading session shooting star was formed which is a bearish candlestick.
I have plotted only motive phase & will update for corrective phases. I think NIFTY will make the bottom around the 6800 zone. While forecasting the exact bottom is nearly impossible but we can use it to take short term positional trade. In two of my previous Nifty 50 charts, I have described how bearish candlestick is forming near Elliott wave 4. This further...
This is an updated chart of NIFTY 50 (with reference to my previous chart) Upside gap two crows 16 April 2020: It was a bullish candle. (Continuing the bull trend) 17 April 2020: Gap up opening but ended the day with a bearish hanging man pattern. 20 April 2020: Opening was at 9390, i.e more than closing of day 2. It made a bearish engulfing...
In my previous post, I have shown that NSE: Reliance Industries forms triangular patterns on daily chart. Today Reliance opened gap up & completed its another triangular pattern. (Black dotted lines) This Gap will be filled as Reliance never leaves a gap unfilled. RSI gave a bullish divergence in mid-march 2020 which lifted Reliance by more than 55...
17 April 2020: Hanging man candlestick formation. 20 April 2020: Bearish engulfing Candlestick formation. 21 April 2020: Gap down opening - signifies strong sellers Probable support @ 8500 & 9100 has strong resistance (Refer option chain) Fibonacci Retracement : A:B:C Note: There will be some retracement but the overall trend looks negative for short term.
After Big RSI Divergence, HUL might move to lower levels
Piramal Enterprise (A.) Major Support & Resistance (Major Inside bar candle formation setup) On 31 March 2020, a big candle with significant volumes was formed which might act as short term support & resistance. (Black Line) (B.) Contraction of volatility (Minor Inside bar candle formation setup) - Very short term support & resistance ...
Heavy Call writing @ 900 & 920 with a significant increase in change in open interest. 15 April 2020: Big candle with huge volumes might give major support & resistance . (Blue line) Volume Profile: Point of control (Redline) HVN (Black lines) Price action: Heavy resistance near 900 level. Conclusion: Short sell NSE: HDFCBANK for intraday, it might enter in...
Observations: 1.)Reduction in open interest at the call side. (Option chain) 2.)Point of control at Rs 820. 3.) HVN at 840. 4.)Formation of narrow range candle on 17 April, with some demand on lower levels. 5.)The narrow range candle may lead to an increase in volatility on Monday. Trading Tip: You may use retreatment to enter the stock
In my previous chart, I have discussed how Nifty 50 had a strong bearish breakout. Now I will be making supporting charts which could have been used to confirm the trend. RIL is a heavyweight stock of Nifty 50 & perhaps has a high correlation. NSE: RIL is been making beautiful triangular pattern on the daily period chart. There was a breakout of EMA (...
From 27 Oct 2019 to 26 Feb 2020, Nifty 50 was range bounded where I think it was a distribution phase. 11614 was also major support (Price action) EMA (200 Days) was acting as support for a long time. It took support three times and then it broke its major support.
Bank nifty has created a lot of GAP in this volatile market. Bank nifty never leaves a gap unfilled. So these gaps will be filled soon.
There is a strong selling pressure visible in the chart. Rs 1800 Can act as major resistance tomorrow. As TCS is expected to release its result tomorrow we can expect a strong downfall in stock. This can be used to short TCS on an intraday basis if your system gives a sell signal. My personal opinion: Due to coronavirus, Wipro declined on giving any revenue...
Strong sellers are visible, the stock will fill the gap at 1600 levels. EMA of 9,12,20,26,50 are bearish on 30 min chart. The change in open interest was about 6.85%, where I think new short position are being build-up.