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In the week gone by NIFTY has made an inside bar on weekly charts. However the price action for the last five weeks clearly show buying emerging at lower levels and one can see higher lows being registered in the last five weeks. Based on price action in shorter time frame and also after looking at the FnO data we think the market is likely trade sideways with in...

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With the index unable to hold on to higher levels yesterday we saw the prices moving down through out the day. The last 30 minutes witnessed some serious upmove which took the index above 16500 and closed above 16500. Today being weekly expiry one could see the index moving closer to 16360 levels on the downside if 16480 -16460 does not hold. On the upside the...

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After witnessing continuous selling in the forenoon session, the market offered a pleasant surprise when it went past 16100 and closed near to 16200. While the rally was fueled by strong shorts booking their profits and weak ones covering their losses, the move from the days low to the close can be viewed as mildly positive. While Bank Nifty managed to break its...

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Making a massive rally of more than 700 points in the second half on monthly expiry, Bank Nifty has successfully managed to break above the recent strong zone 34700-34800. While the Nifty Bank did close above 34800, one can observe price- momentum divergence in the shorter time frame and this could indicate the possibility of a correction. If the correction does...

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NIFTY opened on a positive note and traded strongly in the positive side throughout the day. In the intraday chart the index made a triple bottom near 17150 levels and that could act as the strong support for the expiry. On the upside immediate resistance may come near 17260-17300 levels. Tomorrow being expiry day we may see volatility. However the broad range...

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SBI seem to be forming a Head and Shoulder pattern in the shorter time frame chart. The pattern to be completed needs the price to test the neck line placed near 420-418 levels and break below. The immediate targets for the set up, if it realizes can be 406/393. The stop loss needs to be placed above 436, which is slightly above the most recent high made intraday...

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Axis bank has rallied more than 100 percent from its lows in 2020. However the chart structure suggests that the counter can witness significant up move from the current levels. In the weekly time frame one can see the formation of an Inverted Head and Shoulders. The shoulders are placed in the zone 770- 800 and once that level is taken out convincingly, the stock...

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Bajaj Auto has been in a consistent up move. However the recent price action suggest possible short term exhaustion in the up move. While the long term up trend remain strong, there can be opportunities in the short side as well. Chart suggests the formation of a staggered shooting star formation. The classical shooting star is a three candle stick pattern, but...

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The home grown automotive manufacturer from the Tata stable has been the favorite stock of those who followed Sell on Rise strategy. The southward movement in prices got arrested near 60 levels and ever since the stock has been making an effort to capture the lost ground. The recent price movement suggest a consolidation with an upward bias. One can see a...

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Even when the NIFTY broke below the crucial level of 9150 yesterday and closed below 9000, some of the IT stocks did well. TCS has been moving in an upward trajectory and has been making higher lows. If the stock manages to stay above 1960 levels today, it can attempt levels closer to 2092 in this series. If the stock witnesses selling pressure near to 1960, it...

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RELIANCE undoubtedly is a stock that managed to dodge the market carnage and gained significantly in the last two months. However the shorter time frame chart suggests profit booking and this could continue. The stock can find significant resistance near 1530-1570 levels. Upper range of this level can be used a stop loss and any move towards these levels can be...

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The script lost close to 50 percent of its price from the beginning of this year. After falling near to 250 levels prices have been consolidating with an upward bias. If the upper end of the current consolidation range is broken the prices can test 340-360 on the upside. However it remains to be seen whether the prices will be able to close above these levels...

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In the 15 MTF, the index seems to be forming an IHS with positive divergence in MACD. A break above the CPZ mentioned can take the index to targets. The view does not hold if the index closes below 9260

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The lower range that was in place for the stock from March 2020 post the lock down got taken out today (May 5). In the short term the stock can see further downside and could test 143-147 levels, if the price does not close above 186 on daily charts.

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This is a continuation to the earlier analysis of Asian Paints weekly chart Gann Analyisis of price suggest that the recent bounce tested the 1/8 angle and failed to cross above The lower level targets as per Gann coincides with important structure levels as well.

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Asian Paints could witness selling pressure in the short term. Presented below is analysis of the stock in multiple time frames. Pitchfork analysis show that the price has tested the median line in the upward channel in a weekly time frame. A break below that could take the price to lower levels- possibly to 1620-1530 in the short term.

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After the steep fall, HDFC bank has been consolidating in a symmetric triangle. After one unsuccessful attempt to break out of the triangle, the price managed to break out of the triangle on April 20 with a significant volume.

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HDFC BANK has been making higher lows after the recent sharp fall. With positive MACD crossover supporting a long setup, the stock can test in the very short term 1010-1080 levels.