Maruti is forming an Inverse Head and shoulder pattern. It has already broken out above the neckline at 7400.
Currently it is retesting the breakout level at 7400.
Holding this level it should reach the target of 8500 on the upside in this current rally.
Stoploss for this trade is 7200.
Nifty on the 1 hour time frame is forming an inverse head and shoulder pattern. Confirmation will come if Nifty crosses the 15900.
On a break above 15900 the pattern target is 16300.
If Nifty fails to hold 15500 on hourly closing, then the above pattern becomes invalid.
From 18th May -27th May Nifty had shown a negative RSI divergence on the hourly chart. But it did not work out and Nifty kept moving higher.
Once again there is negative RSI divergence on the hourly chart, it could correct this time.
Short Nifty at current level of 14750 or near 14800
Stoploss for this trade is hourly close above 15900
Target on the downside...
Relaince has been trading in a range of 300 points between 1900-2200 for the last 10 months. It is finally looking to breakout of this range.
The immediate upside target for this breakout is 2500.
Stoploss for this trade is 2170 on daily closing basis.
HDFC has been trading in a range of 200 points between 2400-2600 for the last 3 months. It is looking to breakout of this range.
The immediate target on the upside is 2800.
Stoploss for this trade is 2560 on daily closing basis
On the hourly time frame Hdfcbank is forming an ascending trianagle pattern.
Target on the upside is 1603
Stoploss for this trade is hourly close is below 1490
Since hitting the all time high level of15450 after budget, Nifty has been trading in a range of 1200 points (15450-14250).
Today Nifty has broken out of this range but must give two consecutive daily close above (15400-15450) for confirmation, hence today's close will be important. If it closes at current level or higher the breakout will be confirmed.
The...
On the hourly time frame Nifty is forming a bearish wedge, it could correct and test the previous breakout levels of 14950 before heading higher. 14950 is also near the 20 DMA, so a possible test of this level in the coming week seems likely.
View invalid above 15500.
Supports after breakdown come in at 15200, 15100 and 14950.
