About meI am IT professional by profession and trader by passion. I have been trading (learning) since 2008. Recently I started to seeing Trading as serious business. I work in cash and sometimes options.
Weekly Flag Breakout : Tech Mahindra #Techm #flagbreakout
Weekly flag break out on Tech Mahindra can see 1650 levels in momentum with current week low as stoploss.
Note: flag formation might have not completed yet.
Banknifty took resistance at 33358 today as per previous day's idea and ended day with consolidation around 33131. Now it is moving in parallel channel also making higher high and higher low on 15mins which is good sign for bulls.
Lets see how it follows these lines?
Reference to previous Idea.
Nifty has followed all the levels today and took resistance at 14930. Nifty faced resistance at 14848 when it first broke the red trendline and reached till 14930 level. I again tested 14848 level which now acted as support and reached 14930 level. In one day Nifty faced resistance at 14930 thrice, hence it will be act as major resistance.
If Nifty crosses below...
Important levels for Nifty fut to be observed on 7th April.
Nifty is forming triangle pattern, if breaks there will be momentum in trend. Currently Nifty is following support and resistances however there is bearish divergence on day TF hence be sure to keep strict stop losses while going long.
Important level to watch for Nifty on 5th April
Even though Nifty has reached 30th March high, it seems to have lost momentum and showing bearish divergence on 15min TF. Hence before crossing 14877 level Nifty will come back to previous support level which is 14813.
Today positive breakout seen in JK Tyre & Industries , which broken above 200DMA and 6 month old trend.
Currently closed at 153.5, if stays strong above 154 it can reach 200+ level in short to mid term.
Keep stop loss at 145 on closing basis.
Yes bank has taken support at 307 4 days back and now seems to be moving upwards. Also have crossed 200DMA today which is strong sign being bullish.
One can add this to profile keeping stop loss as 307 and look for 375 as target which is previous month high.
Considering stock crossing 200DMA is very strong signal to buy, NMDC seems doing so whith positive close on last 2 days.
However seeing at RSI near 70 can push stock to lower levels which I think will be good entry.
Once can look to add 50% of capacity now and wait to see if it comes to 125 level to purchase remaining.
Next immediate target would be 138 and...