nano6yogesh

nano6yogesh

After a huge rally that stretched for more than a month, looks like Banknifty has formed a top today. I can see a Bearish Engulfing candle with a Negative Divergence on Daily chart. Good opportunity to short here for a target around 27300 levels with a small top loss. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment...

nano6yogesh

Nifty Metal NSE:CNXMETAL has been downtrend ever since mid January and metal stocks have been hammered black and blue due to the trade war worries between US and China. However, the pullback this week from the lows of 3060 was quite strong and I can see a bottom formation here with RSI showing divergence. Good opportunity to buy stocks like Hindustan Zinc...

nano6yogesh

After a seemingly never ending rally, looks like TCS NSE:TCS is taking some break near 2000 levels. IT NSE:CNXIT in general looks in profit booking mode and with dollar coming off from all time high, we could see further fall in heavyweights like TCS , Infosys, Wipro at least for the time being. I can see that TCS formed a Double top around 2015 with a...

nano6yogesh

After a rise from the lows of 881 to 1022 levels, looks like HCL Tech NSE:HCLTECH has topped out signaling the end of countertrend. I can see that the stock has got rejected at the trendline resistance and also at 61.8% retracement of the previous downmove. Also, it has formed an Evening Star like pattern today as well as on July 13. Good opportunity to short...

nano6yogesh

The entire Metal index has been hammered for a long time now, especially Vedanta NSE:VEDL which is amongst the worst hit stocks. I can see some green shoots emerging today with the stock giving a falling wedge breakout and rising RSI. Good opportunity to go long here with a small stop loss for a first target of 222. Disclaimer: Views expressed here are my...

nano6yogesh

After a steep fall from 1289 to 1050 levels, looks like Shriram Transport Finance NSE:SRTRANSFIN has been slowly rising upward. I can see that the stock has taken support between 50% and 61.8% of the previous uptrend, and has formed a Morning Star Reversal pattern. Good opportunity to go long here with a stop loss of 1139 for successive targets of 1237 and...

nano6yogesh

After bouncing back from the lows around 800, Titan NSE:TITAN has again got rejected at trendline resistance. I can see that the stock has formed a large bearish candle and got rejected after retracing 61.8% of the previous downmove. Good opportunity to short here with a small stop loss. Disclaimer: Views expressed here are my own, and should not be...

nano6yogesh

The Pharma index NSE:CNXPHARMA seems to have resumed its uptrend today after consolidating for about a month. After a pullback from 636 to 566 levels, looks like Aurobindo Pharma NSE:AUROPHARMA is all set to start the next cycle of uptrend. I can see that the stock has reversed after retracing 61.8% of the previous upmove and formed a Bullish Engulfing...

nano6yogesh

After an explosive move from ~ 8000 to ~ 9500 levels, Pharma index NSE:CNXPHARMA went into consolidation. I think this was a correction within a bigger rally and we have more upside on cards. I can see that Nifty Pharma has taken support at 50% retracement of the previous rally and formed a large Bullish candle. Many Pharma stocks like Aurobindo Pharma, Sun...

nano6yogesh

Crude oil TVC:USOIL fell sharply from 75 levels to make a low around 67. However, this low is higher than the previous one so the rally may not be over yet. I can see that the price has bounced back after retracing around 61.8% of the previous upmove, forming a Bullish Engulfing candle. So we might be in for another cycle of an uptrend in Crude. As long as...

nano6yogesh

After the seemingly never ending uptrend, looks like HDFC Bank NSE:HDFCBANK is facing resistance around 2220 levels. I can see that the stock got rejected at the trendline and also formed an Inverted hammer with Bearish Divergence. It may come down to 2000-2100 levels. Good opportunity to short here with a small stop loss. Disclaimer: Views expressed here...

nano6yogesh

After a monstrous rally from 727 to 945 levels, Lupin NSE:LUPIN has swiftly completed a retracement to 807 levels within a few days. I can see that the stock has taken a support at 61.8% retracement of previous rally and it has also taken the trendline support. Looks like it is all set to begin next phase of rally after retracement. Good opportunity to go...

nano6yogesh

After a huge upmove from 232 to 289 levels, SBI NSE:SBIN entered into a consolidation zone for a month. However, I can see that it has bounced back strongly after retracing 61.8% of the previous rally and has formed a Bullish Engulfing candle. Looks like it is all set to begin next phase of rally after retracement. Good opportunity to go long here with a stop...

nano6yogesh

Pharma index witness mayhem today due to bad news from US with Dr. Reddy plunging 10%. Cipla NSE:CIPLA seems to be the only stock which was hammered relatively less today. However, I can see that the stock is struggling around 78.6% of previous downfall for many days and looks close to a breakdown. Looks like it is heading for a first target around 600...

nano6yogesh

After making a high around 11080 levels on Thursday, Nifty NSE:NIFTY witnessed heavy selling pressure and could not hold on to 11000 levels. I can see an Evening Star like formation here with a large Bearish candle. Sold 11100 calls in the morning as soon as it broke 11000. There are multiple supports around 10900 and 10700 levels. However, I think call...

nano6yogesh

After a good recovery from the lows of 822 to 900, seems like the downtrend in Escorts NSE:ESCORTS may not be over yet. The Auto index NSE:CNXAUTO appeared extremely Bearish today forming an Evening Star pattern. I can see that Escorts has formed an Evening Star like pattern as well and has reversed in the 50%-61.8% retracement zone of the previous...

nano6yogesh

After being hammered since almost a month (June 13), looks like some buying interest is coming back to PSU banks. I can see that Oriental Bank of Commerce NSE:ORIENTBANK has formed a Double Bottom around 71 levels with a positive RSI divergence. Looks like the stock is slowly moving towards the first target of 86.75 . Good opportunity for option writers here...

nano6yogesh

After being hammered since almost a month (June 13), looks like some buying interest is coming back to PSU banks. I can see that Syndicate Bank NSE:SYNDIBANK has formed a Double Bottom around 38.75 levels with a positive RSI divergence. It seems that the stock is slowly moving towards the first target of 43.85. Good opportunity for option writers here with a...