nano6yogesh

nano6yogesh

After 2 days of sharp upmove, looks like HDFC Ltd. NSE:HDFC is facing stiff price rejection around 1940 levels. This resistance appears to be very strong as the stock has failed to clear it for third time in a row. I can see a Double Top formation here with negative RSI divergence. If the stock falls and sustains below 1915, looks like it will head back to...

nano6yogesh

After an explosive rally of about 1500 points (8000 to ~ 9500), Nifty Pharma NSE:CNXPHARMA has been facing stiff resistance around 9500 levels for past few days. Also, I can see that it has formed a Double top with negative divergence and broke the rising trendline today. Most major stocks like Lupin, Dr. Reddy, Cipla which appeared to give a breakout have...

nano6yogesh

With Pharma sector looking all set for a second leg of rally, many pharma stocks have given a breakout. I can see that Dr. Reddy NSE:DRREDDY has broken out of the corrective channel which started after a long leg of upmove to begin next leg of rally. So long as the stock stays above 2200 levels, looks like it is heading towards 2450 and 2600 levels. Good...

nano6yogesh

Cipla is another stock in the Pharma sector (along with Lupin) which I think has given a Flag breakout yesterday. The stock broke from the consolidation range of 600 to 622. So long as the stock stays above 620, looks like it is headed for 660 levels. Good opportunity to go long here with a small stop loss. Disclaimer: Views expressed here are my own, and...

nano6yogesh

With Pharma sector seeing buying momentum again, many Pharma stocks are on the verge of breakout. I can see that Lupin NSE:LUPIN has given a breakout from the Flag pattern with a large Bullish candle after consolidating between 877 and 924 for a couple of days. Good opportunity to go long here with a small stop loss for a first target of 972. Disclaimer:...

nano6yogesh

After a long downtrend from 4300 levels, looks like Nifty Metal index NSE:CNXMETAL has managed to get some support at least temporarily at 3320 levels. It will be interesting to see what happens at the trendline resistance which is currently around 3700 levels. I can see a Double Bottom here with positive divergence and also a Morning Star formation. Good...

nano6yogesh

After a long downtrend from 750 levels in Jan end, looks like we have a bottom in place for Tata Steel NSE:TATASTEEL at around 537 levels. I can see a Double Bottom here with positive RSI Divergence. It remains to be seen what happens at the trendline resistance which at present is around 583 levels. I expect the stock to reach at least 610 for a first...

nano6yogesh

HDFC Bank NSE:HDFCBANK appears weak as the stock went down even when Nifty was up around 125 points. I can see that the stock is facing heavy resistance around 2160 levels and has formed an evening star like reversal pattern with Negative RSI divergence. Good opportunity for option writers with stop loss a few points above 2160. Disclaimer: Views expressed...

nano6yogesh

With both Nifty NSE:NIFTY and Nifty IT NSE:CNXIT indices looking weak, more pain seems to be on the way in certain stocks. Many IT stocks appear to have formed an intermediate top today. I can see that Mindtree NSE:MINDTREE has formed an Evening Star pattern with a large Bearish candle today. Good opportunity to go short with a small stop loss for a...

nano6yogesh

As mentioned in a previous idea on Nifty IT, the index appears to have topped out around 14300 levels and is slowly moving towards 13450. I think many IT stocks like TCS NSE:TCS have also formed an intermediary top, looking at the large Bearish Candle and classic Evening Star reversal pattern that it formed today. Good opportunity to go short at these levels...

nano6yogesh Updated 

After a pullback from the lows of 537 to 608 , Tata Steel NSE:TATASTEEL seems to be facing stiff resistance around 600 levels. I can see that it failed to cross the resistance after retracing 61.8% of the downmove, forming a large bearish candle and Evening star like pattern today. Went short here with a stop loss around 610 levels for a target around 550...

nano6yogesh Updated 

Balkrishna Industries NSE:BALKRISIND failed to cross the crucial resistance around 1139 levels today. I can see that the stock price got rejected after retracing 61.8% of the previous downmove. Good opportunity to short here with a stop loss around 1140 levels for targets of 1082 and 1038. Disclaimer: Views expressed here are my own, and should not be...

nano6yogesh Updated 

ICICI Bank NSE:ICICIBANK appeared very weak today, with the stock forming a large Bearish candle showing strong price rejection in the 300-302 zone. I can see that the stock has formed an Evening Star pattern today. Also, RSI has been increasing whereas the stock formed a Double Top, indicating hidden bearish divergence. I think the stock is heading back to...

nano6yogesh

USD/INR FX_IDC:USDINR has been hovering around the 68.5 mark for quite some time (around a month) now, and has started to come down slowly. I can see that the price has formed a Double Top with a negative divergence. Looks to me like the price is slowly approaching 66.85 levels. Good opportunity to short here with a small stop loss. Disclaimer: Views...

nano6yogesh

Yesterday and today Banknifty bulls made a vehement attempt to get it past 26700 levels to reach 27000 but looks like the Bears have heavily guarded the 26700-27000 zone. I can see that the upward trendline which Banknifty NSE:BANKNIFTY respected since March 22 has been broken and today it made a failed attempt to bounce back as the price got rejected at the...

nano6yogesh

With Pharma sector looking to take a break after a superfast rally, many pharma stocks have shown signs of a pullback. After struggling in the 1040-1075 zone for a few days, Apollo Hospitals NSE:APOLLOHOSP formed a large Bearish candle today. I can see that the price has formed an Evening Star pattern and got rejected at 61.8% of the previous downmove. Good...

nano6yogesh

Pharma sector has been on a roll for some weeks now and it may be time that the sector cools off a little before commencing the next leg of rally. After a big upmove from 436 to 579, I think Sun Pharma NSE:SUNPHARMA may have entered into correction mode, looking at the large Bearish candle and Evening Star pattern that it formed today. Good opportunity to...

nano6yogesh

After a rise from the lows of 277 till 306, looks like Hindustan Zinc NSE:HINDZINC has completed the countertrend move and is on its way down again. With Metal Index looking weak, I can see that the stock price got rejected after retracing 50% of the previous downmove, forming a Bearish Engulfing candle in the process. Good opportunity to short here with a...