nano6yogesh

nano6yogesh

NIfty NSE:NIFTY has managed to recover ~ 350 points from the lows of the downfall which started post karnataka election results. However, I can see that the price is unable to cross the 61.8% retracement level of the previous downmove. Going above and sustaining 10730 can take Nifty to 10900 levels. However,if Nifty continues to remain below 10730 it may...

nano6yogesh

With Pharma index failing to hold 8300 levles, looks like the pain in Pharma stocks is not yet over. After a long downtrend, we can see that the stock price for Wockhardt NSE:WOCKPHARMA got rejected after retracing about 38.2% of the previous downmove. I can also see that it broke the 23.6% level as well with a large bearish candle on Friday. Good opportunity...

nano6yogesh

Tata Elxsi NSE:TATAELXSI has hardly corrected at all from its top and is close to its high on April 26. With US dollar coming down with respect to Indian Rupee after a huge uptrend and IT sector also looking weak, looks like this stock is ripe for profit booking. I can see a Double top formation here with negative divergence. Good opportunity to short here...

nano6yogesh

The Bear onslaught on Oil Marketing Companies (OMCs) has been going on for a long time now. However, with Crude starting to come down we may see some buying interest coming back to these stocks. Rupee is also at one of the lowest levels against Dollar, so a bounce back there may further help cut Oil Marketing Companies’ Losses. I can see the price making a...

nano6yogesh

After falling from 435 levels, Ujjivan Financial Services NSE:UJJIVAN witnessed good buying activity today. I can see that the stock has reversed after retracing 61.8% of its previous upmove, forming a Bullish Engulfing candle today. Good opportunity to go long here with stop loss near today's lows for a target in the 408-420 zones. Disclaimer: Views...

nano6yogesh

IT NSE:CNXIT has been a strong sector which hardly corrected when Nifty was falling since Karnataka election results. However, today’s candle is a Bearish one with a long upper shadow. Also, it faced stiff resistance around 61.8% retracement of previous fall from ~ 14300 levels. I also observed the USD/INR chart and feel that Dollar has topped out against...

nano6yogesh

Ashok Leyland NSE:ASHOKLEY had a massive fall from 167.5 to 134 levels (I had posted an Idea on May 9 about shorting it) after which it has been moving up for past few days. However, I can see that it faced a strong resistance today at 61.8% retracement of the previous fall, near the previous support-turned-resistance. Took short positions here with a small...

nano6yogesh

After a 3 day rally in PSU banks, today we saw some selling pressure from the top which pushed these banks down from day’s highs. The market particularly isn’t very supportive and if the Bear onslaught continues on Nifty, PSU banks with relatively weak fundamentals compared to their private peers may be an easy target for Bears looking for new opportunities to...

nano6yogesh

I had posted an idea earlier about Escorts NSE:ESCORTS on May 8 when it was trading at 989 wherein the target of 911 was mentioned. (Well, as we can see that target was achieved long back !) Now looks like the stock has completed a countertrend move on the upside and is ready to fall again. I can see that it faced a strong rejection at 50% retracement of the...

nano6yogesh

Today Nifty NSE:NIFTY broke the crucial support at 10488 levels with a large Bearish candle. It is possible that new shorts may have been initiated by big players on the break of this support (As the stop loss is very small giving a good Risk Reward ratio). This level can now act as a potential resistance if any short covering rally occurs. Staying below...

nano6yogesh

After a long uptrend, TCS NSE:TCS appears to have formed a Double Top today, facing stiff resistance around 3600 levels. I can also see a Bearish engulfing candle at the top with RSI showing negative divergence. Took short positions today with a target in the 3150 – 3200 zone. Disclaimer: Views expressed here are my own, and should not be interpreted as an...

nano6yogesh

Biocon NSE:BIOCON has been relatively unaffected by the current mayhem going on in the Pharma sector. However, after a few days of upmove, looks to me that Bears are tightening their grip on this stock as hammering of Pharma sector continues. I can see that the stock retraced around 61.8% of its fall from April 30 to May 7, and now it has resumed its downward...

nano6yogesh

After a swift move from 730 to 637 levels,Tech Mahindra NSE:TECHM has retraced 61.8% of the downfall to make a high of ~ 698 on Friday. I can see that it is facing resistance around 700 levels and witnessed selling pressure at those levels today. Today’s bearish candle suggests that the stock may have resumed its downward journey. Took short positions here...

nano6yogesh

Titan NSE:TITAN seems to have topped out around 1000 levels and had a swift fall thereafter to make a low of 909. After a small retracement for 4 days, looks like the downtrend has resumed today. Today’s candle is a large bearish engulfing candle which wiped off all the gains it had in the past 4 days, indicating a strong selling pressure. To me it looks...

nano6yogesh

Today Banknifty NSE:BANKNIFTY broke the crucial support around 26000 levels with a Bearish candle whose close was almost at the low of the candle. With PSU banks’ results (SBI NSE:SBIN , Bank of Baroda NSE:BANKBARODA ) lined up in the coming week, looks like the selloff in banknifty will continue. If Banknifty continues to stay below 26000 levels, we might...

nano6yogesh

Profit booking seems to have commenced in Sun TV NSE:SUNTV after good Q4 results. Also, I can see that it has retraced 61.8% of its previous fall from ~ 1100 levels before starting a downward journey. Looks like a good shorting opportunity to me with stop loss a few points above 1000 and first target near the 903-915 zone. Disclaimer: Views expressed here are...

nano6yogesh

ITC NSE:ITC is facing very strong resistance near 290 levels. It has been struggling around these levels since past few days. Now that the results are also out, looks like profit booking has started in this stock. I can see a Double top formation with a negative divergence as well as a Bearish Engulfing candle that it formed today. Good opportunity to short...

nano6yogesh

Coal India NSE:COALINDIA has reversed sharply from strong support zone between 260 – 265 levels. To me it looks like a double bottom formation with positive divergence. Good opportunity to go long with stop loss a few points below the double bottom lows and first target near 290 levels. Disclaimer: Views expressed here are my own, and should not be...