praveshk2

praveshk2

As seen on chart nifty at important support last time rally started from current level makes it a perfect demand zone..also previously nifty was facing resistance of the trendline now acting as a support(highlighted with arrow), might consolidate here and then move..today's candle formed a doji at support makes it very attractive price action.

praveshk2

BOB has broken down and now retested a trendline where it was taking support (Marked with Arrow)- Feb/Mar/Apr/MayJun (1st breakdown on 4th Jun)and now 2nd Breakdown on 10 JUL. today it has retested and down indicating shorts are now being added, View invalid if closes above 265, more shorts get added below 248.

praveshk2

IOB is currently at descending trendline resistance which connects jan2008,nov2010,apr2011, and feb2024, however consolidated for the last 23 weeks in a range approx 59-71 above trendline support which connects jan2013/jun2014. can take 1st entry closing abv 71 on weekly and pyramid the position once it breaks the descending trendline around the 80 level and then...

praveshk2

TVS Electronics chart monthly came onto my radar where it seems it has the potential to go approximately 7-8x from the current level as per technical analysis getting the target of approximately 2350 CMP 322. if we check previously when it broke out 77 level for which target was 430 and it made high of 556 and corrected ..Now resistance at 417 level after breaking...

praveshk2

Indusindbk has formed a range from 20 jan till now of 1428-1571, recent price action forming inverted H&S, should be on radar if breaks out target gonna be 1630/1720.

praveshk2

If we check Line chart for ICICI bank we find it at breakout level on daily chart, earlier resistance trendline which connects 31Jul23/15Sep23, has become now support where it took support 2/9/18 Jan24. Now facing resistance from trendline connecting top of 15Dec23/23Jan24/31jan24/6feb24/14Feb24. RSI above 60 on Weekly/Monthly chart and abt to break on daily.

praveshk2

Another chemical stock on my radar is FCL this week broke all time high with good volume on weekly chart . formed ascending triangle and breakout done at 386 level.

praveshk2

ACI looks abt to Breakout ..weekly closing above 680 would be trigger for long ..finding chemical stocks buzzing again..will be posting another chemical sector analysis soon.

praveshk2

Price reached at point of previous selling zone indicated by trendline connecting top of jul2020, aug2021 on monthly closing basis , in weekly chart there is upside possible of another 200 points, but rsi at a place where it started going down for last 2 times on weekly chart. Any indication on daily could be an entry to go short for swing gain.

praveshk2

Currently at imp support of trendline connecting top of 2017 and 2020, also at 0.618% retracement level and support of AVWAP of 2020's low, all makes a good entry for cash with Good risk n reward, sl could be 779 (closing basis) for target of 1000, 1150, 1400.

praveshk2

Same as torrent power power grid too indicates rsi in oversold area just look at the chart with vertical blue dotted line on 20 Jul 18, 15 may19, 18mar/24sep 20, 20jun/26sep22. Especially 26sep22 candle formation shows exit of sellers here, can go long here with good risk reward , however upside 238 is a strong supply zone once broken can see level around...

praveshk2

Power sector looking good, especially torrent power n power grid, will post power grid separately. In torrent power seems in last leg of selling, thus a good time to add, also a observation point daily rsi at around 23, last two times when rsi made this low , torrent power gave a good upside rally, which you can find on chart with vertical line (blue dotted) on...

praveshk2

Posted monthly divergence on jun29, also mentioned it may take years to resolve, n we need to seek divergence in small timeframe like daily, currently found a negetive divergence n marked on chart for target of 3186 to resolve this divergence, there it may take support of ema50, as currently ema 50 is around 3000 level in between can seek support of ema 20 around...

praveshk2

Seems corrective a is finished as nifty taking support of 2 trendline confluence, 1 black long term trendline we find every time it worked as support n resistance(marked with rectangular box) nifty broke up on 1st aug consolidated n moved up to complete major wave 3, then corrected Till previous wave 4 (around 17150) which was inbuilt in wave 3 denoted as...

praveshk2 Updated 

Rsi cooled off very sharply, either can bounce from current level 1800 or can take support of EMA200 and avwap near 1730 and bounce, time to add pvr on each level, expecting 2600 before new year, as inox pvr merger ahead & FII increased their stake in recent quarter. Final sl can be the red dotted trendline connecting bottom.

praveshk2

just observe the bank nifty chart and you will realize how price action is built and respects trendline, in current scenario once red trendline is broken and preferably retest/ consolidate then we can see a good up move, like in abv chart happened 22-27jul after breaking black dotted trendline, then it retested on 23 n 29 aug (marked rectangular box) and again up...

praveshk2

SBI broke out its channel on weekly 25jul22, at 514 level, retested around511 on weekly 29aug22 and broke all hurdles on weekly 5th sep22, channel breakout target comes around 600 level and can expect it to go to 630 as well (if we draw channel's upper line to wick then target comes around 630)

praveshk2

Looks like IT fall is done now making base and getting ready for wave 3, sip mode on IT would be preferred, as it may or may not correct more , as wave 2 can go as deep as wave1 started from which is 26190, however if we check red trendline on weekly chart connecting top of feb2007, mar2015, oct2020, which was resistance now working as support as IT took support...