RELIANCE has given breakout and weekly close above 1000 levels. This opens up potential upside target of about 1450 in coming weeks. A close below 960 on weekly basis can be used as stop.
Range Bound ... Can initiate shorts with stop above 1000 on closing basis for target of 880
A divergence seems to be happening.
A break and close above 316 on hourly basis can confirm Inverted head and shoulders. The target for the same would be 340.
The first support for BANKNIFTY comes at 25700 levels . This can be used as a buying opportunity with a stop below 25500 on closing basis.
Looks like today's rally was a re-tracement to the breakdown in daily charts. A close above 24500 (spot) on daily charts can be used as stop by shorts.
Added as note in chart.
Explained in Chart. Confirmation awaited.
JSPL has formed a near perfect rounding bottom on long term time frame ( weekly charts ). A breakout above 195 can lead to a large potential upside target of about 340 and the target should be achieved in 2-3 quarters. A break and close above 200 can be a good entry point for positional longs.
The S&P500 futures in hourly time frame has given a strong divergence in oscillator, indicating the market might bottoming out. Though it is very early, the setup indicates a good chance for bulls to charge again and the break above neckline would confirm a double bottom.
Government push to affordable housing can act as a good long term support for the stock . The trendline has held in the longer time frame and looks a good entry for long term investors.
NIFTY though has moved above 10340 the cut and follow through rally are not convincing enough. Though in hourly charts it has held the upward sloping trendline the lack of momentum at higher levels is a concern. Still holding longs with stop below 10250 (spot) on a closing basis.
BHEL has stalled the downward move on the daily trendline support at about 86. The trendline has been tested twice and each move lower has resulted in higher highs on the oscillator forming a bullish divergence. A break and close above 89.90 will confirm the double bottom for a price target of 92.70.
ITC after long downtrend finally formed a higher high in hourly time frame. Also the stock moved above by forming a continuation bull flag pattern which gives a potential upside target of 268 with stop below 252 and trailed higher below the rising trend line.
SPTL has been on a downtrend ever since the de-merger. The price action and oscillator divergence in the 4 hour time frame indicate that the bottom might be in place with 75 levels acting as a good support. The possible trend reversal would be confirmed with a trend line break above 85 levels with 90 acting as the first target. The stock has limited downside risk...