Few friends here asked me some questions. I took time to answer as important questions need
gameofmoneys : How do you find out shares which are on the verge of breakout or reversal?
Answer : Break out or reversal can be found by candlestick patterns, indicators, support and resistance levels. All these will work out if it goes along with the main...
After facing strong resistance at 337 mothersumi is trending inside the channel. Volume is gaining, momentum is reducing. Interesting to watch. Will update target, stoploss, entry in comment seeing price action.
Yesterday when everybody was getting confused whether nifty will rise today or fall, because it has formed descending triangle after the breakout from ascending triangle. Bank nifty was the one which replied "I will back up you partner" by forming ascending triangle at the end of the day. Today bank nifty lifted nifty. Two indexes (Nifty and bank nifty) together...
Arvind is trending inside the channel, getting ready to break. Price action in daily chart also shows weakness. We can short with the stoploss of 360 when it breaks the channel along with main index mighty nifty. Maximum target is 345.
Price action of tatamtrdvr shows weakness with the formation of pinbar, weakening volume and RSI momentum. Once the trendline is broken can go for short. Sell at the price of 322 with stop loss 325. Targets are 316, 312 and 308.
Price action of voltas daily chart shows bearish engulfing pattern formation at the critical resistance level. We can go for short at the price of 334 with targets 320 and 310. I wont enter this trade till nifty is bullish.
Price action of adaniports shows weakness by the formation of triple towers. Now adaniports is trending within the channel, but if the channel is tested when the main index is weak, it can reach 270, 265.
Relative strength of CNXIT is weak when comparing with Nifty. People are not investing in IT stocks, as international political news are creating fear among investors. Good news is still CNXIT is above the long term trend line. If it breaks it, then the fall is fatal. We are not bears or bulls. We are traders. And we can make money in whatever direction market moves.
Price action of Asian paints shows down trend is over. Asian paints is trending above the long term trend line, downward trend line has been broken and RSI shows strength in momentum. Asian paints is buy with stoploss 900. Targets are 964 and 1010.
Price action of bank nifty shows its strength as it is moving above the long term trend lines. Private sector banks show more strength compared to public sector banks. Bank nifty is buy above 18250 with stop loss 18200. Targets are 18400 and 18580. Happy Trading!
A trader's present and future depends on trading ability. We determine what stocks to trade, size of the trade, entry, exit, stop loss and risk reward ratio. Market expects us to be disciplined always.It expects us to study,learn,and work hard until we recognize our own potential. A trader must maintain a trading journal to improve, to rectify the errors. I have...
Inside bar is a two bar price action strategy. The inside bar is smaller and within the high to low range of the previous bar. Previous bar is referred to as the "mother bar". Inside bar forms at market turning points and acts as reversal when forming at support or resistance level.
In Divislab daily chart price action shows inside bar. RSI indicates momentum is...
Nifty has filled its previous the gap. And has been sustaining the important level of 8270. Double bottom of RSI above 50 shows the momentum is gaining. Nifty is buy above the blue trend line. I expect a little pull back tomorrow. Targets are 8303 and 8387. Follow the blue trend line. Happy Trading! in.tradingview.com
Bank Nifty is in crucial support zone. The lines in red 18050 to 18200 indicates the importance of the zone. Blue dotted lines shows long term support zone. Bank Nifty should move above all these lines to show it is back for the game. Many traders will have a doubt, this chart shows Head & Shoulders pattern, but still it didnt fall down. Its because price action...