vipulmehta817

vipulmehta817

RELIANCE has formed head and shoulders top pattern on the weekly chart. The stock is hovering at the trendline, as bulls got rejected this week. A breakdown from here can take the stock all the way to 200WMA of 2000 and perhaps subsequently toward 1830 support zone . Keep an eye!

vipulmehta817 Updated 

ICICIBANK stock is forming head and shoulders pattern on the 15 minutes time frame. This is coming after a broadening formation which is also a bearish pattern. That's two bearish patterns back to back. Bearish trade can be initiated upon breakdown of the H&S trendline. Measured move target: 850.

vipulmehta817 Updated 

MPHASIS (NSE) has broken out of its range with heavy volume. This breakout has also happened at the 200 day moving average. Keeping the range consolidation zone as the probable area of up trend, we can keep the target as previous resistance zone of 2450. Conservative investors can wait for a reversal and confirmation before placing a trade.

vipulmehta817 Updated 

Euro to Indian Rupee pair (EURINR ) has been forming rising wedge for some time on the Daily time frame. This is also supported by fall in momentum as shown in the RSI. The pair has rejected bulls for last few days. Conditions look ripe for a fall in price toward wedge target zone of 86.8 on the EURINR spot pair. SL may be kept above previous high, around 89.30.

vipulmehta817

TATAMOTORS has broken out of descending triangle. The stock has also completed its retracement move toward the triangle support zone and is slowly inching upward. It is a low risk place to go long for 461/494 as targets. SL below 413 retracement zone.

vipulmehta817 Updated 

Silver (XAGUSD) has formed a head and shoulders type rounding top on the 4h time frame. The price is still at the supply line. A breakdown below this line would be bearish for the commodity with measured move target of 21.75. Price action at 23.15 to 23.50 zone is critical and would decide the next course of action.

vipulmehta817 Updated 

Japanese Yen to Indian Rupee pair (JPYINR) has been forming rising wedge for some time on the Daily time frame. This is also supported by fall in momentum as shown in the RSI. The pair has rejected bulls for last few days. Conditions look ripe for a fall in price toward wedge target zone of 0.6140 on the JPYINR spot pair. SL may be kept above Friday high, around 0.64.

vipulmehta817 Updated 

NIFTY 50 index is forming a cup and handle top formation on the hourly chart with 17780 as its base. A breakdown below this level can take the price down to 17300 zone. Keep watch.

vipulmehta817 Updated 

The weekly chart of HDFC is exhibiting rejection of the bulls for the last five weeks. This can also be seen in the rising wedge which is forming on the Daily chart. Further, this type of price action is also forming at the completion of 61.8 AB=CD harmonic pattern. The thesis is bearish with target of point B of the harmonic pattern at 2507.

vipulmehta817 Updated 

HDFCBANK has formed head & shoulders pattern on the Daily chart with 1590 as the base. The stock has broken down from 1590 base on 10 Jan. If the breakdown continues, we can go short with the measured move target of 1508.

vipulmehta817 Updated 

ICICIBANK has exhibited breakdown from rising wedge on weekly chart. Bulls got rejected this week, increasing the chances of breakdown. Wedge breakdown price target zone: 843.

vipulmehta817

Aluminium futures on MCX have broken out from head and shoulders bottom formation. The base metal futures have also completed retracement and continuation waves. The price action is bullish and seems to be heading toward measured move target of 250. Further, if the trade on Aluminium futures is bullish, we believe National Aluminium (NSE: NATIONALUM) should...

vipulmehta817 Updated 

NSE's PSUBANK index (ticker: CNXPSUBANK) was trading in a long head and shoulders consolidation for two years from mid 2019 to mid 2021. The breakout from inverted H&S happened in Oct'21 after which the index began to consolidate in a bull flag type of formation till Aug'22. The index broke out from this consolidation in Aug, gave a retracement back to the...

vipulmehta817

The chart of the stock Muthoot Finance (NSE: MUTHOOTFIN) is bouncing off its long-term, seven year old trendline from where it has taken support multiple times in the past. The stock is also bouncing off 200WMA which has also been its long-term support since listing. The chart looks bullish with ultimate target of previous all-time high zone of 1800.

vipulmehta817

The above chart highlights the harmonic ABCD pattern for Nifty 50 index on the weekly time frame. The index has formed AB and BC waves of the ABCD pattern . The price has broken out of B (18096). As per harmonic pattern theory, a breakout above B indicates the price is heading towards the target of D (19900). If we put the AB and CD waves of the ABCD pattern of...

vipulmehta817 Updated 

INFY 75m chart has completed head and shoulders pattern and has given a breakout today with above average volume. The price action is bullish and we can look for long opportunities on Thursday when the market opens after a day off. Any retracement to breakout zone of 1415 can be a good opportunity to go long with targets of 1445/1470/1495.

vipulmehta817

GODREJPROP chart on the weekly time frame is holding at a bunch of old supports. The stock is bouncing off its 200WMA from where it has bounced every time it has touched, since the beginning. The stock is also bouncing off 1225 support/resistance zone. Looks like a great buying opportunity for 1-2 years for the stock to go up and ultimately reach its all-time...

vipulmehta817 Updated 

S&P 500 index futures has completed a falling wedge on 4H chart. Falling wedge is a reversal signal and indicates lack of strength in the bears. Hence, we may see price correct back to 50MA (red line) and the wedge high of 3739. We will watch for price action as it touches the 50MA. If the price reverses and bears come back at 50MA, bullish bet would be called...