Price action on the Mahindra & Mahindra (M&M) chart has been similar for the last three days. High volume in the first hour of the day followed by cooling off for the rest of day as can be seen on the 15m chart attached.
This price action has led to a top wick on the daily candle with higher volume on each day. This is...
COLPAL is forming inverted Head & Shoulders pattern on the weekly time frame. Bullish push from here shall be a good place for Longs. Alternatively, if the pattern fails, the stock can fall fast and fall far. We will be watching the price action for placing further bets.
INDIAVIX is standing at 25 resistance on the daily chart. VIX has risen significantly in the last two week bear run. Will we see VIX further breaking 25 resistance and hence further fall in the Indian indices, or will there be cooling of the VIX supporting a bullish stock market move?
Increased volatility is expected during the budget day on 1 Feb so VIX may go...
Nifty Auto/Nifty relative strength chart (CNXAUTO/NIFTY) seems to have broken out of it long held weekly resistance. If this breakout goes through, we can see cyclical bullish trend on all major auto stocks. Looks like bullish times ahead for India's auto industry!
Mayur Uniquoters (NSE: MAYURUNIQ) is trading at a crucial long term weekly support/resistance zone of 300-310. 200WMA is also acting as immediate resistance at 330. RSI has turned bullish and the stock's trend has been bullish for a while. Break above this zone give a good further bullish move in the stock. Let's keep an eye.
DLF is standing at the cusp of a major resistance zone on the weekly chart. The stock is exhibiting higher than usual volume, further, RSI is trading in overbought zone indicating bullish strength. Watch out for a break out of this resistance.
XAUXAG chart again touched its long term weekly support of 68.5 in Dec-Jan and seems to have bounced off of it. RSI divergence is further supporting the bullish view on the Gold/Silver chart. Initial level of 82.5 is possible in the coming weeks.
BANKNIFTY is at hovering near previous lows of 31500-31550 range on the 60m chart. This is a good place to take support and for the bulls to take charge. If this is broken, seems like more downside is possible.
HDFCBANK seems to have broken out of the congestion zone of 1500 which was acting as a resistance for a long time. The stock is heading toward a potential target of 1.618 Fib retracement at 1645-1650 on the stock.
Ashok Leyland has been hovering around 100 zone for a while now. In fact it's a long term support/resistance zone and a psychological number as well. Looks like the stock has finally broken out of the 100 zone with volume. Long trade can be initiated with stop on closing below 100.
Shanghai Composite is trading in a range for the last six months since the previous break in early July 2020. The price action last week was bullish and index may finally break out on the bullish side of the channel.
BTCUSD bull run seems to be due for a correction. The 4H chart shows major divergence on the RSI. Besides, the price has gone too far away from the 50MA (red line) and is at the psychological level of 30000. A correction toward 26000 (50MA) or further up toward 21000 (200MA) on the 4H chart seem likely. Watch out!