Kotak Bank - Bounced From Cluster Support

Kotak Bank (CMP: 659.6) The weekly chart shows the stock is moving within the rising channel set-up for last 4 years. The stock has kissed the rising trend line support level as well as median line level which suggest that bounce back on the cards. Valid support level placed at 588.

And an addition, 100 week SMA act as a crucial support which is placed at 603. On the weekly chart, stochastic shows multiple leg of positive divergence which shows bullish reversal.

Recommendation: Traders can buy at CMP (or) on dips to 655 - 645 levels with a stop loss of 603(closing basis) for the target of 723 - 755 levels.

USDINR - Elliott Wave Analysis

USDINR (CMP: 66.55) On the Elliott wave perspective major a-b-c three wave structure is in progress which is marked as wave a-b-c.  Now we are in wave iii of wave C and it could move towards 70, which is 200% extension level of wave i & wave ii (marked as blue color). But Short term we can expect minor correction towards 63.5 – 62 levels, which is 38.2% - 50% retracement level taken from the low of 53.6 to the high of 68.8 levels and use that dips to as a buying opportunities for the target of 70. On sustained above 70, then the pair will rise further towards 72 – 73 levels. On the monthly chart RSI has given a triangle breakout and placed in positive zone which shows bulls ride.

Recommendation: Investors can wait for a dips to buy at 63.5 – 62 levels for a target of 70 with a support level of 58 (closing basis).

Lupin - Reversed From Cluster Support

Lupin (cmp: 769.3) - is displaying a positive outlook on the daily chart. The stock has tested the multiple trend line support level & bounced back with bullish engulfing candlestick pattern on the daily chart and on the daily chart; the RSI indicator shows multiple leg of positive divergence with its price, which is the sign of strength. On the hourly chart, the stock is trading above 20 & 40 hourly SMA. If that resistance level of 775 breaks, then the stocks will rise towards 811 - 835 levels. The strong support level placed at 741.                           

Recommendation: Traders can buy at CMP to 765 levels with a stop loss of 741 (Closing basis) for target of  811 - 835 levels.         

Silver$ - Follow Up - 28.5% Return

I did a post on Silver in 22nd July 2013, Click here to read the old post. I mentioned that Silver is heading towards 25 - 27 levels. Recently high made 25.11. Traders can book partial profit  at CMP (25) & revise stop loss to 23.75. Now the bull continues towards 27 level.

Jindal Steel - Follow Up - 17.5% Return

I did a post on Jindal Steel in 12th August 2013, Click here to read the old post. I mentioned that Jindal Steel is heading towards 240 levels. Recently high made 247.80. Traders can book partial profit  at CMP & revise stop loss to 221. Now the bull continues towards 259 - 265 levels.

NMDC - Buy

NMDC (CMP: 116.7) The daily chart shows the medium term falling leg. On the Elliott wave perspective, a-b-c structure is progressing. Wave b has ended and now we are in Wave c for the target of 131 – 139 – 145 levels which is 100% - 138.2% - 161.8% extension level of wave a & wave b. 

And an addition, the stock has given a falling trend line break out with strong positive candle as well as the stock is trading above 50 Day EMA which signifies bulls are active in the market. On the daily chart, RSI shows multiple leg of positive divergence which shows bullish reversal.

Recommendation: Traders can buy at CMP or buy on dips to 113 – 105 levels with a stop loss of 101 (closing basis) for the target of 139 - 145 levels.

BSE Auto - Elliott Wave Analysis

BSE Auto Index The monthly chart shows the long term Elliott wave counts. On the Elliott wave perspective, major impulsive leg has completed at 11512 levels which is marked as wave (i/a) and now major bearish three wave structure is progressing which is marked as wave (ii/b). Now we are in wave w of wave (ii/b) and wave w may complete at around 9000 levels and from there small pullback may seen which is wave x. If wave x completes then wave y will be start. And an addition, multiyear rising trend line has violated which confirms major down trend.

However, Major wave (ii/b) is heading towards 7900 – 7500 levels. Unless violation of 11900 the trend will be valid.

ACC - Head & Shoulder pattern (Bearish)

ACC (CMP: 1127.3) The weekly chart shows the medium term Elliott wave counts. On the Elliott wave perspective, a-b-c correction is progressing. Wave b has ended and now we are in Wave c for the target of 875 – 725 levels which is 100% - 138.2% extension level of wave a & wave b.

And an addition, Head & Shoulder neckline break down has been witnessed with high volume as well as the stock is trading below 200 WEMA which signifies selling pressure. As per the H&S pattern, the target is placed at 700 which is 100% of head.

On the weekly chart, MACD has given negative crossover which indicates weakness.

Strategy: Traders can Sell at CMP or Sell on rise at 1150 – 1175 levels with a stop loss of 1290 for the target of 875 - 725 levels.

USD/INR - Elliott Wave Analysis

Nifty - More Damaged

Nifty - Bears In A Different Avatar

Infosys - Follow Up

I did a post on Infosys in 10th December 2012, Click here to read the old post. I mentioned that Infosys is heading towards 2650 - 2990 levels. Recently high made 3095. Traders can book partial profit  at CMP (3083.6); revise stop loss to 2940. Now the bull will continue towards 3300 - 3370 levels.

ING Vysya Bank - Reversed from cluster support

ING Vysya Bank (CMP: 501.95) - The above weekly chart shows bullish outlook. The stock has kissed cluster support & bounced back with couple of reversal candle which clearly signifies bullish reversal. And an addition 100 WEMA also acts as a support which is placed at 467. Now the stock is heading towards 551 - 581 levels which is 50% - 61.8% retracement level of recent falling leg. On the daily chart, RSI shows multiple leg of positive divergence which indicates bullish is remaining. Cluster support level placed at 467.

Recommendation: Traders can buy at CMP (501.95) to 495 levels for the target of 551 - 581 levels with a stop loss of 461 (close).

Bank Nifty - Bullish Reversal

Bank Nifty Aug Fut (CMP: 10023.85) -  The action formed a bullish engulfing candlestick pattern with decent volume which indicates bullish reversal. Technically, the index has tested falling channel line support level & bounced back with reversal candle which signifies pull back on the cards. Now Bank Nifty is heading towards 10500 – 10750 levels which is 38.2% - 50% retracement level of recent fall. If the resistance level of 11000 breaks, the index will rise towards 10300 – 10500  - 10750 levels. The RSI indicator shows multiple leg of positive divergence with its price, which is the sign of strength.

Bata Ind - Follow Up

I did a post on Bata Ind in 8th August 2013, Click here to read the old post. I mentioned that Bata Ind is heading towards 921 - 945 levels. Recently high made 923. Traders can book partial profit  at CMP & revise stop loss to 885. Now the bull continues towards 945 - 977 levels.

Asian Paints - Bull's Ride

Asian Panits (CMP: 436.35) : The stock has tested trend line support level & bounced back with long lower shadow candle the daily chart which indicates pullback on the cards.On the daily chart; the RSI indicator has showed a positive crossover with its price, which is the sign of strength. Resistance level placed at 441. If that resistance level breaks, then the stocks will rise towards 455 - 467 - 483 which is 38.2% - 50% - 61.8% retracement level of last falling leg. Trend line support level placed at 411.

Recommendation: Traders can buy on dips to 433 - 427 levels for the target of 467 - 483 with a stop loss of 411 (closing basis).                     

Havells - The Ball Is In Bull's Court

Havells Ind (CMP: 631.4) : The stock is displaying a positive outlook on the above weekly chart. The stock has tested the rising channel line support level & bounced back with strong bullish candle on the weekly chart. And and addition, on the daily chart; the RSI indicator has showed a multiple leg of positive divergence with its price, which is the sign of strength. If the resistance level of 637 breaks, then the stocks will rise towards 705 - 741 levels which is 50% - 61.8% retracement of last falling leg. Channel line support level placed at 589.         

Recommendation: Traders can buy at CMP (631.4) to 625 levels for the target of 705 - 741 levels with the stop loss of 589 (closing basis).                 

MC Dowell - Buy

Jindal Steel - Pullback on the cards

Jindal Steel (CMP: 207.4) : The stock has tested the trend line support level & bounced back with reversal candle which indicates bullish reversal. Now the stock is heading towards 227 - 240 levels.  On the weekly chart; the RSI indicator has showed a multiple leg of positive divergence with its price, which is the sign of strength.

 Recommendation: Traders can buy at CMP (207.4) to 201 levels for the target of 227 - 240 levels with the stop loss of 189.

Bata Ind - Pullback on the cards

Bata Ind is currently trading at 871.85 levels. Technically, the stock has kissed the multiple trend line support levels & bounced back strong bullish candle which indicates bulls are in momentum. If resistance level of 881 breaks, then the stock will rise towards 921 - 945 levels.  An addition, falling trend line break out has been witnessed on the hourly chart which is sign of bulls.

The support level placed at 853 - 825. On the daily chart, the KST indicator has showed a positive crossover which is added strength to the bulls.

Recommendation: Traders can buy on dips to 865 - 859 levels with a stop loss of 825 (Close) for the target of 921 - 945 levels.

Infosys - Bearish

DJIA - Elliott Wave Analysis

 DJIA - Long Term

 DJIA - Short Term

Sun TV - Buy

Sun TV (CMP: 425.15) the stock has tested the trend line support level & bounced back with high volume which indicates buyers are in momentum. If resistance level of 425 breaks, then the stock will rise towards 460 - 500 levels.  An addition, falling trend line break out has been witnessed on the daily chart which is sign of bulls.

The support level placed at 395 - 391. On the weekly chart, the RSI indicator has showed a positive crossover which is added strength to the bulls.

Recommendation: Investors can buy on dips to 420 - 415 levels with a stop loss of 391 (Close) for the target of 460 - 500 levels.

Nifty - Fall arrested

Nifty (CMP: 5742): The index has tested the lower trend line support level & bounced back which indicates bulls are in momentum. Now Nifty is heading towards 6000 - 6100 levels. Support level placed at 5630.