TV 18 - Bull's Ride

TV 18 (CMP:22.4)  - is displaying a positive outlook on the daily chart. The stock is trading within rising channel set-up which signifies trend remains up. The stock has tested trend line support level & bounced back with strong bullish candle which indicates continuation of bullish momentum. The stock is trading above 20/40 EMA which shows positive sign. Now the stock is heading towards 24.25 – 25.25 - 26 levels which is extension levels. The strong support level placed at 21.5.  On the daily chart RSI has given positive crossover which signs strength.

                       

Recommendation: Traders can buy at CMP to 22 level with a stop loss of 21.5 (Closing basis) for target of 24.25 – 25.25 - 26 levels.

HUL - Bounced From Cluster Support

HUL (CMP:589.75) - is displaying a positive outlook on the daily chart. The stock is trading above 200 Day EMA which indicates medium trend is up. The stock has tested cluster trend line support level and bounced back as well as falling wedge pattern break out has been witnessed with strong bullish candle which indicates bullish on the cards. Now the stock is heading towards 615 - 635  - 645 levels which is 38.2% - 50% - 61.8% retracement level of 685 to 568.8 levels. The strong support level placed at 567. On the daily chart RSI shows multiple leg of positive divergence which signs bullish reversal.

Recommendation: Traders can buy at CMP or buy on dips to 587 – 583 levels with a stop loss of 567 (Closing basis) for target of 615 - 635 - 645 levels.

Nifty - Make or Break

Nifty (CMP: 6091.85) : The action formed an indecisive candle with decent volume which signifies tug of war between bulls and bears / lack of momentum. Expiry ended with high volatility. Technically, the index has tested lower pitchfork line (marked as red color) and bounced back with bullish candle on the hourly chart which indicates pull back on the cards. If the trend line resistance level of 6130 breaks, then index could travel towards 6210 – 6260 levels which is 100% - 123.6% projection level of a - b. The daily oscillators are placed in neutral, but the hourly oscillator’s has given positive crossover which suggests that index could break the resistance. For Elliott Wave perspective we need little more price development to confirm the future roadmap.

Bank Nifty support is placed at 10890 – 10750 level. Resistance is placed at 11250 – 11400 level. Bank Nifty is heading towards 11315 - 11515 levels. Overall, index has consolidated between 6030 – 6130 levels. Traders can buy above 6130 for the target of 6210 - 6260 levels with a stop loss of 6030. We need a confirmation of break out or break down. 

Nifty - Bear's In Different Avatar

Nifty (CMP: 6115.35) - The action formed a strong bullish candle with decent volume which indicates bulls on the cards. Technically, Nifty has tested 61.8% retracement level (6121) of last falling leg and closed below that retracement level which signifies 6121 is crucial resistance level. If the resistance level of 6121 breaks, it’s likely to move towards 6160 – 6170 zone which is falling trend line resistance level. Once index will test those levels, then the index could fall towards 6020 – 5970 – 5900 levels.   The daily oscillators are placed in neutral, but the hourly oscillator’s has given positive crossover which indicates minor bounce back can be seen in intra-day.

Overall, unless violation of 6215, trend remains down. Fresh traders can sell on rise at 6160 – 6170 zone (or) Sell at CMP for the target of 6020 – 5970. Short traders can keep the stop loss 6225 (closing basis) and hold.

Evereaday - Bull's On The Cards

Eveready (CMP: 27.35) - is displaying a positive outlook on the daily chart. Higher top and higher bottom set-up is progressing which signifies trend remains up. Last week the stock has given trend line breakout with strong positive candle & now that trend line acts a crucial support which indicates bullishness continuous. Now the stock is heading towards 32 - 33 levels which is upper line. If the near term resistance level of 28.15 breaks, then the stocks will rise towards 30 level in short term. The strong support level placed at 25. On the weekly chart RSI has given positive crossover which signs strength.

                       

Recommendation: Traders can buy at CMP or buy on dips to 27.15 – 26.75 level with a stop loss of 24.5 (Closing basis) for target of 32 - 33 levels.

Nifty - Well Begun Is Half Done

Nifty (CMP: 5999.05) - The action formed a falling window candlestick pattern with high volume which indicates continuation of bearishness. Technically, the indices are now close to the mentioned updated support/target of 5970, which is hugely important. If the support level of 5970 breached, then index will fall further towards 5900 – 5850 levels. If failure to sustain below 5970 levels, we may see minor bounce back up to 6070 – 6100 levels. Use the rise as selling opportunities. The daily oscillator’s has given negative crossover, but the hourly oscillator’s are placed in oversold zone which indicates minor bounce back can be seen in intraday.

Recommendation: Overall, unless violation of 6215, trend remains down. Traders can start book profits at short positions or revise stop loss to 6030. Fresh traders can wait for a rise up to 6070 – 6100 levels & use that rise as selling opportunities for the target of 5900 – 5850 levels with a stop loss of 6215 (closing basis). Strategy will be at sell on rise.

Nifty - Ball Is In Bear's Court

Nifty (CMP: 6122.9) - The action formed a strong negative candle with high volume which indicates bears are active. Technically, the index has breached 61.8% retracement level of recent falling leg which is placed at 6195, but it doesn’t sustain above that level and fallen sharply which indicates selling pressure in the market.  Now the index is heading towards 6010 – 5970  - 5900 levels for short term. An addition the index has given trend line broken down on the hourly chart as well as trading below 20/40 Hourly EMA which confirms trend is down.  The daily & hourly oscillator’s has given negative crossover which sign of weakness.

Recommendation: Investors may sell Nifty at the current levels as well as on rise at 6140 – 6160 zone, with a stop loss at 6215 (closing basis) and for the target of 6015 – 5970 - 5900 levels.

 

Nifty - Follow Up

I did a post on Nifty in 14th November 2013, Click here to read the old post. I mentioned that Nifty is heading towards 6110 - 6151 levels. Recently high made 6212. Traders can book full profit  at CMP (6195). Support level placed at 6150.

Hind Dorr Oliver - Buy

Nifty - Pullback on the cards

Nifty (CMP: 5989.6) : The action formed an indecisive candlestick pattern with decent volume on the daily chart which signifies tug of war between bulls and bears. Technically, on the daily chart the index has tested lower trend line support level (blue color) & bounced from there which indicates pullback on the cards. Cluster support level placed at 5950. If the index is sustained above 5950, Index will head towards 6110 – 6151 levels which is 38.2% - 50% retracement level of 6343 – 5972 levels. The daily oscillator’s shows neutral, but the hourly oscillator shows multiple leg of positive divergence which signifies pullback can be seen.

Recommendation: Traders can buy at CMP or buy on dips to 5980 - 5970 with the stop loss of 5950 (closing basis) for the target of 6110 – 6151 levels.

Cadila Healthcare - Buy

Cadila Healthcare (CMP: 715.65) : The above weekly chart shows the stock has reversed from cluster support zone with couple of reversal candle which indicates pullback on the cards. On the weekly chart RSI has given positive crossover which sign of strength. Now the stock will rise towards 837 which is middle red line. 

Investors may buy the stock at the current levels as well as on declines, with a stop loss at 641 (closing basis) and target of 837. A breakout past Rs.837 would lend further momentum to the uptrend and the stock could then test the major resistance at 875.