Nifty - Pullback On The Cards

Nifty (CMP : 5873.85) The action formed a long lower shadow candle with decent volume which indicates bullish reversal. Yesterday we have mentioned that If failure to sustain above 5940 we may see further selling pressure towards 5800 level and that played out perfectly and low made 5811.Technically, The index has tested cluster support level and bounced back with bullish reversal candle which suggest pullback on the cards. Once the resistance level of 5900 surpassed, then it’s likely to rise towards 5975 – 6030 levels which is 50% - 61.8% retracement level is taken from 6143 – 5811 levels. Traders can initiate the long position only above 5900, for the target of 5975 – 6030 with a stop loss of 5811.  But overall short to medium trend is still down for the target of 5750 – 5640 levels which is 38.2% - 50% retracement level is taken from 5118 – 6143 levels.. The hourly oscillator has given positive crossover which indicates strength.

EURINR - Bounce Back On The Cards

EURINR (CMP:84.95) : The below weekly chart shows the pair has trading with in the rising channel set up. The pair has tested rising trend line support and also taken at 38.2% retracement support which suggests that bounce back on the cards. An addition long lower shadow candle stick pattern has formed last week with decent volume which signifies bullish reversal. Overall, the pair is heading towards 89.15 level with the support level of 82.25 (closing basis).

The below daily chart shows the pair has reversed from cluster support (40 day EMA, Rising trend line support & retracement support) with reversal candle which indicates near term bottom has been formed and now bounce back has started. The pair will rise towards 86.65 - 87.91 - 89.15 level which is 38.2% - 50% - 61.8% retracement level of last falling leg.

Recommendation: Investors can buy at CMP or buy on dips to 83.75 level for the target of 86.65 - 87.91 - 89.15 with a stop loss of 82.25 (closing basis).

USDINR - Ball Is In Bull's Court

USDINR (CMP: 62.23) : The above monthly chart shows Elliott wave counts of USDINR. On the Elliott Wave perspective major a-b-c three wave structure is progressing (marked as blue color). Now we are in wave v of wave iii of wave iii of wave c and it could move towards 70 – 71 levels, which is upper channel line resistance level.

Now we are expecting the new intermediate impulsive leg (5-3-5-3-5) which will test towards 70 levels which is 200% extension level of wave I and wave II (marked as blue color).

On the Monthly chart, RSI has placed at positive zone which shows strength.

Unless violation of 58, the pair is heading towards 70 – 71 levels for medium term perspective.

The above daily chart shows the pair has fallen sharply and has tested the rising trend line support level and now bounced back with reversal candle which indicates bullishness could continue. It has also taken a support at 38.2% retracement level which acts as a crucial support for short term i.e. 61. Now the pair is heading towards 67 – 68 levels which is median line channel level.

On the daily chart, RSI has kissed the lower channel line level & now it’s bouncing back and moving towards upper channel line level which suggests strength.

Recommendation: Overall, USDINR is heading towards 70 – 71 levels with the support level of 58. 

Nifty - Ball Is In Bear's Court

Nifty (cmp: 6012.1): The action formed a strong negative candle with high volume which indicates bears are in active. Technically, the index has tested the upper pitch fork line and fall sharply with high volume which suggest selling pressure in coming days. The day before yesterday gap has almost covered and now the index is trading above the crucial support level i.e. 5925 which is rising trend line support level. If that trend line support breaches then it’s likely to test towards 5750 – 5640 levels which is 38.2% - 50% retracement level is taken from 5118 – 6143 levels. Unless violation of 6170 the trend remains down and the strategy will be at sell on rise. The hourly oscillator shows multiple leg of negative divergence which signifies weakness.

Lupin - Follow Up

I did a post on Lupin in 29th August 2013, Click here to read the old post. I mentioned that Lupin is heading towards 811 - 835 levels. Recently high made 865. Traders can book partial profit  at CMP (861) & revise stop loss to 829. Now the bull continues towards 901 - 917 level.

Ajanta Pharma & IPCA Lab - Bull's Court

IPCA Lab - is displaying a bullish outlook on the daily chart. The stock has tested cluster trend linesupport & reversed with strong positive candle and also it has taken from the 100 day SMA which indicates bull's ride has started. on the daily chart; the RSI indicator shows multiple leg of positive divergence with its price, which is the sign of strength. Now the stock is heading towards 701 - 735 levels. Support level placed at 615.

                

Recommendation: Traders can buy with a stop loss of 615 (Closing basis) for target of 701 - 735 levels.

Ajanta Pharma - is displaying a positive outlook on the daily chart. The stock has tested lower trend line support level & bounced back with strong positive candle 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. If that resistance level of 845 breaks, then the stocks will rise towards 975 - 1010 which is 50% - 61.8% retracement level of last falling leg. The strong support level placed at 765.           

                

Recommendation: Traders can buy with a stop loss of 765 (Closing basis) for target of 975 - 1010 levels.         

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.