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.

EID Parry's - Bulls Ride

EID Parry (CMP:150.1) - The stock has tested lower channel line support level & bounced back with strong positive candle on the monthly chart which signifies bounce back on the cards. Now the stock is trading above 200 Day SMA ( 146.1). An addition on the daily chart, the stock has given falling trend line break out which suggests that fresh bullish momentum. RSI has given positive crossover which signs strength.

Cluster resistance level placed at 155. Once 155 surpassed, it's likely to rise towards 175 - 195 levels for medium term. Support level placed at 125.

Recommendation:  Investors can buy on dips to 143 - 135 levels for the target of 175 - 195 levels with a stop loss of 125 (closing basis).

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).