Charts for the Day

[saivenkat]

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[anil_s_trivedi]

Nifty update:

As expected below 6100 support only near to 5900 zone. The verocity of fall in a short span of time is more painful.
On analysing larger timeframe charts, support only at 5905-5890 zone. so expect a bounce there.

 

[anil_s_trivedi]

Hyderabad industries limited (HIL) looking like in a strong accumulation process. Stock on weekly made a strong double bottom or may be three's. As earlier on 2011 and repeated attempts in 2013 end. Stock still hovering around lower levels.

A indication of strength is seen in Relative strength improving cs Nifty, early on during 2013 bottoming process where smart volume come in huge way. And after that selloff fall was on lower volume but RS line still maintaining its gains by hovering near to zeroline.

A spike in RS with volume hinting at bulls attempt to break on.

I would link all these happenings with accumulation process, and would love to see stock rising in coming months. Monthly resistance at 311 and weekly at 282.

My stoploss would be 240 on closing basis. And will accumulate lower as and when i get it.

 

[anil_s_trivedi]

Nifty update:

As seen from hourly chart, a +ve divergence in momentum is seem to be holding a fall.
Also price action bars are showing bulls coming in.

But we would like to see every action with hint from higher timeframe, which is still in sell mode. And with a day remaining in weekly closing, it needs to act tomorrow anyhow.

 

[anil_s_trivedi]

 

[anil_s_trivedi]

Nifty Daily:

Still in HH-HL formation, didnt break earlier lows of intermediate scale of 5970 on 22nd nov 2013. A intermediate momentum still down on daily and can be seen easily with bollinger band expanding.Momentum wise short term is Up on daily on friday but refrain to close above 6070 zone. A oversold prompt for bounce but need to see how it reacts to crucial resistance zone of 6165- 6215, above this only a bulls hope will return on intermediate timeframe.

Crucial support on daily charts placed at 5890- 5906 zone, breaking will it invite lower levels till 5500- 5300 zone. Mind you i dont have any support levels in between so trade cautiously.

NIFTY HOURLY:
We clearly identified a +ve div in making and prompting for a bounce, but story still not over a crossing of 6106 will make a daily in buy mode with SL of 6020 on closing basis.
So trade the range till clarity emerges with result season going on, will be watchable and stock wise action is more of expected.

 

[anil_s_trivedi]

Nifty Update:

 

[anil_s_trivedi]

Bharti airtel is slowly moving towards a pattern breakout. Its in a large descending triangle since 2007. Where lower base formed at 240 odd levels. And it tested briefly in 2008 and then 2012. So it adds a significance.
Another pattern, ascending triangle in making since 2012, where top is tested multiple times at 370 odd levels.

On shifting to daily, improving Relative strength is telling a small rally here till falling resistance line, but only breaking it upwards will make it a good buy, till then its a trading counter.

 

[Hiraka]

Hi,

Posting my views on Cipla.

Cipla Elliott wave analysis

Thanks...

 

[anil_s_trivedi]

Bank Of India: