Charts for the Day

[anil_s_trivedi]

Nifty on weekly breached uptrendline and still holding, warranting a weekly close above it to confirm bulls intentions.
While on daily, its struggling to get past rising trendline.

Momentum wise,on daily long term still UP, but Intemediate triggered down yesterday, not needed price action to confirm it. Remember a close above yesterdays high is a sign of strength.

A close below 6605 today will be a pause in uptrend. close below 6590 will put downside pressure on it.

On hourly, a close below 6605 for this hour not good for bulls.

So wait for price action to confirm it, till then uptrend still continues. Remember weakness in momentum doesnt imply sell here, we just noted price levels to confirm it.

 

[anil_s_trivedi]

Adani is testing resistance zones after consistent rise since our initiation. We would like to part book here. Stock if sustained 350 will TGT 450+...

Stock still in uptrend, but we are just keeping part booking. We will see to add longs in a correction near to support zone.

 

[anil_s_trivedi]

IDBI a tested double/triple bottom, not at 50 SMA...watch it...

Hitted resistance zone at 66. Keep watching clearing 68-68.5 can TGT higher.
Part book here is advisable.

Watch where we initiated, and how we are trailing it...

 

[anil_s_trivedi]

Nifty breached all time high, and made fresh highs....Some stocks are riding while still some struggling...
Many names looking good, right from banking to midcaps, but point is do we need to enter here...Its million dollar question right now...
I for one believe, one can enter here too but need to act strictly on price levels, a little bit of emotion and you will thrown out...Posting some of scrips looking good, some making base, some are continuation buys...

A lot of action in coming months, rally many believe not fundamentals driven, some are justifying it, we as a Technical investors need to act on price levels.

As a classical Technical student, broking a highs on chart is a sign of strength. And mind you failure from this is the least thing bulls will expect here..else they will be history...
So use your own wisdom, switch off that idiot box, and ride with proper money management...Bcoz coming months will be a either a roller coaster ride or a simple one directional move...

My two cents...
"Dont Fight the Market"

Our calls initiated on delivery segment in these scrips have shown fairly good results...
In dish TV i got stopped out due to whipsaw, but anyways, rest of scrips doing ok...

 

[anil_s_trivedi]

Corporation bank looking like in a pattern completion for a falling wedge.
The Fall from 2010 end from 800 odd levels to 225 levels is a three year long, where first fall was a steeper one, after that a consolidation play in 2012 and then again breakdown from 370 odd levels to 225 levels in 2013.
These second fall is less steeper one, and also stock attempted almost thrice to break falling jinx with volume, but failed it.
So it seems bulls lilkely coming in but slowly. We can initiate position in two ways,
First on pullback to lower trendline support near to 210 levels with SL 198 on closing basis. or on breakout on upside.

Mind you this is a risky play, as stock below all key averages of 50/200 SMa's and i personally take small positions on such stocks which are against the trend.

 

[anil_s_trivedi]

EIH setting up a base and volume action taking support at key moving average with a rising 50 SMA and almost flat to rising 200 SMA, stock looking for a good rise.

Weekly chart telling us, stock traded almost between 52-60 since september 2013. Thats a quite tight range, so expect a breakout move till 75-80 minimum.

Relative strength wise stock seems to be coming up in weekly, thats a good sign as higher timeframe chart favouring a long trade here.

 

[shreeux]

What about Nifty...before elections go Up or Down?

 

[anil_s_trivedi]

What about Nifty...before elections go Up or Down?

Dear shreeux,

I am not into prediction, i am a avid trend follower. Right now Nifty is in uptrend, and unless it shows some weakness in its daily closings, its safe to assume uptrend in progress.

 

[a1b1trader]

Dear shreeux,

I am not into prediction, i am a avid trend follower. Right now Nifty is in uptrend, and unless it shows some weakness in its daily closings, its safe to assume uptrend in progress.

Anil bhai

Market is in such an upmove that even bearish wolfe waves are of no use. There are plenty of -ww formed.

However, do you see any sort of bearishness or 'tiredness' in Nifty for short term may be within 1-2 days or in this week or so.

Further, do you see a good up move in TCS and INFY, this week, even if dollar moves low. IMO, they can, if they sustain present levels. Also looking good up move in Axis Bank, LT and McDowell

Thanks

 

[anil_s_trivedi]

Dear a1b1trader,

Yes market in in uptrend and moving it with sectoral rotation. We here are longs in many scrips, as one can see from past 2-3 months only long plays showed more here.

Regarding Nifty, slowing momentum sign appearing in momentum oscillators, and weakness may be coming in. Today's march ending will propel NAV to record it on higher side.

A short term divergence slowly appearing in, and now price action confirmation seen to be here. A sustaining action below previous day high is a sign of initial weakness. Today a move and close below 6670 zone will put it into pause mode. A close below 6650 will mark it as weakness.

TCS:

Correcting after a -ve divergence on weekly charts. Strength if close above 2140 zone.
A more serious weakness if closes below 2000 levels. Momentum signs till now not good.Price action since march beginning is downside to sideways nature, no candle shown a sign of strength.

INFY:

Price taken support at 200 SMA. Momentum signs not good. Short term strength if closes above 3300. Scrip in weekly sell mode, a bounce back may be there, but play with caution.

Axis Bank:
Stock in uptrend, Possibility of testing ATH. Weakness if closes below 1400 levels

L&T:

Uptrend, weak on daily if closes below 1245 levels. Stock in uptrend will retrace lower and then again resume its journey, so play it safely.