Charts for the Day

[anil_s_trivedi]

Thanks Anil ji on Sun TV.

Sun Pharma today has come to nice support levels and bounced back. I know there is some news on this counter today. Just taking the technical perspective, Can we go long at 825, SL 802, target 870. thx

Dear ghanaga / Dear sharan,

Thanks dear sharan...Its my mistake...i just read it overview and given my thoughts related to sun TV. As in morning had replied in that connection.

Thanks sharan...Sorry ghanaga dear...hope you had not initiated long here in sun pharma...

Sunpharma:

Showing large -ve divergence on daily, its safe to be avoided as stock had extended long run.

Stock had been runnning on extending bases. And its best to avoid the stock which already had formed 3/4 bases already.

No..from my side...

 

[ghanaga]

Anil Sir,

Need your valuable suggestion on these stocks

Godrej Inds : Entry 340, SL 334, Target 358
Dabur : Entry 223, SL 219, Target 231.

thx

 

[anil_s_trivedi]

Dear ghanaga,

Godrej Inds:

Its in uptrend on daily, while weekly closing of last week of august was no good and after that this week is looking like a fight back. Price action front telling if failed to hold 340 region on daily can test that 325 levels again.

On hourly Sell mode, will be in buy once closes above 348 region. As long as daily closing coming above 337-340 its safely in uptrend. Below that visit to 325 is on cards, and failed to hold 325 will visit 305 levels.


Dabur:

Momentum indicators on daily in not in good shape, although stock in long term uptrend and every short term divergences correction is getting bought into in this stock.

looking at previous closing it seems its going on range bound movement as of now. And visit to 220 / 217 may be on cards once stock closes below 225 region.

On hourly although short term momentum +ve divergence coming in, but as unless it closes above 226 on hourly zone it is crying to close below 224-225 on daily to prompt for daily SELL.

 

[ghanaga]

Anil ji,

Bank Of Baroda has given a Breakout signal with strong volumes. Can we initiate longs at 940, SL 910, target 1000?

thx

 

[manojborle]

 

[ghanaga]

Thanks Manoj.

 

[amitrandive]

Manoj

Just adding to your analysis.

Attached a weekly chart of Bank of Baroda, an inverted Head and shoulders pattern and BOB just blasted off to 1000 levels.

Currently breakout beyond 900 levels looks promising for longs.

 

[Shantala]

@Manoj,

Is it 5th Ewave? Is there any Fib target?

 

[manojborle]

@Manoj,

Is it 5th Ewave? Is there any Fib target?

After your question , I checked again and yes there is an Elliot Wave in Weekly chart and now 5th wave has started.
Targets for the wave are 1146.55 and 1319.15.
Also the Question mark you marked on my chart is the Supply Line as per Demark, previous Supply line was already broken and target (938) was also reached, so i excluded that line.

 

[anil_s_trivedi]

Anil ji,

Bank Of Baroda has given a Breakout signal with strong volumes. Can we initiate longs at 940, SL 910, target 1000?

thx

Dear Ghanaga,

You had identified a good chart. And ideal entry point is highlighted, we as a trader need to identified those low risk zones and get our entry into at that level is what separates a successful trade and a average trade.

Yes stock in a strong mode as weekly closing is to good. Stock now just at small resistance line, a small pullback may be there to get a good entry zone.