Charts for the Day

[anil_s_trivedi]

Anil ji,
Tata motors sell at 507 SL 510 target 490.
Is this a good trade?
Thanks
In the daily charts is it a valid hns formation?

Dear sharan,

Sorry for late reply, looking at charts it seems today morning only it hitted high of 502.xx and low of 491...so it seems it missed your initiation point but completed TGT...

Seeing your stoploss and position entry point it seems its a short term trade.
There is resistance at 503-505 / then straight to 515.

On lower side, expected support zone is 495 / 485-86 zone...

Infact 485-86 is a stronger one, there is 50 SMA also coming at 484.

 

[sharan]

Thanks for the reply. Had shorted in the morning for 3000 profit. Actually I am new to trading and not very sure abt it. Is it a hns pattern in the daily?
Somehow I am making reasonably good entries but have no clue abt exit. Your advice on the same would do me a world of good. The reason for asking is I had bought cipla 600 call for 3.85 exited at 6.75 yesterday and today's high is 10. Have posted the trades also. I know I will not be able to get the high but want to improve.
Just being lucky with my trades have to be overtly cautious.

 

[anil_s_trivedi]

Thanks for the reply. Had shorted in the morning for 3000 profit. Actually I am new to trading and not very sure abt it. Is it a hns pattern in the daily?
Somehow I am making reasonably good entries but have no clue abt exit. Your advice on the same would do me a world of good. The reason for asking is I had bought cipla 600 call for 3.85 exited at 6.75 yesterday and today's high is 10. Have posted the trades also. I know I will not be able to get the high but want to improve.
Just being lucky with my trades have to be overtly cautious.

Dear sharan,

Tatamotors indeed looks like a valid H&S pattern. But as a new trader i advise you dont look/trade these patterns. Many heads heads get failed in these patterns. Stick to some which you know had high success rate and which you can trade comfortably.

You are making good entry point, so trail the position. Or hold it until the reason for making entry doesnt hold.

You will learn these by your experiences, but whatever you follow...just maintain solid risk management...this is all what matters in the end...

 

[sharan]

Have not spent much time in this. Knowledge is inadequate and experience zero. Not very focussed on this either.
Thanks for the advice.

Dear sharan,

Tatamotors indeed looks like a valid H&S pattern. But as a new trader i advise you dont look/trade these patterns. Many heads heads get failed in these patterns. Stick to some which you know had high success rate and which you can trade comfortably.

You are making good entry point, so trail the position. Or hold it until the reason for making entry doesnt hold.

You will learn these by your experiences, but whatever you follow...just maintain solid risk management...this is all what matters in the end...

 

[anil_s_trivedi]

I am no pattern lover, but seeing RCOM on weekly this is what it seems...
This is aggressive trade if any one goes here...

Disclaimer: I am not initiating longs in this stocks, will look only when strength returns...

 

[newtrader09-10]

Anil ji,

Out of context... just wanted to know which software you use for technical analysis?

 

[anil_s_trivedi]

Anil ji,

Out of context... just wanted to know which software you use for technical analysis?

Dear newtrader,

I am using Metastock. And its easy to use. Only thing is if you are indicator motivated many things cannot be done here, for that Amibroker is good.

 

[ghanaga]

Anil Ji,

Two stocks ....

Coal India entry at 343, stoploss 330 for a target of 382
Tata Comm entry at 370, stoploss 360, target 400

Can you give suggest if we can initiate longs for oct series?

thx

 

[insider]

For Coal India I have a negative view. 353 was a very gud support for the stock. It took support 3 times at these levels in last 2 months. But the attempt to move beyond 380 after many attempts have failed. Technical evidence suggests weakness.

 

[gundiravi]

Dear Anil Sir,
Took long position in ADANIPOWER 55CE @RS.1/ FOR SEPT Series
and ADANIENT 540CE @6.6 kindly advise..

Srinivas