Charts for the Day

[anil_s_trivedi]

Dear Anilji.


I have 6 lots of TCS 2750CE OF Sept series.Could you find any hope of revival tomorrow??

Srinivas.

Dear srinivas,

Daily:

TCS in short term still up to flat momentum wise. Intermediate and long term still UP.

Price action wise it got corrected till 2635-40 zone which is support on daily and it managed to close above this level. It shows as of now bears have not completely taken it out.

Lower support seen at 2600-2605 levels.


Hourly:

Momentum here in not a good shape to support bulls. Although a bounce seems coming up but looking at this fall, it seems any rise will get sold into.

Any rise will be testable near 2690 zone.

Tomorrows opening need to see, a lot of clue will be landed on.

One thing is, its very difficult to gauge expiry movement, as i said already a lot depend on where positions are shifting in far month. We as a trader need to strict in expiry week with stoplosses in a place.

 

[anil_s_trivedi]

Dear srinivas,

Its expiry week and stocks behave with OI buildup in it and rollover of existing positions. so difficult to gauge its immediate direction.

I will give my levels from hourly chart:

Adanipower:

Strength above : 52.5-52.8 only.
Weakness below : Intraday weakness below 50.8-50.6 levels And more weakness below 49.6.-49.5 levels only

AdaniEnt:

Strength above : 500-501 till 508-510 levels, more above 510 only
Weakness : Below 490 levels only

Follow up :

 

[gundiravi]

Dear Anilji,

Extremely thankful to you for your kind guidance. Even though I am trading for 8 -9 years never made much profit. Till now I don't have much knowledge of charting hence was trading blindly dependent upon CNBC recommendations.

I came to know of this blog only few days back and was surprised to find so many experts like you giving sincere advise and helping novices like me.
Now I am determined to learn reading the charts my self.

Kindly suggest material for a beginner either threads from this blog or books available to start studying charts.
Since I am left with little capital I am trading in stock options cautiously and managing with meager profits.

regards,
Srinivas.

 

[anil_s_trivedi]

Dear srinivas,

In Traderji, you can read thread of saint Sir, then SH(trade with hunter) and ST sir too...Its more than enough...will cover right form basics to strategies...
Remember, it not like if someone trading some method it will work for you also. Its all in the mind..so try to control 'impulsive' reaction of it...the urge to trade..if i say...

Apart from it, there are many books...
1) TA of stock trends - edwards & magee
2) one from schabacker
3) study basic candlestick patterns
5) study price action...one can refer lance beggs also...somewhere they are all focus on same point...

My style of investing is momentum based trend following...I am a believer of 'Using Technical analysis for long term'..as what i have seen and studies, one can create wealth from it...I had somewhere replied earlier also in this thread about books...just search the post...

Some may refer you some other books...its all personal liking...Start from somewhere..you will slowly learn...

Its never too late ...in 'life'...and in 'Markets' too....

 

[anil_s_trivedi]

Grasim Inds...

- Momentum divergence
- Relative strength divergence
- Price structure deteriorating

 

[gundiravi]

Dear Anilji,
Thank you for your guidance. Seek your comments on WIPRO and COAL INDIA.
Regrds
Srinivas.

 

[giggles]

Hi Anil,

If it is OK with you, can you kindly tell me what charting software are you using and who your broker is?

Thanks,

Sridhar

 

[anil_s_trivedi]

Dear Anilji,
Thank you for your guidance. Seek your comments on WIPRO and COAL INDIA.
Regrds
Srinivas.

Dear srinivas,

COALINDIA:

Daily:
Momentum -short term Up and intermediate still down.
Price action wise it showed strength on 24th september, although todays selling as of now looking like a pullback to that bar. Bearish if fails to hold back 340 levels.

Strength continuation can be seen above 350-356 zone only.

Breaking 340 levels it can fall till 325-330 zone.


WIPRO:

Momentum - Long term still up, a -ve divergence seen in short term causing price to consolidate or correct.
On daily price action wise short term bearish if closes below todays low of 576.
Recent tops at 595 levels looking like double top in short term and extent of fall will tell, whether its set for a bigger fall or just retracement on higher timeframe till 555-560 zone.

 

[anil_s_trivedi]

Hi Anil,

If it is OK with you, can you kindly tell me what charting software are you using and who your broker is?

Thanks,

Sridhar

Dear giggles,

I am using Metastock...and trading with RK Global...

 

[anil_s_trivedi]

Dear srinivas,

WIPRO:

As said in previous review of stock long term still up, and nature of correction will tell what lies ahead. Stock reversed on 26th to up and also not closed below 576 to set short term bearish tone. So stock in strength only.

first sign of weakness is closing below 580-582 levels.



AXIS BANK:

Momentum bearish on daily charts since 420 levels and stock had a correction to follow up. Momentum indicators still down on daily charts. Until a reverse is shown to up, its safe to sell on rallies.

Closing yesterday on monthly charts not a good one. And it will fall till 370 / 345 levels in medium term. For the month, any rallies till 395 / 405 will attract selling. Only sustaining above 405, think of going long on scrip.

Intraday resistance zone 383.