Charts for the Day

[anil_s_trivedi]

IRB looking oversold, ready for a bounce. A trendline break already done on upside, can be bought with SL below 255.

Remember, right now we are playing a pull back trade, so its just a short term one.

 

[anil_s_trivedi]

IRB exited at @ 274.2

 

[saravkarun]

Superb trade.....

 

[sabharwal_RK]

Anilji whats your opinion about breaktout trades. Say for example if you have a look at the below trade in Cipla it broke it range of 425 and then retested that. Can we initiate a trade at places like this (retest of the boundary or break of pivot hight just before test of boundry)

 

[anil_s_trivedi]

Anilji whats your opinion about breaktout trades. Say for example if you have a look at the below trade in Cipla it broke it range of 425 and then retested that. Can we initiate a trade at places like this (retest of the boundary or break of pivot hight just before test of boundry)

Dear sabharwalji,

yes..i trade this patterns. Its a good risk-reward patterns. as one knows where to put SL.

Something to remember, the pattern under formation itself will give clues about likely breakout on upsides, if you study it closely.
Like the testing resistance(supply zone) earlier ones, and then a fall on lower volumes...then a rise to break that supply zone with volume (breakout), will confirm it.

Somestocks retest the breakout zone, some simply runaway. Best is to stick with stocks where retesting is in process. As it will imbibe discipline to 'not to catch' runaway stocks.

Now, retesting will give clues like..falling on lower volumes and narrow price spread bars. And then testing the earlier supply turned demand will show its hand slowly, and prices will be marked higher with demand coming in, with increase in bar spread. One may see engulfing bull patterns almost at those levels. As those bars tell, demand overtaking supply at retesting zone...

 

[sabharwal_RK]

Continuing yesterdays's discussion, Wockhardt has given a solid breakout.
I will be looking for its charts carefully in coming days to for any weakness (slow and on low vols) upto 900-875 zone for any buying to be initiated....I hope this makes sense.
Also Anilji do you scan close to 100 charts daily ? or is there any better way to do this...

 

[anil_s_trivedi]

Continuing yesterdays's discussion, Wockhardt has given a solid breakout.
I will be looking for its charts carefully in coming days to for any weakness (slow and on low vols) upto 900-875 zone for any buying to be initiated....I hope this makes sense.
Also Anilji do you scan close to 100 charts daily ? or is there any better way to do this...

Dear sabharwalji,

Yes its a nice breakout out there with volume. Now, if one wants to go in it, watch for a retesting part. In this upward phase watch clean up bars moving with volume this is trend assertion. Now when these rise will retrace till retesting, one should observe low spread bars with lower volumes.

Retesting generally happens on lower volumes to test the supply at previous levels or for reaccumulation to mark up higher. So spread on those bars is small as compared to what one see on that breakout leg for upside.

Regarding scanning charts. I had replied somewhere in my thread, i had two models being looking out. One is auto one where i go for scrips in uptrend and hovering at support levels. Second one is manual looking at charts. In both cases, moving averages and trendlines with momentum indicator is the only thing i need for.

If you are in initial phase, study manually. Look at more the charts you can manage. Study how stocks getting buildup before running to upside. How prices mark upwards. Then nature of price action at resistance and how it slowly marked lower. Always you find something important. Note it down. If you gad seen 50 charts. There will be something in common. That is important point.

 

[anil_s_trivedi]

 

[anil_s_trivedi]

Touched 355 levels, hesistating here. Partial profit booking here must. If sustains and close above 355 hold with higher targets. Else keep Stoploss of 346.5 on hourly closing basis.

 

[anil_s_trivedi]

Bharti airtel stirred controversy over not covering VOIP calls on normal data packs. This is interesting as rest players vodafone and idea need to react, else there is already an outrage over airtel on this issue on social media.

We as a Technical analysts are concerned with what price is telling and ignore what market is shouting at. After 2007 stock is in a big consolidation and a triangle floor set at 250 levels, with resistance line broken and also got retested. Now this is important, this is classic test of supply done at retest or we can say for bulls its a fresh demand zone to get in.

Looking at charts on monthly it seems if holds 350 on closing basis on month charts. On weekly charts there is attempt to hold off selling as of now.

On daily weak below 345 zone, and it will gather strength above 360 and more above 370 region only.

So coming week seems to be interesting on the chart...also Reliance Jio has set great expectation for user, which will surely going to change the data landscape as 4G will surely going to eat into 3G players...