Charts for the Day

[khurshedmanjra]

Good evening dear Anil S Trivedi,

TATA STEEL - taking into account to-day's crash, do you think this stock is worth entering, as I suppose it has bounced back from 387 levels. Thank you.

 

[durgesh]

Good evening dear Anil S Trivedi,

TATA STEEL - taking into account to-day's crash, do you think this stock is worth entering, as I suppose it has bounced back from 387 levels. Thank you.

Why catch a falling knife ? It may drop down to 353 quickly . The way to trade is buy strength , short weakness. JMT !!!

 

[anil_s_trivedi]

Good evening dear Anil S Trivedi,

TATA STEEL - taking into account to-day's crash, do you think this stock is worth entering, as I suppose it has bounced back from 387 levels. Thank you.

Dear Khurshedmanjra,

TataSteel is a bluechip stock and the selling today seen in bluechips is of major one.

If you see closely daily charts, the price action since 16th dec is seen as a flag. And prior trend is down on daily, so a break of that support trendlines of flag is bearish one and it will account for more selling.

By the way what timeframe you are trading is more important to catch such price action. If you are investor wait for price to bottoming action, then go for it.

For intraday trader, tomorrow first sign of strength will be holding 406. Hourly oversold may prompt for a bounce, but from where is the question.

Most important thing in market is controlling emotions. Unless you see any price action supporting strength, stay away from stock, develop your chart reading and have rules to define when you see strength/weakness on that timeframe. Thats simple as that.

Developing a plan is a simple job, but sticking to it, is the 'only thing' required in this market.

 

[anil_s_trivedi]

 

[raul12]

Good evening dear Anil S Trivedi,

TATA STEEL - taking into account to-day's crash, do you think this stock is worth entering, as I suppose it has bounced back from 387 levels. Thank you.

The level of around 388 looks critical for Tata steel on daily TF.
If it remains in +ve tomorrow => short term bullish move is possible
and vice-versa for -ve move tomorrow

 

[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.

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...

Tested a lot of patience, but still holding rest with SL...
Now daily close below 351 and i am out here...Will trail this level daily...

 

[VJAY]

 

[khurshedmanjra]

Good afternoon dear raul12

TATA CONSULTANCY SERVICES

A perfect stock for core portfolio. What are your views/targets for short/medium term time frame? Thank you.

 

[raul12]

Good afternoon dear raul12

TATA CONSULTANCY SERVICES

A perfect stock for core portfolio. What are your views/targets for short/medium term time frame? Thank you.

Gud afternoon,

I think TCS is forming a symmetrical triangle pattern. Hence I'd wait and enter the stock post the breakout of the pattern.

For targets, as I already shared in other thread, I like to be in the trade till my condition of entry is valid or I see a sign of reversal.

-bhavya

 

[anil_s_trivedi]