Charts for the Day

[anil_s_trivedi]

Dear Amrutaji,

Reliance power is in downtrend. Stock making first attempt of overcoming steep selling with good accumulation pattern going on.

It overhead resistance of 50 SMA is on daily will give further clue. whether bulls have appetite to move higher.

I am seeing a huge +ve momentum divergence on daily, this is some good news for bulls.

Overcoming 40 levels, will hit 45 and then 52 in sight. Only above 52 your buying zone of 70 will have any chance.

The recent bounce is just a play of daily/weekly oversold zone. So stock need to show strength to drive this rally higher towards 45/52 zone.

Expect lower support at 35-36 a crucial one to hold now.

sustaining above 50-51.2 zone crucial, a 200 SMA nearby is crucial to cross and hold it.

Expect more upside if held 50 levels well. Else trailing current positions can be best option.

 

[anil_s_trivedi]

Dear nitinji,

Regular readers know here, i hate Reliance camp, stock charts every time deceive or may its management thats is not worth for...Leaving my sentiments here... Reliance Infra is in downtrend on weekly charts...

I think you had drawn on arithmetic scale...I generally first look at weekly charts on log and then switch on daily...if i dont found anything on weekly, i change arithmetic to daily...in any case for daily i use arithmetic only...weekly charts on log only for S/R levels only.


Now, closely looking at i had observed chart since few weeks back and i am seeing accumulation at that time, but poor me stock made flag out of it and breakdown...Still after testing recent bottom i am seeing some accumulation. One of my critic told me, its a pure institutional game...where they break levels to accumulate and then move the stock up.So holding that point as of now.

Levels wise, i see holding 324 good for short term strength sign. On higher timeframe i want to see crossing 355 / 395 for long term rise. Momentum wise stock getting oversold.

But stock has raised expectation this time, i am seeing constructive patterns going on, recent rise also seems to be a good base formation going on...

 

[ampa]

Hi Anilji

Can you review RS Software.

I have attached chart here for reference and it seems to me that it is in down trend.

Please let me level to enter this stock.

Thanks
Amruta

 

[anil_s_trivedi]

Hi Anilji

Can you review RS Software.

I have attached chart here for reference and it seems to me that it is in down trend.

Please let me level to enter this stock.

Thanks
Amruta

Dear Amrutaji,

RS software is in downtrend, as seen from weekly charts. It resisted along supply line continuously. The solace for this stock is holding 50 SMA on daily with volume action.

Ideally you can play here in two ways. First break of downtrend supply line with volume but that can attend only on break of 176-177 zone. So you need stoploss accordingly there.

Second is initiating position around 50 SMA on daily near to 150 levels. But mind you support coming in at only near to 135-142 zone.

I generally stay away from such stocks in downtrend, unless i see great accumulation in it. Also for stock in downtrend, i go for half my position size.

 

[ampa]

Anilji

Can you please give your opinion on Godrej Properties and MIC Electronics.


Regards
Amruta

 

[sudhakars]

Dear Amrutaji,

RS software is in downtrend, as seen from weekly charts. It resisted along supply line continuously. The solace for this stock is holding 50 SMA on daily with volume action.

Ideally you can play here in two ways. First break of downtrend supply line with volume but that can attend only on break of 176-177 zone. So you need stoploss accordingly there.

Second is initiating position around 50 SMA on daily near to 150 levels. But mind you support coming in at only near to 135-142 zone.

I generally stay away from such stocks in downtrend, unless i see great accumulation in it. Also for stock in downtrend, i go for half my position size.

Hi Anil,

Whats the status of the RCOM? Holding Future from 79...

 

[anil_s_trivedi]

Anilji

Can you please give your opinion on Godrej Properties and MIC Electronics.


Regards
Amruta

Godrej Properties

MIC electronics


Dear Amrutaji,

Godrej Properties is in uptrend and have a nice basing in on low volumes and having a follow up breakout with volumes. The small reaction in late september also on low volume was prefect entry zone. Watch the reaction bars have low volatility and small range ones. Rest levels with readings on chart.

Mic electronics again stock in uptrend having consolidation below 50 DMA, stock having low volumes consolidation a positive for stock. Entry can be on breakout or closer to support zone. Keep stoploss tight here.

 

[anil_s_trivedi]

Hi Anil,

Whats the status of the RCOM? Holding Future from 79...

Dear sudhakar,

Stock having excellent rise on weekly momentum setup. Closing on weekly going strong.

Crucial levels are short term negative below 77.
Intermediate term trend up as long as holding 73.

Since your in futures, i assume you are short term trader. So levels to watch on early are Early weakness below 79, if breaks 78.2 add on weakness, more below 76.

 

[sudhakars]

Hi Anil,

Thanks for the reply...

I bought RCOM future @79, now its closed @81.5 on friday. What targets we can expect in this week ?

 

[ashwanyks]

Nifty – Will it complete the 5 wave pattern
Let's first review some of our earlier posts on Nifty

05.10.2015: Nifty Future - Bullish reversal signs are observed

09.10.2015: Are we going to see 8500 levels?

14.10.2015: Nifty at support - Will it make or break?

Now Today, 16.10.15: What Next? Will it complete the 5 wave pattern

Nifty behaved during the last 15 days exactly as anticipated.
Now let's see if it completes the 5 wave pattern?
Read More at http://wp.me/p6HdYx-2i
See chart at http://www.traderji.com/technical-analysis/100266-elliot-waves.html#post1112546

Your views / comments / suggestions are highly appreciated. This will encourage us to share more.

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As always Stay Disciplined

Best

CA Ashwany