Charts for the Day

[anil_s_trivedi]

Pharma sector witnessed a technical change last week with many names closing above 200 sma...Indicating a underlying technical change getting take place...Now many scrips crossed 200 sma thing to watch is higher low in scrips in coming days...It will give clue of the relentless buying taken in previous week...

 

[khurshedmanjra]

Good morning Anilji,

Would it make sense to start watching weekly charts from Thursday evenings, which could give an indication as to how the week could end, or what could be expected for the next week ?

Kindly give your inputs, and strategy, if any, for analyzing weekly charts.

Regards
Khurshed

 

[anil_s_trivedi]

Good morning Anilji,

Would it make sense to start watching weekly charts from Thursday evenings, which could give an indication as to how the week could end, or what could be expected for the next week ?

Kindly give your inputs, and strategy, if any, for analyzing weekly charts.

Regards
Khurshed

Khurshedji,

I assume you are interested in coming week action. Yes weekly charts are important and most important is previous week close and current week open...If market is sustaining above prev week high it implies bulls strength and any fall towards weekly open/close get buying it means bulls are coming in...You get clues for the trading if one is well versed with weekly levels...

If market opening gap up on monday above prev week high it means bulls showing strength, but if in midweek prices start to trade below prev week high it means the strength shown by bulls in start of week is loosing strength so likely price will move towards prev week close and if more weakness then towards prev weeks low...Below prev week low bears will try to keep price below so that left over bulls would loose their position soon.

For investing also, weekly chart should be starting point for analysis...and then daily charts...

 

[khurshedmanjra]

Thanks a lot Anil ji

 

[ravi2126]

View on nifty plss.

 

[anil_s_trivedi]

Infy is in uptrend in intermediate charts, short term down...stock is not going down much despite heavy volumes on on recent down bar...I am expecting support in the region 1080-1100...a region to go longs with stoploss below it...

Trade going nicely otherwise in this subdued market...

 

[nitingosavi]

anil sir,

something on yesbank / tatasteel plz.
if possible plz post chart.

 

[anil_s_trivedi]

View on nifty plss.

Raviji,

Nifty is just going nowhere...With earning season due to start lets see how it goes...With todays closing coming below 50 sma all is not well...Midcap and smallcaps having hard time...Infact by seeing shouting buys from broking houses it seems pain is still there...Many scrips have fallen 60-70% what one can expect , those who are trying to bottom fishing will be roasted royally...Stay away from scrips in downtrend..find the opportunities in scrips in uptrend...

Its all stock specific action from now on as earning season set to start so volatility will be there and it will be cruel one...as this is first quarter of current FY and many GST effects are slowly getting absorbed in, so this one and next quarter would be important one...

Nifty staying below 21 and 50 SMA is not good for bulls as more likely a swift test towards 200 SMA...

 

[anil_s_trivedi]

anil sir,

something on yesbank / tatasteel plz.
if possible plz post chart.

 

[anil_s_trivedi]

Trade going nicely otherwise in this subdued market...

Cut half at 1280 today, rest with SL below 50 SMA.