Charts for the Day

[anil_s_trivedi]

Tata power again on daily seems to be sitting on upside breakout.
Watch it.
On weekly though it looks like a retracement, but daily indicating it can be possible upside reversal.
Watch it for zoom trade.

 

[anil_s_trivedi]

 

[anil_s_trivedi]

 

[anil_s_trivedi]

In our previous analysis we had analysed according to price action resistance at 6290-95. Market did responded yesterday near to that fierce run up and failed to cross it and fall badly.
We also marked below 6244 its a case of weakness, but on 6th nov market flirted around that level, and on 7th only i.e. yesterday is showed its real significance.

The momentum sell generated on daily did impacted as expected, and market falling. But we need to remain caution as many are still not convinced about this fall to a greater extent.
So what we do. We remain alert to price action levels and will act in accordance only and not with others expectations. On downside 6140 is a crucial zone on weekly basis, closing below it can take towards 6000 levels.Similarly on daily, holding 6195-6200 is first sign of strength.

For intraday today, first sign of strength above holding 6170 zone, and on downside failure to hold 6140 can invite 6120. A real test there and failure to hold that level will invite 6050/ 6010 zone.

 

[anil_s_trivedi]

Nifty update:

As expected unable to clear 6170 and failed to hold 6140 got tested 6120 level and hold it for as of now.
Now fight on for weekly closing above 6140 zone.

On 5min charts +ve divergence is seen and any short term play for upside should have stoploss at 6133.
Any intraday upside will face now minor resistance at 6170.

 

[anil_s_trivedi]

Bharat forge is a stock which showed improved relative strength now run up into straight line, but as of now resisted at falling weekly trendline resistance.
So we will wait for retracement near to 250-255 zone to get long, as stock on weekly chart showing improved momentum and may climb higher.

 

[jain.er]

Anilji how do you filter the stocks to trade is there any preferred set of stocks you keep tab of

 

[anil_s_trivedi]

Anilji how do you filter the stocks to trade is there any preferred set of stocks you keep tab of

hi jain.er,

My investment portfolio for stocks is divided into three set. First is into short term, where i trade pullbacks against the trend or looking for retracements against the trend.

Second set where, higher timeframe like weekly show loss in current momentum, and then go on daily and initiate trade with reversal in mind.
Ex: if weekly is downtrending, look at MA's and MACD + MACD histo, see macd histo making a bottom and moving tick up. Thats the area when you switch into daily look for trade retracement on daily, as weekly showing wither reversal in sight or at best a consolidation. So your targets here are not too large.

Third is pure trend following. where higher timeframe is in uptrend and you will enter on pullbacks on lower timeframe.
Here targets are much higher.

And you need to merge this styles with trendlines setup on daily + weekly, and momentum readings.

My trading style is momentum based trend following. And in that you can trade in two ways. If against the trend(like identifying tops and bottoms, like we did here in this thread for Hexaware and Jain irrigation), you stoploss is small.
And second pure trendfollowing momentum setup, where stoploss is bit higher and yes targets are you never know. Some scrips run like a hell. Just trend it.

 

[anil_s_trivedi]

Hi,

On a request from one of member, posting chart of S&P500. As it seen from naked eye its in uptrend. And fridays reaction of a comeplete reversal catch many naked and punished too.
If i zoom in on lower timeframe, it seems prices are showing inherent weakness to hold that 1771-17712 zone. And its getting sold into that zone regularly.
So i have my resistance zone marked as 1771-1772.

Now a price trading near this zone, and a break of 1763 will surely stamp my theory and i will prefer to short it, but no long.

On momentum scales i am getting sign of weakness, and bar on thursday has comfirmed it too. But bar on friday trying to reverse still be best seen as a inside bar. So it has raised doubts on many minds.

As a objective plan i will try to short near to 1771-72 zone with a small stoploss. And more weakness below 1763 levels.

Mind you weakness i am seeing is on daily charts, and weekly will need atleast a close below 1754-55 level to mark it as a weak.

 

[anil_s_trivedi]

In our previous analysis, we did emphasized on closing weekly above 6140-45 zone, but market failed to, and we also analysed it may test lower level till 6020 or so if it fails to close above 6140.

In the same level of our analysis, right now 5min charts showing positive divergence in making, but on the other hand not showing enough strength to clear 6100 deck. So until 6100 clear it off, intraday strength not possible.

On lower side levels of 6024 is still open. Problem is everyone now searching for a bounce, and market slowly inching down, without making noise.

If focus on daily charts, then closing is not good, and we mentioned near 6270-80 levels that positional sell got on nifty, and it didnt even tested it back, so someone is hurry to offload or book profits. Understand markets urgency to test some levels and sometimes its helplessness to fail to test it.

So what to do now, on upsdie focus on 6095-6100 clearing it may test 6135 / 6150 levels. On downside 6024 awaiting.