Charts for the Day

[anil_s_trivedi]

Hi mangup,

As seen from chart Hindalco is in a consolidation phase and it looking like a continuation setup. So it should ideal break it on upside. Lets see how it goes.

Watch the flirtation with 50 DMA, its still in rising mode so lets see.

Reading pure price chart tells me, a resistance at 118 levels. If crossed and sustained next tgt in sight with trendline break is at 125.9 levels.

On downside, support at 110 levels.

Momentum readings showing a short term down but flattening, intermediate level Up and long term fallin down. This perfectly describing triangle in pattern.

I would look out for long only trades till, 107 levels taken out.

 

[anil_s_trivedi]

Nifty update:

Spot level 6165 is a reference level for the series. So watch it out. Next formidable resistance only at 6200-05 level.

 

[anil_s_trivedi]

 

[timepass]

Just killing options premium both ways.

 

[anil_s_trivedi]

Just scanning scrips with two possibilities:
1) Continuation of uptrend on weekly charts
2) Retracement trades on weekly

As usual continuation will aim higher, while retracements ones are likely for a 15-20% immediate upside.

Scrips are:
1) bharat elec - REtracement
2) Castrol - Continuation
3) DHANUKA AGRITECH - Continuation
4) HATHWAY CABLE & DATACOM - Continuation
5) ICRA - Continuation
6) NUCLEUS SOFTWARE - Continuation
7) STATE BANK OF MYSORE - A likely bottom done and stock ready for upmove
8) STRIDES ARCOLAB - Continuation

Hi,

Review of our earlier casual list of stocks just for trading...
1) Bharat Elec - Doing nothing, in sideways mode.Stoploss on closing bassi below 1040, but i am out of it.
2) Castrol - Didnt enter as low of trigger bar breached and closing too below it on 5th nov
3) Dhanuka Agritech - entered at 145 on 5th nov and moved upto 165 high, a good 13% trade out at 10%.
4) HATHWAY CABLE & DATACOM - Not entered breached low of trigger bar next day, and not moved above high of trigger bar.
5)ICRA - Entered at 1335 high yesterday at 1499. 12% up till date. SL 1423 on closing basis, Trail it.
6) Nucleus software - Entered at 103 high till yesterday 122. 18% Up.Part book, rest trail it SL 112 closing basis for today.
7) State bank of mysore - Entered at 456, SL was at 435, a 4% losss trade.
8) Strides arcolab - Entered at 892, High till yesterday 941.5.Its a 5% UP.Holding it SL 902.

So, the small trading list stocks not fared that much badly. Anyways point is i played with some of range bound stocks. Need to work on stock list again.
One requires a list of 200-300 stocks, good one to trade for short term,
Spanning different sectors.

 

[anil_s_trivedi]

Still flirting with 50 DMA, Now strength above 81 only.

 

[sabhlok_r]

Anil, your views on tata steel for short term... is it a good short candidate at this level(383 cmp) ?

 

[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.

Stock didnt corrected to our anticipated levels of 250-55, and after making low around 285, it moved higher. So our trend anticipation was right one. It made high of 307 yesterday.

But anyways its a missed trade.

 

[anil_s_trivedi]

Anil, your views on tata steel for short term... is it a good short candidate at this level(383 cmp) ?

Dear sabhlok,

Its a bluechip one and doubled in today when hitted at 390, after making low at 195 on 7th august.

So you can imagine profit it made.

Now as per trend follower its in a uptrend mode.

Now as per your view for shorting in short term , it made NR4 and NR7 yesterday, it breached higher today but didnt seem making closing above yesterday high of 387. So its a sign of loosing steam in short term. My long term TGT in august for this scrip was at 378 levels.

Momentum on daily is still UP. Closing below 379 level is first sign of weakness, but that too for short term. As Trend on daily in intact.

First thing is why you are shorting it, any signal as per your readings. Apeart from overbbought and oversold things. As stocks can remain oversold and overbought when momentum takes driver seat. So if you follow any study and indicating short term top sets in, follow SL of that study only.

Dont give money easily to market makers...

 

[sabhlok_r]

Dear sabhlok,

Its a bluechip one and doubled in today when hitted at 390, after making low at 195 on 7th august.

So you can imagine profit it made.

Now as per trend follower its in a uptrend mode.

Now as per your view for shorting in short term , it made NR4 and NR7 yesterday, it breached higher today but didnt seem making closing above yesterday high of 387. So its a sign of loosing steam in short term. My long term TGT in august for this scrip was at 378 levels.

Momentum on daily is still UP. Closing below 379 level is first sign of weakness, but that too for short term. As Trend on daily in intact.

First thing is why you are shorting it, any signal as per your readings. Apeart from overbbought and oversold things. As stocks can remain oversold and overbought when momentum takes driver seat. So if you follow any study and indicating short term top sets in, follow SL of that study only.

Dont give money easily to market makers...

Thanks Anil for the prompt response. It has not touched 3 EMA (376) so planning a short with 376 as the target.