Charts for the Day

[anil_s_trivedi]

Bank nifty still in SELL mode. Although on intraday holding 11115 is a good signal, below it, a weakness will set in. Intraday level valid for this hour only.

ON daily, i will see comfortable only above 11525 levels, and 11400 also is a sign on strength on positional charts.

Lets see, how much nifty can run, as its in buy mode holding 6190, below it, again a case of weakness.

These readings are from trend following perspective.

 

[anil_s_trivedi]

A request from a member about a view for techmahindra. Stock in uptrend from a weekly chart and moving closer to all time highs.
Support/Resistance levels seen as per weekly charts, pointing a steep rise, but adding momentum signals it seems slowdown is seen, and stock may be completing intermediate top soon. So wait for a rise or a reversal signal closer to all time highs.

Volume seems unusual on a bar, and breakout from that range not getting high volume, indicating unloading happening already.
So whats the strategy, its wise to have a profit booking closer to ATH. As momentum signals getting fatigue. But we will wait for a price action of a bearish reversal or a pin bar setup. May be stock will attract CALL option writers here.

 

[anil_s_trivedi]

Hondal Siel power, looking good on momentum readings and is a pure trend based momentum play.

 

[anil_s_trivedi]

Amtek Auto trading above 50 DMA. A brief test of 50 dma occured on 20th, and stock looking good on volume levels.
Stock can be traded immediately with tight SL of 67 on closing basis, or bought near to 50 DMA with 64 as closing stoploss.

 

[MAHESH468]

Hi Anil,

Thanks for your wonderful sharings.

Could you please do a analysis on Mastek and share with us please.

Thanks,

Mahesh Asrani.

 

[anil_s_trivedi]

Nifty update:

Looking bearish, more it sustained below 6290.

 

[anil_s_trivedi]

Hi Anil,

Thanks for your wonderful sharings.

Could you please do a analysis on Mastek and share with us please.

Thanks,

Mahesh Asrani.

hi Mahesh,

Masket right now in a consolidation mode, tried to break resistance at 156-158 is successfully cleared then next resistance at 180-85 zone. Above this stock may zoomed to 250 odd levels.

Price action purely telling us, a support in 130 level. A crucial support at 110-15. If i am long i will keep stoploss near to 130 levels. However momentum wise it seems it will clear above this time, let see how it goes.

Another thing is stock looking good on relative strength basis, implying more of the move seems to be accumulation action.
I will attempt long on retracement if any near to 130 zone or near, so that stoploss should be affordable. Or if already long trail stoploss.

Below 110 its of no business to be in this stock.

 

[MAHESH468]

Hi Anil,

Once again thanks for your quick response.

Is'nt this forming a Ascending Triangle ?

What should be the right price to exit ?

TIA.

Warm Regrds,

Mahesh.

 

[anil_s_trivedi]

6290 a level to see today and on expiry.
A reference support exist at 6235-40 need to hold else more selling.

 

[anil_s_trivedi]

Hi Anil,

Once again thanks for your quick response.

Is'nt this forming a Ascending Triangle ?

What should be the right price to exit ?

TIA.

Warm Regrds,

Mahesh.

Hi,

The triangle you are talking on already breached on downside, market with red region, and tested also. I am not seeing any other ascending triangle formation as of now.

Also the broken point got tested quickly and most of time we spent above that zone. So its wise to say that pattern got negated.

I am talking about multi year ascending triangle as seen from first chart.

Edited---------------

Hi,

oops i missed, yes ascending formation still in progress.personally one more test to trendline will ensure clean breakout on upside. Lets see. And sorry i am talking earlier on symmetrical triangle.

Thanks.