Some Good Steals...
- Thread starter AMITBE
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Hi Terahertz...I've not been answering queries etc here for a while, and will post some buy calls from time to time with charts and analysis.
However on TVS, I'm not aware how the sale by the Director will impact the movement of the counter going ahead.
As such, TVS has had a sharp climb in only a few sessions and some pullback should normally be anticipated. The news may have something to do with the sharp fall back.
Your entry is quite close to the highest it has been, and you must pay attention to how much risk you are taking when taking position to near all time high. Don't chase, but await a pullback always. If a counter wouldn't oblige you by allowing you a decent entry at a pullback, leave it alone. There'll always be something better.
Fortunately by the looks of it, you should regain your entry level on this despite the abrupt fall. TVS has taken support around its 12 day SMA and is now above it, at 160 tonight.
Look for supports at 156 and 152, where 152 would be s/l.
The step up levels are 166-171-176, above which look for 181-186-190-196.
All the best.
However on TVS, I'm not aware how the sale by the Director will impact the movement of the counter going ahead.
As such, TVS has had a sharp climb in only a few sessions and some pullback should normally be anticipated. The news may have something to do with the sharp fall back.
Your entry is quite close to the highest it has been, and you must pay attention to how much risk you are taking when taking position to near all time high. Don't chase, but await a pullback always. If a counter wouldn't oblige you by allowing you a decent entry at a pullback, leave it alone. There'll always be something better.
Fortunately by the looks of it, you should regain your entry level on this despite the abrupt fall. TVS has taken support around its 12 day SMA and is now above it, at 160 tonight.
Look for supports at 156 and 152, where 152 would be s/l.
The step up levels are 166-171-176, above which look for 181-186-190-196.
All the best.
Hi Amit,
Thank you for your reply. Well you are right and everytime after getting a query answered through you and Saint I again realise there is so much to learn. It shows one can read as much as one wants but what learns in addition to that by experience has no substitute. I will try to remember what you just explained. I will try to find topics on Pull backs, consolidation and volume too.
Rgds
Rahul
P.S: Yes you are right I just saw the candle stick daily chart and it shows a hammer and to strenghten it there is a white candle.
Thank you for your reply. Well you are right and everytime after getting a query answered through you and Saint I again realise there is so much to learn. It shows one can read as much as one wants but what learns in addition to that by experience has no substitute. I will try to remember what you just explained. I will try to find topics on Pull backs, consolidation and volume too.
Rgds
Rahul
P.S: Yes you are right I just saw the candle stick daily chart and it shows a hammer and to strenghten it there is a white candle.
Another interesting chart is on Rallis.
There are two somewhat less known patterns here, both appearing in quick succession: The Rising Wedge and the Falling Wedge.
A Rising Wedge is potentially bearish, while a Falling Wedge is often a bullish reversal.
Both are rather like triangle patterns, with the condition that the highs and the lows would be converging.
The two Trendlines for each of the Wedge formations clearly appear to be narrowing and seem to be heading for a meeting.
In the case of the Rising Wedge, the upper Trendline, or the line of resistance, is visibly falling lower compared to the supportline, which is slanting up steeply. The tops here want to press lower.
In the Falling Wedge, the upper falling Trendline is steeper compared to the lower line connecting the lows. The lows are obviously appearing to be firming up.
A Rising Wedge will take the rally to new highs on flat volumes.
The stock in question does appear to be doing well with higher highs and higher lows.
In reality, the stock is being passed on by savvy investors/traders to weak, speculative players.
Eventually the stock will fall with demand steadily drying up.
The converse is true of the Falling Wedge in a downtrend, where it appears as a reversal pattern, rather than a continuation pattern, which at times it tends to do.
As can be seen in the charts of Rallis at 327 tonight, the supportline at 300 forms a strong base to the Falling Wedge. Its the same line that gave resistance in the past.
The price has broken above the upper Trendline of the Falling Wedge in the last week of March.
An interesting point to note is that the 20 and 50 day SMA are quite close together at 322 and 328 respectively. The 200 day SMA falls further up at 347.
As a point of importance, a stock when crossing above its 200 day SMA is considered quite bullish.
Looking at EMAs, at 327 close tonight, the 8, 13 and 34 day EMAs are 328.70, 327.90 and 329.80. Again they are bunched together, and just a tad above the current price.
Again as a point of importance, the 50 day EMA is further up at 335, and a stock passing above its 50 day EMA is considered bullish.
So the 200 day SMA at 347, and the 50 day EMA at 335 are only a little above the current price at 327.
Also note the Trendline/resistance line at 347 would also act as a trigger, once taken.
To track Rallis as a trade setup, above 335-347, the first target would be 425, which is the highest mark back in the first week of January. 385 and 398 are likely resistance levels.
S/l is 299 at this point.
There are two somewhat less known patterns here, both appearing in quick succession: The Rising Wedge and the Falling Wedge.
A Rising Wedge is potentially bearish, while a Falling Wedge is often a bullish reversal.
Both are rather like triangle patterns, with the condition that the highs and the lows would be converging.
The two Trendlines for each of the Wedge formations clearly appear to be narrowing and seem to be heading for a meeting.
In the case of the Rising Wedge, the upper Trendline, or the line of resistance, is visibly falling lower compared to the supportline, which is slanting up steeply. The tops here want to press lower.
In the Falling Wedge, the upper falling Trendline is steeper compared to the lower line connecting the lows. The lows are obviously appearing to be firming up.
A Rising Wedge will take the rally to new highs on flat volumes.
The stock in question does appear to be doing well with higher highs and higher lows.
In reality, the stock is being passed on by savvy investors/traders to weak, speculative players.
Eventually the stock will fall with demand steadily drying up.
The converse is true of the Falling Wedge in a downtrend, where it appears as a reversal pattern, rather than a continuation pattern, which at times it tends to do.
As can be seen in the charts of Rallis at 327 tonight, the supportline at 300 forms a strong base to the Falling Wedge. Its the same line that gave resistance in the past.
The price has broken above the upper Trendline of the Falling Wedge in the last week of March.
An interesting point to note is that the 20 and 50 day SMA are quite close together at 322 and 328 respectively. The 200 day SMA falls further up at 347.
As a point of importance, a stock when crossing above its 200 day SMA is considered quite bullish.
Looking at EMAs, at 327 close tonight, the 8, 13 and 34 day EMAs are 328.70, 327.90 and 329.80. Again they are bunched together, and just a tad above the current price.
Again as a point of importance, the 50 day EMA is further up at 335, and a stock passing above its 50 day EMA is considered bullish.
So the 200 day SMA at 347, and the 50 day EMA at 335 are only a little above the current price at 327.
Also note the Trendline/resistance line at 347 would also act as a trigger, once taken.
To track Rallis as a trade setup, above 335-347, the first target would be 425, which is the highest mark back in the first week of January. 385 and 398 are likely resistance levels.
S/l is 299 at this point.
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Thanks Amit... I will keep a close watch on this counter.
AMITBE said:
Hi Alok...makes it difficult doesn't it! 
Had been wanting to post this over the weekend...but however...yes, look for a pullback for now perhaps, but above 450.
Or buy in half quantity, and wait for a pullback and take some lower if possible, above 450. If no significant pullback, just keep to that position. The caution comes mainly from the market conditions.
I'd bought half at opening this morning and added the rest breaking over 450 as I have been tracking this.
Always keep an eye on the markets too.
The market is going to close soon so be careful just in case there is any pruning down.
All the best.
Had been wanting to post this over the weekend...but however...yes, look for a pullback for now perhaps, but above 450.
Or buy in half quantity, and wait for a pullback and take some lower if possible, above 450. If no significant pullback, just keep to that position. The caution comes mainly from the market conditions.
I'd bought half at opening this morning and added the rest breaking over 450 as I have been tracking this.
Always keep an eye on the markets too.
The market is going to close soon so be careful just in case there is any pruning down.
All the best.
Hi Rahul, the folowing is from my reply on April 4 to your query on Riddhi Siddhi:
Riddhi is trading at 216 at this point, wanting to edge above the 'rim' line of the 'cup'.
To form the 'handle', should it trace out the typical C&H, it would make a slight pullback to below the rim, trade sideways for a few sessions, and then move strongly up.
Keep a watch, Rahul.
Regards.
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Hi Roneeth...yes, the charts do make things easier to follow, don't they. You're welcome.
On Greaves Cotton, on the attached weekly chart see the trendline.
The last weekly bar touches the low at 379. This would be the stop, or to be more flexible, let's just put it around 375.
This bar is also seen in the daily chart, which gives us further confirmation.
At 430 now, as long as 407 can be maintained, it's firmly bullish.
430 onwards, the step-up levels could be seen as 437-442-447-450-453-456-459.
As for target price, in the chart the difference between the breakout level and the highest so far is about 105.
Add 105 to the highest at 435, and we get a likely technical target of about 540.
Quite simple, isn't it!
All the best Roneeth!
On Greaves Cotton, on the attached weekly chart see the trendline.
The last weekly bar touches the low at 379. This would be the stop, or to be more flexible, let's just put it around 375.
This bar is also seen in the daily chart, which gives us further confirmation.
At 430 now, as long as 407 can be maintained, it's firmly bullish.
430 onwards, the step-up levels could be seen as 437-442-447-450-453-456-459.
As for target price, in the chart the difference between the breakout level and the highest so far is about 105.
Add 105 to the highest at 435, and we get a likely technical target of about 540.
Quite simple, isn't it!
All the best Roneeth!
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