How to know that Indian Pharma industry is making a turning around? Have a look at Nifty Pharma Index. It is above 200 DMA and holding above it, and secondly 50 and 100 DMAs are crossing on the upside. Then look at the major pharma stocks such Lupin, DrReddy, Cipla etc. Most of these stocks, barring a few, are above 200 DMA. So those above 200 DMA should be...
I published this chart last night saying that I shall wait for consolidation or correction to enter long. Time to be watchful It will take some time.
I published this chart. All the best. Chart study is prime. It takes time to fine tune.
Nifty at 50 DMA. The present formation of the chart and price move appears like consolidation. If this is right, it may take some more time to finish this consolidation. Till then no trend. No change is the support taken by bulls at 10600 strike Puts (highest OI) and resistance at 11000 strike Calls.
Pharma segment is changing the track. Lupin above 200 DMA and consolidating in 4th wave. 50 and 100 DMA have given the cross on the upside. Resistance and 5th wave lies at 943-4.
Once a star. Fallen from grace. Now tings are changing. Above 200 DMA. Resistance line is drawn. That is around 600 Call strike where bears have taken huge position. It may take some time. Like Cipla, when 600 will be taken out, it will be a big breakout. By then 50 will cross 100 DMA. These two parameters (200 DMA and 50 crossing 100) are common features of...
This what a breakout does after a long consolidation. Covered this quite often. It is a case of multiple breakouts. Now I shall wait for correction or consolidation to enter into a fresh position. At this moment profit booking can happen any time. I said that it is a great thing in the making.
Covered this stock earlier when price made a bottom. Pharma Industry is showing signs of recovery after of 4 years of lull. The stock made a steep move to cross 200 DMA and then corrected towards 200 DMA. Now if 200 DMA provides support, price may see the swing high. 50 DMA may give an upward cross to 100 DMA, will boost bulls. Immediate resistance lies at 2300...
Posted this chart earlier. Price consolidated at the long held resistance line to breakout. 50DMA about to cross 100 DMA. Pharma segment is turning around. Good time to invest for long term gain. I shall cover select Pharma scrips as an when they fulfill the logic of technical study.
Trendless Nifty. One day up, other day down. Directionless Nifty. However, bulls are holding 10600 by writing heavily the same Put strike (highest OI). So price today made a low of 10604 and then moved up. So we have to watch this level for some more days. Bears dominated today on the screen. Bears are again sitting at 11000 Calls. So 11000 is the resistance. ...
Good reversal on Friday from 100 DMA. But the trend is still missing. Oil is boiling. USDINR is boiling. Nifty halted at 5 DMA. Above 5 DMA momentum should come back. Above 200 DMA, major trend is up. On the weekly chart 5th wave is running which will face resistance at 11173.
This is a bright example a trader may like to take note of how 200 DMA plays a significant role in the life of a stock. During the recent upmove price could not be held above 200 DMA. Now we have to see if correction is done. There is a possibility of 50 crossing 100 DMA on the upside. If this crossover happens, SBIN may again go towards 200 DMA.
I have been covering Titan regularly. In the last post I said that price may take support at 200 DMA and correction may end here.
An uptrending stock consolidation for quite sometime. Not able to give another breakout. Negative Divergence in MACD has triggered and bears are sitting cool by heavily selling at 1200 Calls-- highest OI. Price closed below 50 DMA and remaining below this MA, it may head towards 100 DMA at 1112 where bulls have taken good position by writing at 1100 Puts. So it...
An uptrending stock corrected suitably and finished correction at 200 DMA. Now rising once more. Breaking out of the earlier highs. 905 is a steep resistance and it has a Negative Divergence in MACD as well. Bears have taken a strong position at 900 Call and siting tight. Crossing this will give another boost to bulls for a steady rise.
Nifty took support at 100 DMA. So if this MA is held by bulls, some uprise may be seen. Else 200 DMA.
Britannia like KotakBank is one more stock which is remaining unaffected by market swings. At present it is having resistance at 6200 where bears have written Calls heavily. And at that level a Negative Divergence will appear. Hence price may see minor correction. This will be a good opportunity for going long.