Reverse head and shoulders pattern had depth of 1129 points to the head from base. This meant push of 1129 points from base to further up which comes up to 13297.
Nifty seems to have topped at that level and coincidentally that the level of resistance line Nifty has been following since Covid times.
Any closing below 13297 shall open Nifty up for fall to 12400...
Crude oil has Confirmed breakout of a long term resistance line on weekly chart. Key considerations:
OPEC back in action
OPEC+ member Mexico recently cashed in their biggest oils hedge
Consumption and demand back up
TCS has been respecting the range proposed in the last idea. Still waiting to see closing above 2744 for a significant upside.
However, we can see formation of a reverse head and shoulders pattern at the resistance line of 2744. This means a breakout on closing basis shall take the stock up fast.
Reliance after forming three Doji in last five trading sessions of November remains locked inside the marabozu candles levels.
RSI about to breakdown below 40
No longs to be initiated before closing above 1985
Lower levels are open as soon as the support line is broken on closing basis.
DXY is close to 91 levels which has been breached downside only once since Sept-17.
Must keep close watch on DXY closing below 91 which shall be early signs of continuing fund flow into emerging stock markets.
Any reversal from this level will strengthen bearish view on Nifty during last couple of weeks of December.
May be some news brewing or may be just the push for #NiftyPharma but torrent Pharma is all set to resume upwards journey with highly favourable risk reward ratio:
1. Closed above 23.6 percent fibo Retracement
2. RSI upturn from above 40 levels
3. Support line created for stop loss
Dr Reddy had a breakdown from the flag pattern it formed after huge upwards movement and filled and the gap and also consolidated in the range.
Last three closing have respected 9 DEMA and a closing above 4875 would mean respect for 21 DEMA also.
The stock shall take significant upmove on closing above 4875.
After a commendable run post good results and buy back. TCS has moved back into its upwards channel and is not consolidating with support of the gap created on Buyback news.
December month is good option to sell calls of 2750 and take long positions on closing above 2750 for 3000 levels.
Finally Reliance cleared it's direction after three Dojis towards down side by breaking all three Doji lows of 1920 in intrady and RSI is now below 40 again.
It's all set to test recent low of 1835 on Tuesday itself and then next two are fibo Retracement levels of:
61.8% - 1795
50% - 1680
Excellent buying opportunity below 1680 once RSI starts the Support sign.
Today Kotak Bank clocked highest ever daily volume which was primarily generated during last 30 mins of Trade. A whopping 70 Mn plus shares volume.
Inspite of this thrust the share couldn't push beyond or even touch it's upward rising multi year trend line (excluding Covid Period).
This indicates sharp offloading of shares at higher level. Expect extremely...
Bajaj Finserv has had a fantastic run in November however last four trading days of November it has not been able to cross blue trend line which signifies long term wedge it was following pre covid.
Barely keeping above the 78.6% Retracement Level and failing to close above trend line.
Look to short on closing below 8711 for a decisive down turn till ultimate...
#Reliance formed a third Doji in last four days of Trade. There is strong clash between bulls and bears within the range of 1980 to 1920.
With expiry keeping things unclear, the #December series can see sharp moves in either direction once this range is broken on closing basis either side.
Ultimate targets remain the same - 1600 on lower side and 2200 on upper...
Dollar Index (DXY) is continuously taking Support at 92.00 levels in November and Nifty has consolidated around 12,800-13,000 during the same period.
It is the same levels from where DXY attracted investment and resulted in sharp correction in Nifty during September.
Just keep an eye out for DXY to retrace for shorting Nifty or to close below 91.70 to go long...
Bank nifty made a new intrady high of 29827 but couldn't close above the previous high on closing basis of 29749 (18th Nov).
This signifies dragging of bull run till the end of a series, distribution at higher prices.
Bank nifty unless closes above 30,030 is not not a candidate for long. Stay cautious and for existing long positions keep strict stop loss of...
#HDFCBANK has tried to breach its long term trend line four out of five times now and haven't been able to close above it.
Price action on 15 minutes chart clearly shows distribution at higher prices. RSI has fallen below 70. It's ready to retrace and test levels of 1300 (to take support at its covid period rising wedge) and even 1260 (retest previous high)