Swastik24

Swastik24

Fall started at key level around 35985 (Dashed yellow line). Today's closing below that level indicates possible fall. There is a strong bearish divergence in RSI with declining trend in volume. Most heavyweight constituents are in confluence as they are at their key resistance levels. Expecting the bottom to be around 32200 level. Do your own due diligence...

Swastik24

4th largest Indian player in the global IT services industry behind TCS, Infosys and HCL Technologies. Company is having sound fundamentals. Technically it is highly bearish. In short term, a pullback towards 500 odd levels is more likely for a possible bull trap. 530 level will act as strong resistance zone (highlighted in red). Expecting IT index to correct...

Swastik24

If the current resistance level (35650) breaks then this scenario may play out which I am going to explain. It may remain sideways moving in a triangle pattern highlighted. In a triangle pattern each swing is comprised of 3 waves with a total of 5 swings before break out. You can see the previous two swings are 3 waves moves. Even if this plays out there will...

Swastik24

The second-largest Commercial Vehicle manufacturer in India. Already manufactured 40 electric buses for Chandigarh which will be operated under Switch Mobility Automotive Ltd. The high cost and range of EVs are the barriers unless every state govt. plans to start their fleet of EV buses and battery tech evolves with proper charging infrastructure. Private...

Swastik24

It is moving inside a descending broadening wedge pattern similar to NIFTY50. Expecting BANKNIFTY to hit 34900-35000 level before the last dump towards 32000 level if it will form Adam & Eve pattern I have highlighted as V shaped bottom and rounding bottom. Only if the 5th wave is overextended, it can reach the edge of the pitchfork at 30180 level. Both the...

Swastik24

It is moving inside a descending broadening wedge pattern inside a bigger descending broadening wedge pattern highlighted. Expecting Nifty to hit 16630 level before the last dump towards 14920 level. 16630 level is at the confluence of 50 MA, trendline resistance and the top of the runaway gap which is going to get filled along with strong bearish divergence on...

Swastik24

Expecting further fall towards 11500 level which is at key support and weekly RSI showing strong bullish divergence. If price bounces up from key support then 15500 level will act as strong resistance level. If key support breaks then next support will be the trendline support around 8600 level. (Highly likely as it is overvalued and promoters are selling) Best...

Swastik24

An undervalued debt free small cap pharma with strong fundamentals available at a PE below 8. A potential Cup with Handle pattern is forming. Expecting price to reach green support zone highlighted, Golden FIB and Pitchfork edge is adding more confluence to that level. Good to accumulate around 35-40 levels for the following targets: Short term swing target @...

Swastik24

Ranked as world's largest home textile supplier. Potential Multibagger!! There is divergence in RSI on weekly and Stochastics is hitting the floor on monthly. Sales declined since SEP 2021 with decline in OPM%. A decline of more than 63% shows price has already factored in these fundamental aspects. Net profitability has increased by 11.3% Key support level...

Swastik24

A potential Cup with Handle pattern is forming. Expecting further drop to 145 level for a good buying opportunity in this micro cap stock. Promoters are buying while OPM% declined on a quarterly basis. Plans for setting up a 2000 TPD cement grinding unit. Accumulate around 140-150 level for the following targets: Short term swing target @ 220 (51% ROI with...

Swastik24

Expect support around 365 level, which lies in confluence with key support trendline. FIIs sold a major chunk, which was bought by DII's & retail public. Rising debt is concerning while profit figures are getting better with better sales and OPM%. Can accumulate around 350-380 levels for the following targets: Short term swing target @ 550 (50% ROI with 5.3...

Swastik24

Price is now at key support level. Though the fundamentals are good, valuation is at a higher side. Expecting IT INDEX to fall another 17% towards 25500 level, which may drive it low towards 2750 level. Trendline support will provide confluence at that level. Its better to accumulate around 2700-2800 level for the following targets: 1) Short term swing...

Swastik24

A potential reverse Head & Shoulder pattern is forming. Fundamentals are not good but technically if this pattern plays out then it can hit 960 or even 1000 level as its technical target. Currently price is moving inside a descending channel. Expecting support to be around 300 level. In worst case it may fall to 200 level (very unlikely) Better to enter...

Swastik24

I have made some changes in this analysis. Kindly disregard my previous analysis linked below. Now price is at key support level of 1300. If breaks it can easily fall to 1000-1100 levels where trendline support will add confluence. Accumulate at 1000-1100 levels for the following targets: Short term swing target @ 1475 (40% ROI with 4.25 R:R) Medium term...

Swastik24

Massive fall ahead! Weekly RSI shows strong bearish divergence which conveys that the breakout was a fake out to form a bull trap. Most of the TATA's & Adani's stocks rallied too far because of the Green Energy & EV hype. Being highly overvalued, needs a big correction. Its fundamentals are concerning. Not much fuel left for NIFTY ENERGY to move upside,...

Swastik24

A potential double bottom is forming. This rare pattern highlighted is known as Adam & Eve pattern where first bottom is V - shaped and second one becomes rounding bottom. Recently it broke out of head & shoulder pattern and may retest the neckline again before heading towards its technical target around 31500 level. If that level sustains then the rounding...

Swastik24 Updated 

Price is near the retest level of Head & Shoulder pattern. Technical target is around $11 which will be resting at the lowest support of the pitchfork. It will definitely be a good buy around $11-12. Just a bit of my analysis and not a trade recommendation. DYOR before placing any trades.

Swastik24

High probability trade setup. Price is moving inside an ascending channel since Covid crash. Broader pattern looks like potential Cup with Handle formation. Handle is forming inside the descending wedge pattern highlighted. Accumulation zone is around 200 level highlighted as green. Medium term swing target @ 400 (100% ROI with 8 R:R) Medium term positional...