As Expected ( Please refer to the linked post) Nifty opens with an up gap at 19521, which is near immediate resistance i.e. 19544-19550.
Since it was a gap-up opening of approximately 100 points and near resistance, creating new long positions immediately makes no sense.
Why was I expecting a Gap-up opening today?
1. Prices bounced twice from the support area...
Nifty opens with a down gap at 19446 vs. the previous close at 19528, approx 80 points lower.
Lost another 50 points post opening in the first hour and tested immediate support at 19392.
Took or you say tried to hold the support in the next hour though couldn't sustain in the following trading hours and fell further until the next support at 19331.
Hinduniliver is at multi-support level.
This is the level where it took support multiple times in the past and bounced from it.
Considering the previous price action, chances are that prices might bounce from these levels again.
Hence with a small stop loss, a long trade can be taken in this stock.
I have drawn a downsloping trendline along the previous peaks,...
I identified this stock as a probable candidate for a breakout trade (Refer to the previous post linked here)
And we did see a breakout and run up to 540-550 levels.
Now the stock has come back to the breakout level, the previous resistance area which now would serve as a support area( 455-463)
and this week a hammer-like candle is also formed in the support...
Another Breakout stock that came on my radar is Sapphire Foods India Ltd
This stock has been consolidating in a range since its listing.
The consolidation is happening in an ascending triangle.
Currently, the stock is trading near the resistance in a small range of approx 12 % from the past 9 weeks, suggesting there's is a high chance of a breakout this...
HP ADHESIVES is a stock that can be another great positional pick considering the great risk-reward ratio it is offering right now.
The reason I picked this stock is that, it has been consolidating for the past 8 weeks in a tight range of approx 8-10%.
And this consolidation is happening at previous resistance around 410-460 levels, where the stock took...
In the Latest, ease my Trip has been seen taking support around 40 levels twice in the past few months.
First in the month of March 2023, and second in July 2023.
Now, if it sustains above 40 levels, it is most likely to move towards 55 levels in the coming months.
Immediate weekly resistance is around 48 levels.
We have seen a remarkable rally in Zomato Ltd in the past few months from 45 levels to 75 levels, that's a whopping 81% gain in a span of about six months only.
Well, the stock doesn't seem to stop here and has the potential to give another 70-80% gain in another 6-8 months' time, if sustains above 69-70 levels.
It can be a great risk to reward positional trade...
HDFCLIFE Ltd is trading in an up-sloping channel, and within this channel, there is a probability of a Shark Pattern, which if unfolds can take stock towards 800- 840 levels in the coming weeks and months.
Can't comment on how smooth is movement is going to be, but any dip in the stock would be an opportunity to go long in the stock, as long as the stock is...
There is a formation of Bat Pattern on the hourly chart of Reliance Industries Ltd.
Support zone: 2478-2490
Sustaining the support zone, the stock is likely to move towards 2540 to 2600 in the coming trading sessions.
Higher Timeframes also look promising.
The stock has finally managed to move and sustain above 600 levels, which it was struggling to cross for the past many months.
Weekly closing above 620 levels would suggest further upside in the stock up to 750 and 850 levels in the coming months.
Any dip in the stock would be an opportunity in the stock to go long or add further to your long...
We have seen about a 40% fall from its all-time high in Infosys Ltd.
Currently Stock is trading at .50 Fibonacci support i.e. 1230, which is coincided with a price action support at 1250.
Hence we have a support band from 1230-1250.
Stock can be a very good value buy at the current level for long-term investment purposes.
Globus Spirits had been holding 720-750 levels, since November 2022.
It created a good support area, around these levels.
Recently we have seen a huge move in the stock with very good volume, indicating buyers are going aggressive in the stock.
Any Dip in the stock can be a good positional buy.
Immediate support @ 850
There is a Trend shift on the hourly chart of the bank nifty chart.
It has started making lower lows, Lower Highs.
A break of recent lows can bring considerable weakness in the index in the short term.
Immediate resistance: 43300-43330
Immediate Support at 42700
Further support at 42200
Bata has seen a rebound from the important weekly support levels and started showing signs of strength.
The current up trend may continue in the stock up till 1620 -1700 levels
Immediate support at 1480-1470
This week started with a gap down opening at 17541 vs Friday close at 17604.
Made low at 17405, though did not sustain at lows, moved up and closed near the day's high at 17648.
The previous support that nifty broke on Friday is going to act as immediate resistance
Currently, nifty50 looks like sell on the rise
Notice price action in the resistance zone and...