yash_utmani

yash_utmani

Axis Banks seems to have topped out. The selling volumes seem to be picking up again similar to it's previous fall. The support levels are likely to be broken on another retest and the stock may be headed for 450 levels over the coming year. View stands invalidated on break of highs of 867

yash_utmani

One of my favorite bottoming patterns is close to triggering a buy signal for PVR Ltd with break of crucial 1303 level. Based on this pattern we can expect PVR to rally towards 1850-1900 in next few months. If the stock manages to achieve this target we will be able to reassess the price structure to decide if it's headed even higher as it has some long term...

yash_utmani

Been tracking First Source for some time now. Had a tentative wave count (shown in the chart). The stock seems to have completed multi-year corrective structure (marked as A-B-C) The first hint that the correction is over came around mid-April as it went through the Rs. 40 level. This week it went through the crucial Rs. 55.35 level, further raising the odds that...

yash_utmani

HSCL attempting to break out of it's consolidation with a gap. Above average volumes traded in the morning itself. Can gain big over coming weeks.

yash_utmani

The channel here contains all the price action that has happened from March Lows. Currently this channel has enough room on the upside to allow for any major rally. If the worst is over than this channel should continue to hold and we will only witness a breakout on the upside eventually. On the contrary if we see that prices break below the lower trend line it...

yash_utmani

Cipla looks in late stage rally (probably done). Can move below 600 & lower soon. Probably towards its 38.2% retracement level of 565. Not a good place to create new positions

yash_utmani

CDS looking to break above 280 with good volume. Can move above 300 in next few days as long as today's low of 272 holds post breakout

yash_utmani

If MCX closes strong today it may be set for 1500 soon. Shouldn't trade below 1100. Disc: Invested.

yash_utmani

USDINR looks all set to break out from a triangle formation. We can expect a rally towards 77 levels. Break below 74.90 would invalidate the outlook.

yash_utmani

We have seen good volume support for ABFRL emerging over last 3 months at lower levels indicating accumulation. ABFRL is attempting a breakout from a cup and handle on good volumes. RSI seem to be supporting the upmove. We can expect a good rally in the scrip. 242 may be a good initial price target for the up move.

yash_utmani

XAUUSD continues to stay below its highs around $1557 since our last update. This top may potentially be a wave C high as per our count in the last update. The follow-up action has been sluggish and can potentially be a topping out process. If $1557 is a wave C high then XAUUSD should not break above $1536 level. We should instead see a swift down move in the...

yash_utmani

Indusind Bank looks set for a good move, probably to the downside. Expect to hit 1188 pretty quickly on triangle pattern breakdown. Can stop & reverse in case 1295 level is broken.

yash_utmani

Gold may be nearing the completion of an A-B-C correction as per it's monthly charts. Between Dec '11 and Dec '15 Gold declined in a 5-wave impulse move. Since then it has been in a corrective A-B-C bounce. We are currently in the C-leg of this bounce. The price equality target for C-leg comes to around $1590. However it is not uncommon for C-waves to extend to...

yash_utmani

The failed potential triangle (per last post), led to a swift fall in markets. The triangle pattern as such is a great price pattern which provides specific price targets & stop loss price. However the relatively under-rated feature of this pattern is how often the 'reverse trades' on break of stop losses work out very well using the same 'measurement' technique...

yash_utmani

USDINR seems to have completed a 5 wave move as per ending diagonal pattern shown as 1-2-3-4-5, and also an impulse wave of higher degree shown as (1)-(2)-(3)-(4)-(5). Can expect a fall to 70.41 by 30/08 - 04/09 A move above 72.30 invalidates the pattern. Wave count in Nifty too supports short term weakness.

yash_utmani

Bank Nifty may be attempting a breakout from a downward sloping trendline. A good low cost option to play this can be by executing a call butterfly for 25 July expiry: Buy +1 Call 31000 Strike Sell -2 Call 31500 Strike Buy +1 Call 31600 Strike Net cost 65-70 points (lot size 20) Max profit potential on the upside 430-435 points. Profit above 31600: 330-335...

yash_utmani

Nifty has broadly performed in line with our expectations outlined before the election results were announced. The 11900-12500 zone mentioned in our last post has been a strong resistance zone. Based on the price action since, we believe it is very likely that this zone will continue to remain a strong resistance zone for at least the next few months. This chart...

yash_utmani

A diagonal Triangle pattern may be on verge of completion in Tata Motors. Diagonal Pattern is a reversal pattern that leads to prices completely reversing the distance traveled by the pattern. The pattern has been traced between 192 and 163.5. We may expect the prices to move back to 192 level once the pattern completes and prices breakout. The time taken to...