Skip to main content

Posts

Showing posts from 2017

Nifty : Bulls & Bears, Who Rides On What?

"Nifty : Bulls & Bears, Who Rides On What?" Well, the discussion on this issue can be an endless. However, the importance and the very existence of both makes the market more reliable and provides an endless opportunities for both buyers and sellers. And I think there is no doubt about it and everyone agrees on it unanimously.


Above is Nifty's chart on daily time scale, showing move from 6825.80 to 9450.65. I have tried to simplify and put forth my point of views as far as possible and also have put up some notes in chart as well.
Below are some of my observations, that I would like to put forth the readers:
(i) The move from 6825.80 to 8968.70 in Nifty looks to be a leading diagonal formation. A leading diagonal can be wave 1 of impusive run or wave A of corrective pattern A-B-C.
(ii) The total fall in Nifty from 8968.70 to 7893.80 was 50% of its total rise from 6825.80 to 8968.70 in simple A-B-C formation.
(iii) The rise in Nifty, from the low of 7893.80 to 9450.6…

Sun Pharma : Moving Towards 725?

Sun Pharmaceuticals Ltd has, looking at monthly chart, been witnessing sideways movement in its stock price. The share price has gone more than half making low of 571.90 from its all time high of 1200.80 on NSE.


The stock, however, has been moving in the range of 610-730 after making its low of 571.90, making higher lows and lower highs, one of the characteristics of ending diagonal pattern.
Besides, the stock looks to be taking its support @623.60. The MACD oscillator, on daily time scale, has given positive histogram with MACD line crossing above the signal line. Any price move below 623.60 may be deterrent for the long side position, as the stock might start heading towards making its new low below 571.90.

Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of th…

Adani Port: Targeting Price Of 400 Or More

The Stock of Adani Port looks to be in the extended wave III , as shown in the chart, if the alternate wave count is correct. The stock is currently trading @347. The stock can see an up move targeting price of 400 or more. However, if the stock moves below the price of 317 then the stock can see further decline up to the price level of and get its support around 275-285.



It shall be noted that the stock is expected to move in the parallel channel drawn.
Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.

Undertake proper research and advice of your investment consultant before taking any trade.

Trade at your own risk.

Twitter: @beta_trade

Ambuja Cement : Targeting Price Level 270

The stock of Ambuja Cement looks to be in its final fifth wave from its low of 191 made on 22nd November, 2017.


Looking at the chart given above the stock seems to have either completed or about to complete the inner wave four of its extended fifth wave. This last leg of the extended fifth can extend up to price level of 260 - 275 or can and move beyond the upper resistance line.
Any move below the price level of 227 would change the situation. So, it would be detrimental for the long position if price level 227 gets broken downside.
Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.

Undertake proper research and advice of your investment consultant before taking any trade.

Trade at your own risk.

Twitter: @beta_trade

Infosys: On The Eve Of Q4 Earnings

Dear Fellow Readers,

The management of Infosys Ltd (INFY) is about to declare its Q4 earnings on 13th April, 2017. The stock has been under bearish mode since June 2016 after hitting its all time high price of 1279.30 per share. The movement in the stock of Infosys Ltd from the low of 66.10 made in September, 2001 to its all time high of 1279.30 was an impulsive run and the stock may witness correction in simple zigzag (A-B-C) pattern upto the level of 816.00, being the 38.20% retracement level of the total rise from 66.10 to 1279.30 level.



The fall from its all time high price of 1279.30 to its low price of 901 per share, looks to be an impulsive run, whereby the stock has completed its first leg, i.e., 'A', of its simple zigzag corrective pattern. Besides, its seems that the stock of Infosys Ltd has completed its second leg, i.e., 'B', in a-b-c (901-1022, a -901.15, b - 1044, c) pattern, and looks to have started its last leg 'C' which might another impulsive…

RPower: On The Eve Of Q4 Earnings

Reliace Power has just reversed after touching the supply line drawn in the chart connecting the two highs of 61.25 and 56.45.
The stock of RPower, before breaching out of the supply line and start new bull rally, is trying to test the patience of the investor who have been invested in the stock since the Initial Public offerings or of those who might have invested in the stock on the higher price after the listing of the stock on Indian bourses.


The stock may try to touch the upper resistance/supply line before it starts moving further down.

Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.

Undertake proper research and advice of your investment consultant before taking any trade.

Trade at your own risk.

Follow me on Twitter : @beta_…

JetAirways: Complex Correction

Jet Airways, one of India's leading and biggest domestic airline companies, providing it services domestically as well as internationally, had came out with an Initial Public Offerings through book-building process way back in February, 2005. The ipo was subscribed by 16.2 times as compared to 17.27 millions shares that were offered for subscription. The ipo price was fixed at 1100 whereby the price range for the ipo was 950-1125.

The stock of Jet Airways got listed and started trading on BSE & NSE, India's leading stock exchanges, on and from 14th March, 2005. The stock opened at the price of 1155 being the low for the rest of the day, went to the high of 1338.90 and got settled/closed at the price of 1304.20 per share on NSE on the listing date. The stock made its all-time high of 1382.75 on 26th April, 2005 and still the same has not been breached after that. Moreover, the stock breached its issue price of 1100 on 21st September, 2005 and traded in the range of 970-112…

Mothersumi : Rising Wedge/Ending Diagonal

Fellow Readers,
There has been witnessed a "Rising Wedge" pattern in the stock of MOTHERSUMI, the same has been shown in the chart. This rising wedge pattern, at first look, looks like an "Ending Diagonal" pattern. As per the EW Principle such ending diagonal patterns appear either in the final 5th wave of impulsive run or the C wave of an A-B-C corrective pattern of the stock.


Though, I am not sure about at which degree of the stock is currently trading, but the knowledge and experience that I have gained in EW Principles, considering myself still at learning stage, suggest me that the stock is currently trading in its "Intermediate" wave IV of its Primary wave 5 of its Cycle Degree wave 1 which started way behind in the month of October, 1998.
As said before, keeping in mind the rules and guidelines of EW Principles, the stock is currently trading in its Intermediate wave IV and probably forming a complex correction either in double (W-X-Y) or triple (…

NIFTY: An Update

Fellow Readers,
Few days back we have discussed about the Nifty, which was making new highs despite sluggishness witnessed in many leading stock. The question that arose in the mind was whether the current run to 'All Time New High' is a boost to a new bull run or it is a trap for positional and day traders? Though, the answer to this question is not as easy as it seems, and who know what is held beneath the future. Still, with genuine and continuous efforts we can get better result if not best.


An hourly chart of Nifty showing its movement from its recent low of 7893.80 (26/12/2016) to its recent high of 9218.40 (17/03/2017). Beside, there has been shown possible wave counts, giving due consideration to EWT principles. Moreover, a parallel channel line drawn in connection with wave 5 of 'C' or '(iii).
From the chart shared above and the parallel channel line shown, it shall be noted that Nifty is either reluctant to break below or taking support at the lower line…

INDUSINDBK : Sell/Shot @ 1375 Target 1311-1258-1216 SL 1425

Dear Readers,
A negative divergence has appeared in the stock of INDUSINDBK on its daily time bar chart. However, the stock on weekly and monthly chart has not shown any negative divergence nor does it look like to be for medium to long term period. Still, we may see a short term southward movement which may look like a sideways corrective movement to its medium to long term bullish movement.


For short term period of time, i.e., over the next few days or weeks, one may witness a southward movement due to the negative divergence that has appeared on the daily time bar chart of the stock of INDUSINDBK.
One may go for selling or shorting in the stock with the target of 1311, 1258 and 1216 being 23.60%, 38.20% and 50.00% retracement level of its total rise of 359.30 points from its low of 1036.70 made on 24th Nov., 2016.

Giving some space for the possibility of extension of current bull run in the stock showing upside movement a stop loss of 1425 shall be kept on safer side. Those who ar…

DIVISLAB : Buy @ 645 Target 670, 695 and 710

Dear Readers,
The stock of Divis Laboratories has witnessed a sharp fall in today's market. Looking at the current movement in the stock of DIVISLAB on 15 minutes time scale the stock looks good for the buying opportunity.
Below is the 15 minute time bar chart of Divis Laboratories Ltd.


Besides, giving due consideration to the internal wave count of the fall in the stock of DIVISLAB, this corrective movement seems to have got finished with the making of low of 632.55. Secondly, on the time-scale of 1 minute one may notice that from the low of 632.55 to the high of 669.95, was a sharp rise and shall be considered as an impulsive wave. 
On the same time-scale of 1 minute the movement after 669.95, looks like a diagonal triangle (a-b-c-d-e) movement. A sharp rise is expected in the stock on the finishing of the last leg, i.e., 'e', of the diagonal triangle.
Moreover, if the stock breaches the low of 632.55, a probable low and strong support for the short term and near future…

CUMMINSIND : Sell/Short @ 910-911 Target 880-860-840 SL 918

Dear Readers,
If you see the long term chart of CUMMINSIND, you would find that the stock has been witnessing a sideways movement making higher lows and lower highs.


The internal built of the first leg from the low of 746.15 to the high of 947 and third leg from the low of 747.55 to 921 looks like impulsive movements, please refer to the chart for the reference. Let us name those impulsive movements wave 'a' and 'c' for time being
Now, if you see the chart, whereby a resistance line has been drawn conjoining the two tops of these two impulsive movements, 947 and 921, end point of 'a' and 'c', the stock has reached/ touched the resistance line and may find a strong resistance over this point.
This is a suitable point where the traders can sell or go short on this stock at current price of 910 for an immediate targets of 880, 860 and 840 with the stop loss of 918 on upper side.

Disclamer:
All views, charts, comments, post or any materials of any kind disc…

NTPC : Completion of Leading Diagonal

Dear Readers,
A Leading Diagonal Pattern formation has been witnessed and looks to have  completed in the stock of NTPC from its low price of 107.10 to its recent high price of 178.25. The same can be visible from the given chart as shown.


After the completion of this leading diagonal, the stock of NTPC seems to be in corrective zone and looks like forming a simple zigzag (5-3-5) corrective pattern, though it is too early to predict the possible corrective formation. However, at first look it looks to be forming the simple zigzag pattern.
The first leg, wave 'A', of this simple zigzag pattern, looks to have completed its first three waves, is about to complete or have completed it fourth wave and will complete its last wave five over next few days. A parrallel channel has been drawn to show the possible resistance and support point for making entry or exit.
Secondly, the stock is witnessing sideways movement as against the sharp fall in the third wave of wave 'A'. Thi…

Ajanta Pharma : A Neutral View

Dear Reader,
The stock of Ajanta Pharma has witnessed a long "Bull Run" since its low of 6.04 made on 9th April,2009, and looks like there still remain space for its bigger "Bull Run" in years to come than what has been witnessed untill date. It will be too early to predict the future price of it as of now. However, I have tried my level best placing possible wave counts, at various degrees of time cycle, for the further reference of the readers, in the chart shown below this post.
For now, the stock of Ajanta Pharma looks to be in a corrective zone and possibly forming a double (WXY) or triple (WXYXZ) zigzag kind of complex corrective pattern, as shown in the chart above. Those who follow Wave Principle would recognize the same, and their opinions, critiques and comments are welcome.
From the top of 2125 to the low of 1526.65, wave "A" (circled), giving due consideration to its internal wave counts looks to be an impulsive wave. The counter trend of thi…

BHEL: Sell/Short @168 Target 158-151-144 SL 172

Dear Readers,
In the stock of BHEL it has been witnessed sideways movement since its low of 90.15 made on 29th Feb., 2016, the 'Budget Day'. At first look, the movement in the stock looks like it is forming a "Complex Correction" type of pattern.
If this is considered to be true and giving due consideration to the internal counts of the wave from the low of 116.10, wave 'a' of wave "C" or "Y" got completed. Besides, on daily as well as hourly (shared seperately below) chart a divergence is clearly visible.
Moreover, as shown in the chart, until now the stock has been moving in symmetrical way in the channel line drawn. The first leg or wave 'a' of "A" or "W" have corrected almost 50.00% to its rise from 90.15 to 135.45. Considering the same, first leg or wave 'a' or "C" or "Y" may get corrected up to 50.00% of its total rise from 116.10 to 171.75, which comes around 144.
The possible…

Bank Of Baroda : Sell/Short @166-166 Target 160-157-153 SL 170

Dear Rearders,
As shown in the chart, the stock of BankBaroda is breaching the lower support line of the channel line drawn. Secondly, the stock seems to be in corrective zone having completed its corrective wave '(a)' @169.65 of its possible 'flat' type correction. Considering the same the possible irregular '(b)' may get extended beyond the start of wave '(a)'.
It looks good to sell or go short in the stock @165-166 with an ultimate target of 153 being 138% retracement of wave '(a)' with stop loss of 170.
Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade not does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.

Trade at your own risk. Undertake proper research before any trade.

DHFL: Sell Or Short @354 Target @325 SL @365

Dear Readers,
A divergence on daily basis has been witnessed in the stock of DHFL, whereby the current price is higher than the previous top, while the current MACD of new top is lesser than previous top, please refer to the chart for the same.
It is expected that the resistance line drawn on the MACD indicator would not get crossed as well as the upper resistance line drawn on the price chart will not get touched or breached. The price for the upper resistance line, in continuation of the current trend until tomorrow, comes around 364.
It is expected that the stock would witness a sharp fall in next 3-4 working days and the start point price of the current last leg of the wave, i.e., 324.55 will get touched at first in the expected fall.

Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade not does it or the publisher of it guarantee any sort of r…

CNXIT : Divergence Witnessed

Dear Readers,
In my previous post on CNXIT, "NIFTY IT: Will It Join The Bear Rally?", posted on in.tradingview.com, it was expected that it would complete its southward movement started from 12908.10 at the end of January or the first week of February of this year, considering the intermediate corrective movement started from 9295.25 got completed at around 10350.
However, the intermediate corrective movement in CNXIT got extended, which seems to have completed at previous day's top. Yesterday CNXIT not only touched the upper resistance line of the channel line, as shown in the chart, but also breached it by minor points and settling below the same resistance line. The same resistance line shall not be breached on closing basis.
Besides, today's sharp fall have created a divergence in the same and given rise to the possibility of the start of the southward movement.
For the reference to the chart and other details please click on the links attached to this post.
Foll…