IDBI - Trying to reverse

Plain Text Book Pattern trying to form equilibrium of Price. Will it succeed. Wait and Watch:

NOTE: Above chart is only shared for learning/education. No Buy/Sell Recommendation.

Nifty and channels

NIFTY UPDATE:

Nifty Trading in channels:

Today Nifty was able to comeback in Downtrend channel although its trading in a small upmove channel. Till the time Nifty is in downtrend channel do not expect a sharp recovery. Nifty can be range bound untill then.

NOTE: The above chart is only shared for education purpose and its not a trading recommendation.

Nifty Quick View

Nifty may surprise from here if this level holds. This is what following charts say :

Important weekly close.

NOTE: Above chart is shared for learning purpose only and is not any BUY/SELL tip.

Hindalco Trying to Reverse

This stock has been continuously falling from the top. The charts seems to be suggesting that may be worst has been over for this stock.

Lets checkout charts what they have in store for us:

• Breakout above long trend-line resistance with increased volume.
• Retested the trend-line and gave fresh breakout above Head and Shoulder trend-line above 93.
• Retested the neckline on Friday and gave sharp pull-back.

If 93 holds then sky is limit otherwise again going back to base after false breakout.

NOTE: Above chart is shared only for learning purpose and is not related to any BUY/SELL tip.

Nifty and Dollar Updates

Nifty is slowly and slowly inching high but pace of upmove is more steeper then fall we witnessed which is a good sign of strength in upmove.

Lets again revisit the chart posted a month back (Nifty and Bank Nifty Updates)and check where are we :

We can clearly see how resistance are becoming supports.  This is good sign. There are high chances of touching upper line as well in near future. After every breakout Nifty consolidates a bit and again new move starts, As per above charts, Nifty is buy in every dip.


USDINR:

USDINR is testing its long term support which has been a 4 year long trend line:

   USDINR testing its trend-line again after a while. We can see how many times it has tested this trend-line. Its a common saying that each retest of support make it little weak. We will see in near future how this retest supports USDINR this time.

 Lets look at daily charts to have a more closer look :

   RSI Retest and HNS in making. Neckline coinciding with long term support as well. Important junction for Rupee fate ahead. Keep close eye :)

NOTE: Above charts are only shared for learning purpose and are not related to any BUY/SELL tip.

Reliance and Dollar

As discussed last week, index may take some breather after a big move. No big moves seen on index this week. Index view remain same. Lets check some stocks and Dollar chart today:


Reliance Industries:

  Reliance making second attempt to unshackle the chains. This time if breakout holds then good momentum can be seen. Reliance has made a higher bottom which is also positive.

Reliance Industrial infra:

  The charts look similar. Second Attempt again with higher bottom. Lets wait and watch.


USDINR:

    Dual Resistance acting strong. Dollar witnessed biggest weekly loss in last 2 years. This week candle was doji with negative biased. If fall continues then bottom of trend will be visited soon. Breaking 65.60-80 zone dollar will go on consolidation mode with negative biased which will be good for banking stocks.

NOTE: Above charts are shared for learning purpose only. These are not related to any BUY/SELL tip.

Nifty and Bank Nifty Updates

Market welcomed budget with a bang. Bank Nifty support range mentioned last week worked so far.
Lets see how the chart looks now:

Nifty:

We can so many resistances waiting for Nifty. First one was crossed with a gapup without any hurdle which shows this pull back has strength to test other resistance. Lets see how it goes :).

Bank Nifty:

    Similar to Nifty bank nifty is also moving towards resistance area. Need to see strength in this trend and watch price action in shaded area carefully.

 NOTE: Above charts are only shared for learning purpose and are not related to any BUY/SELL tip.