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.

Bank Nifty Before Union Budget 2016

Bank Nifty standing at important junction may be waiting for Budget in order to start next move. Lets understand this with weekly chart of Bank Nifty:

1. Bank Nifty is near previous major breakout point.
2. Bank Nifty is near 61.8% fibbonacci retracement level.
3. We have seen in past that both conditions have provided good support to Bank nifty. The previous breakout area and fibbonacci.
4. If not able to hold 61.8% fibbo level 78% level is waiting which is a trendline support as well.

Its just like climbing step by step where previous resistance becomes supports and vice versa. Lets see how it goes this time.

So, 13100-13400 area is important zones for bank nifty if holds then quick recovery can be seen otherwise 11000 level can come in real quick.

NOTE: The above chart is only shared for learning purpose and is not related to any BUY/SELL tip or recommendation.

Nifty , Bank Nifty and Dollar Updates

Wild swings were seen in Nifty in last week. Bull market corrections are like this only and high volatility is seen near the bottom.

Lets see what charts suggest:

Nifty:

Bank Nifty

 

Dollar:

 Dollar near strong trendline resistance.

Interesting week ahead :).

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

Nifty and Few Banking Stocks

Nifty gave good pull-back as expected. Lets see what are chart saying further:

Last week hammer played it role on friday with good up-move on Nifty. We might see some consolidation so that broader market can absorb this up-move. 7150-7300 area will act as a strong support now.


Few Banking stocks are near their long term supports. Being defensives, these levels are looking very attractive:

Punjab National Bank:

PNB near long term support. It might see some recovery from these levels. Risk Reward is good.


Federal Bank :

Federal bank near long term channel support. Last time it did false breakdown. Lets see how it reacts now :).

SBI:

 SBI also near long term channel support. :)


SIB:

  Range getting retested again :).

PSU Banking Index:

PSU banking index smartly recovered and again came back in down-trend channel. If holds some recovery possible.


NOTE: Above Charts are shared only for learning purpose and are not related to any buy/sell tip.

Nifty and Few Interesting charts

Nifty:

Nifty gave a good rally on friday and managed to recover the weekly loss on single day. Lets see bigger picture on weekly charts:

   Long term trend still intact as nifty recovered just from the bottom of bigger trend-line with weekly doji candle. If Nifty is able to close above high of last week which is 7462 then a relief rally can continue at-least till higher end of smaller trend-line.

  Similar correction was seen in 2012 and that time the rally was with good volumes confirming a longer term rally. This time also if pullback comes that too with good volumes then that would be good for long term.

 Moreover , as far as the low is protected on weekly basis no need for panic.

Srei Infra:

  Srei Infra charts looks good as it has managed to remain above breakout even in correction. As fas this level is protected in closing basis it may see some buying interest. Keep on radar,

Trident:

Trident near important support levels.. keep a close watch.

NOTE: Above charts are shared only for learning pupose and are not meant for any BUY/SELL recommendation.

SBI nearing demand zone !!!!

SBI major underperformer and leader in this correction is near strong downtrend support zone. it would be good to watch-out near support.

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


 

Review Year 2015

Happy New Year to all followers of blog. Its important to review your bias which we have taken after studying the charts. Lets Review the analysis by how stock prices behaved after we present out view on same:

Hope the coming year be a successful year like this for all blog followers :)