Friday, September 24, 2021

Market Is Ready For Profit Booking?

The market is hitting back-to-back punches to lifetime highs and celebrating like Diwali. Everyone is happy to see this market and earning money as well. But we have to keep in mind bears are there and they can take handover anytime. If we see the chart, the market has shown a good rally from 15900 to 17900 with small small corrections.

In the chart, nifty has spent many days in a range of 15600-15900 then given breakout. The bullish candles were big in comparison to bearish candles that means every dip showing buying. However, the nifty chart is overstretched, and RSI is in the overbought zone from the last month. If we look at the large caps, then almost all are overbought. No one is ready for profit booking. As per my study, I am expecting one more dip in the next week until 17600 i.e., day support and resistance is around 18000. The 17600 is the right location to go long in index or stocks.














The bank nifty has recently touched to its lifetime highs and fallen from the same. If we look at the daily chart, then the bank index is getting neutral near highs. As per the line chart, it is making Double Top. The coming week is the monthly expiry week, so we are expecting long unwinding. After that, we have to wait for the option data of the next series and we will get a clear idea. The bank nifty is at no trading zone, so it better wait for confirmation.
















Telegram: https://t.me/Intraday_King

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.

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Sunday, August 8, 2021

EDELWEISS & NAVKARCORP Are Investment Picks

If we talk about Edelweiss then it is principally engaged in the business of providing investment banking services and holding company activities comprising of development, managerial and financial support to the business.

As per the chart, the trend was down from 2018 and recently stock has confirmed trend change. On the monthly chart, the breakout has been done to Cup & Handle and volumes are huge of last two-three months. It is a green signal of a U-turn, the stock is trading at the bottom and it is a good opportunity to seat in this train. Also, the fundamentals are looking growing.

  • The company has reduced debt and the P/E ratio is 16.
  • Yearly net profits are growing.
  • FIIs are maintaining their shareholding around 33%.
  • The company has started a wealth management business.

NAVKARCORP: If Navkar Corporation is engaged in providing Container Freight Station (CFS) facilities and Inland Container Depot (ICD) and is focused on capitalizing the available opportunities in the logistics space in western India.

On the larger chart, we can clearly see an Inverted H&S breakout with good volumes. We can say it is bottom out confirmation for the long term. While the first lockdown almost all stocks have fallen 30-40% and this stock too however it has sustained above support. Now it is ready to fly and resistance is around 150 i.e. 200% from current levels. The company is improving by fundamentally so we can keep eye on it for more up moves.

I am bullish on both from current levels.


Telegram: https://t.me/Intraday_King

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.

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Sunday, July 4, 2021

Inverted Head & Shoulder On Banknifty

Nowadays, nifty and bank nifty are trading in opposite directions. Nifty has made lifetime highs and sustaining there. However, the bank index is taking a rest but if we see the chart then it is making a major bullish chart pattern on the weekly plus daily chart. Nifty is turning down for correction but needs confirmation on the chart.

Nifty 50: On a daily chart, Double Top has been created and now trading near support. If nifty breaks support and stop below then we can expect correction till 15500/15400. We have to keep our eyes on heavyweight banks, they can lead to bank nifty as well as nifty. The important support is around 15650 and resistance is around 15850. Currently, 20 DMA is giving support but it's the monthly average price. So keep watch on levels and wait for breaks up or down.













The weekly chart also showing consolidation.










Nifty Bank: If we focus on the current scenario then the bank index is in the yellow zone and getting ready to come in green. Look at the broad range, there is an Inverted Head & Shoulder on daily and weekly time frames. It is the signal of a U-turn but we have to wait for a confirmation break to the neckline. Right now it is trading near support level i.e. 34700 and important resistance is around 35500. Also, 20 & 50 DMA coming closer and the price is trading in between. There are more chances of a breakout.











It is looking strong on the weekly chart.

















I am bullish on all from current levels.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.

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Sunday, June 13, 2021

MARUTI Getting Ready For Big Moves!

Friends, we have found two stocks that are getting ready for big up moves. One from automobiles and another from the banking sector. The market is hitting a lifetime high back-to-back and every dip showing buying. It is the indication of our strength and we can go for investment stocks.

Maruti: As per the chart, the stock has made Double Top at 10000 and then shown a major fall before the first lockdown. After a fall of 60% from the top, it has taken a U-turn from 4000 and now trading in Higher-High Higher-Low. However, the stock has three times resisted from 8000 levels and now new low is above the previous one. It is the Inverted Head & Shoulder and the pattern has done around 90%  so we are expecting a rally till 8000 i.e. resistance. If the stock crosses it and gives a breakout then the rally will go to 10000. It is looking good long from current levels or on breakout and support is around 6400. Also, a company having good fundamentals.

  • The company is almost debt-free
  • ROE is good and the company giving a good dividend
  • Quarterly net profits are gradually increasing
  • Promoter holdings are more than 50%











KOTAK BANK: If look at the banks then all are running but Kotakbank is trading in consolidation from the last two months. The price is taking support from 1700 that is top made in December 2019 and now there is major Double Bottom has done on a daily chart. We are just waiting for breakout then it will fly. The strong support is 1700 and resistance is 1800. It is one of the strongest private sector bank which having good fundamental.














I am bullish on all from current levels.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.

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Sunday, May 30, 2021

Is Nifty50 Ready To Break Lifetime High?

Before two weeks nifty has confirmed Bullish Triangle breakout with a gap-up opening. Then retested to triangle support and shown fresh rally. Right now nifty is trading at a lifetime high i.e. reacting like resistance. If we compare Nifty & Niftybank in the last two trading sessions then nifty has shown good strength. The reason was Reliance Industries has gained by 7% and dragged to Nifty till highs. What next?

Let’s see Nifty top gainers of Friday, in the below picture we can see RELIANCE, HDFCBANK, & KOTAK BANK were in top gainers. These are the heavy weightage stocks in the index and now they can help to make new lifetime highs in the coming weeks.










Nifty 50: After triangle breakout, nifty has tested support and then traveled towards lifetime high. As per candle type, nifty went up very gradually and the last candle is Doji i.e. near the resistance of lifetime high. For swing need breakout for more up moves otherwise have to wait for correction till the support. The strong support is around 15300 and resistance 15500 as per chart as well as options data. We are bullish on Nifty for the coming week.












Nifty Bank: In the last series banknifty has given back-to-back confirmation of Cup & Handle then Double Bottom and worked well accordingly. However, right now it is trading near resistance and far from the lifetime high. If we see a line chart then breakout is not done and it is sustaining below the resistance. The same strategy here long on a breakout or buy on dips, support is at 34000 and resistance is around 36000.














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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.

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Sunday, May 16, 2021

Amar (Voltas), Akbar (Ashoka Buildcon), Anthony (ITC) looking good on charts!

We have found three brothers who have given a bullish indication on the chart and looking good for more up moves. The market has shown a fall due to weakness in the American market. However, in the last two sessions, Dow Jones has shown recovery so our market can be shown strength.

Voltas: As per the chart, Voltas has given breakout with volume before results and results were then expectation good. Before breakout, it was in a bearish triangle and now Bullish Harami near trendline with volumes. So it is ready to fly till 1100 and below are the plus points.
  1. The company is almost debt-free
  2. ROE is good
  3. The company is on top in peer comparison
  4. Net profits are increasing


















ITC: It is also trading in bearish tringle and recently confirmed INHS. The trend change signal near support, there is a good entry point on dips. However, there is a small hurdle near 216-217, if crosses and closes above then good up moves expecting. Also, HUL & COLPAL doing well from the same sector so it will get sector support.

  1. ROE is around 25%
  2. The company is debt-free
  3. The company is on top based on market cap
  4. Results are increasing
















Ashoka Buildcon: The company getting good command in their field and becoming strong fundamentally day by day. On the weekly chart, the stock has given a U-turn signal and this signal is near the trendline. RSI is trading near the neutral zone and net profits have increased in the last two quarters. The promoter has increased their holdings in the last three years and it is more than 50%.


















I am bullish on all from current levels.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.

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Tuesday, May 11, 2021

Grave Stone Doji On Dow Jones!

Till the last weekend, our market was reacting to our news and sentiments. The market has started recovery from the bottom and today market has opened a gap down. The reason was the American market i.e. Dow Jones. It has fallen from the lifetime high and closed at day low. However, our market has shown recovery from the bottom and given closing in the green.

Nifty50 Analysis: In the below chart, nifty is trading in a channel and it is descending. On Monday, it has opened above the channel resistance and closed successfully. But we could not consider it as breakout because there was a neutral candle. After today's gap down, the market has tried to cross the resistance but not succeed. Again it has closed below channel resistance, but the plus point is that there is immediate support of 50 DMA.
Dow Jones: On Monday, it has made Grave Stone Doji and closed in the red. This is the reversal signal at a lifetime high and that's why we opened the gap down. That means the American market is overbought and now ready for a pullback. The pullback will drag down to our market. If we see the current candle, then the market has opened gap down and trading with a big red candle. I hope this pullback is enough because it has touched to 20 DMA i.e. support. Now we have to keep eyes on today's closing.

If our market opens with a big gap down, it will be a good opportunity for long stocks with good fundamentals. Friends, keep in mind entry point should be near support and that is important.

 

The global sentiments are negative, so be careful before taking any position.



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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.

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