Glenmark Pharma Ready To Make Demand

Friends, as we know, candlestick analysis is a very simple and sweet technique to predict future price action. However, we have to keep it simple. We have found one more stock chart based on a monthly time frame i.e., Glenmark Pharma. We have a good opportunity here to add this stock to the portfolio. The stock is having good strength of the more up move. The stock has given pullback with low volumes and now taking rest near the previous demand zone.

Chart Analysis of GLENMARK PHARMA: As per the monthly chart, the stock was in a downtrend from September 2015. And the trend has changed after the first lockdown. After that, the stock showed a back-to-back rally and touched 700 price levels i.e., the previous Lower High. It is trading near 500, and as per the chart, it is ready to make a second shoulder. Focus the chart from 2017 to CMP then it is making Inverted Head & Shoulder. That is the reason I am bullish on this stock from current levels with small risk. Immediate support is around 450 and resistance is 700. If it gives breakout to 700 then we can expect big targets.

The company is primarily engaged in the business of development, manufacture and marketing of pharmaceutical products.

1.    Quarterly net profits are gradually increasing.

2.    Yearly net profits are stable.

3.    Return on equity is 14%

4.    Promoters have 46% holding.

5.    FIIs maintaining their holdings above 25%, and DIIs has increased holding in last 4-5 quarters.

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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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Is It Good Time To Invest In IRCTC?

Indian Railway Catering and Tourism Corporation (IRCTC) is an Indian public sector undertaking that provides ticketing, catering, and tourism services for the Indian Railways. It was initially wholly owned by the Government of India and operated under the administrative control of the Ministry of Railways, but now it has been listed on the National Stock Exchange since 2019, with the Government continuing to hold majority ownership.

In the last month, the stock has given an unexpected rally and made lifetime highs. Then huge profit booking came exactly before the price split. Many peoples were assumed stock price has fallen from 6000 to 800 but the stock price has got split in a 1/5 ratio. Then the stock has shown good buying in dips and now trading neutral.

What next now?

If we talk based on the chart then there is no confirmation to buy. We have to wait for trend continuation confirmation with big bulls. If you are a long-term investor then you can go for it now based on fundamentals.

If we go through fundamentals then business is good and demandable in the future. Right now they have some limitations due to the covid pandemic and it is impacting their business. However, the railway is the major way of transportation in India.

Also,

1. The company is almost debt free.
2. The return on equity is more than 11%.
3. Quarterly net profits are increasing.
4. The promoters have 67% share holdings.
5. FIIs and DIIs are increasing their share holdings.

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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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Is It Right Time To Invest In TATA Shares?

TATA has taken over the Air India and all shares of TATA group has rocked in last two week. In history, no one has bought a loss-making company like Air India. It is very positive for Air India and one more time TATA group has shown their kindness. Let's come to the shares of the TATA group.

TATA Motors: This stock was in a downtrend from 550 till the first lockdown end. After that TATA motor has changed and shown back to back rally. The reason was vehicle scrap policy and then the stock has taken rest for 6 months. Again stock is running very well due to EV vehicles and government subsidies against EV vehicles. Right now stock price is trading at resistance and it is not the right level to enter. If you want to invest in TATA Motors then wait for some profit booking or break to 550.

TATA Power: Tata Power is running with extra power and the reason is EV vehicle plus government contract of EV vehicle charging station. However, the stock has given breakout in the last month and now trading at a lifetime high. This stock is also overvalued as per the chart so it is not good to go here. We have to wait for some pullback.

TATA Steel: It is also made lifetime high around 1550 and then got cool off. It came down till 1250 and now taking a U-turn. However, there is less strength in current candles so we have to wait for some strong confirmation then we will pick it.

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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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Cup & Handle Breakout In Nifty, Is It Bullish?

Friends, our market has shown good recovery in the last week and the reason was the American market recovery. The American market i.e. Dow Jones is trading in a range from the last 2-3 months and changing trends in a week or two weeks. However, on a daily chart, it has completed Double Bottom and now needs breakout for more up moves towards lifetime high. It will be sentimentally good for our market. Let's focus on our market’s strength.

From the last 2 two months, Nifty has given one way up moves and there were very small pullbacks. That means there were only bulls in the market, every dip was showing buying. No one is ready to sell their large-cap stocks but recently nifty has shown some good corrections. In the last trading session, Nifty has confirmed Cup & Handle. However, we have to wait for a breakout to lifetime high for a fresh rally. There are important supports are around 17600/17500 and resistance is around 18000. Our nifty view is buy in dips for the coming week.

Let's come to the banking sector i.e. Banknifty, as per the fundamental PSU banks are looking good bullish on charts. But bank leaders are from private sector banks so there are fewer chances of a rally. In the last month, bank nifty has made new high and 37300/37500 became support. As per the chart, bank nifty is taking rest and making Higher Lows continuously. Also, it is taking support from 20 DMA and we are not much bullish on bank nifty. We will wait for a breakout to 38500 for more up moves towards 39000/40000.

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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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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.

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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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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.

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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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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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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.

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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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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