Saturday, April 23, 2022

MARUTI - Bullish On Multiple Time Frame

In our last article stocks have reacted as we expected RELINFRA | LEMON TREEToday we are going to discuss automobile stock. The auto index has touched a lifetime high in November 2021 and after that, it is showing consolidation as well as a downtrend. However, the index has taken a U-turn from its major support of 9500 and now showing strength towards a lifetime high. We found MARUTI out of all auto stocks which showed strength in multiple time frames.

Monthly Chart: Maruti has given a breakout & confirmed INHS in January 2022. After the breakout stock has shown correction due to the Russia-Ukraine crisis. If we look at the last month's candle then it has shown good buying from the bottom and closed above the neckline support. The price shows upward from the same levels.











Weekly Chart: On this weekend stock has given a breakout and touched 8000 levels. There is Cup & Handle confirmation on the chart. Now strong support is around 7700 & 7400 and as per my study stock will touch 8800 levels in few months.











Daily Chart: Stock has taken two time support from its 200 DMA and finally crossed resistance level on 21st April. Volume has increased back to back in the last three trading sessions. The stock has given Cup & Handle plus Double Bottom breakout confirmation in a single candle.












The chart is looking very strong on all time frames, so we are bullish on the stock for Swing, Positional, and Medium Term from the current levels. It is a leading and large-cap company in the automobile sector.


Telegram: https://t.me/Intraday_King

-------------------------------------------------------------------------------------------------------------------

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.

---------------------------------------------------------------------------------------------------------------------------------

Saturday, April 2, 2022

NIFTY Will Hit 18000?

Friends, as we are seeing Russia Ukraine war is getting neutral and Mr. Putin has given a positive statement regarding compromise. We have discussed in the last article as nifty was strong and crossed its all moving averages i.e. 20, 50, and 200. In the last week, it was trading near resistance 17350 and after so many struggles it has succeeded. Nifty has crossed 17500 as well and closed above, now 17500 is strong support and 17800 / 18000 is the next resistance.

Also, the new financial year has been started so we are expecting a fresh rally as the market was very oversold. Before one week nifty has confirmed Inverted H&S and worked well. We have seen good buying in all sectors apart from the bank sector.

On the first day of the April series private banks have shown good buying from the bottom levels. And bank nifty has also given a breakout to the Inverted H&S neckline. That is also strong confirmation on the daily chart and we are expecting good up moves in private banks as per our study. Also, Banknifty has given breakout to 50 & 200 DMA. If we go through the private banks like HDFC Bank, ICICI Bank, Axis Bank, and Kotak Bank so many banks have given a chart pattern confirmation. Banknifty has next support is around 37000 and resistance is 38000 for the coming week.











We are bullish on market, however expecting on profit booking before a big rally.

Telegram: https://t.me/Intraday_King

-------------------------------------------------------------------------------------------------------------------

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.