Nifty Is Ready For 16800..? | Market Outlook

In the last write up we discussed Nifty levels and it has reacted the same. We have seen good profit booking after touched to 17792. More profit booking can come ahead? I think yes, because of the global markets. In this last trading session, the American market has shown a big fall and closed at a day low. Dow Jones has given a breakdown to the trend line and confirmed Head & Shoulder. This is trend change confirmation and it is on the daily chart so the short-term trend will be down. American market impacts our market so we can see more correction in our market. Let's see the chart analysis of our index.

Nifty Weekly Chart: On a medium-term time frame Nifty has made Spinning Top but the lower leg is big which means the Bulls are active at the bottom. As per the options data, there are important support levels are 17500/17400. If the Nifty breaks these levels then the next support zone is around 17800/17600.

Nifty Daily Chart: Nifty has made bottom near 15300 and shown non-stop rally till the 18000. Now it is in the mood of profit taking and global clues are supporting. It has corrected almost 700 points in the last week. However, the American markets are not supportive so we can see more fall in our market. Also, on the daily chart, it has made Inverse Cup & Handle which is the signal of a trend change. We have to wait for confirmation and our trend will change for the short term. From the last three trading sessions, the Nifty is taking support from 20 DMA. If it breaks & closes below 17400 then we can see 17000 i.e. 200 DMA or on a breakout of 18000 we can see a new lifetime high. So be ready for both sides and stick to large-cap stocks only. SGX Nifty closed above 17400 and given respect to immediate support.

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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.

Does TATA POWER Have Power Of Up Moves?

TATA Naam hi kafi hai, in the last write up we had discussed TATA STEEL and it is working well. All Tata groups stocks are performing well and now Tata Power is looking good on charts. It has charging station contracts in two states. They can get more in the future, that is the reason we are bullish on it.

Monthly Chart: On the longer time frame stock is trading in a range from last 11 months and the range is 200 to 250. We can say it is making Flag and we have to wait for a breakout. If it gives breakout to 250 then it will touch 300 or more. Long-term investors can long from the current levels and immediate support is 200.

Weekly Chart: The stock price has taken fourth time support from 200 levels. Currently, it has made an Inverted Head & Shoulder that is the signal of a trend change. We are waiting for confirmation then we will enter in it for the medium term. Immediate support is around 220 and resistance is around 250.

Fundamental: Tata Power is in the business of Power Generation, Transmission, Solar roof manufacturing, and EV charging station. These business lines are good and demandable in the future. The company is profit making and they are focusing on business expansion. The company has good cash flow and the promoter has increased their shares holding by 10% in September 2020. Return on equity is around 8.5% and they are paying a heavy dividend.

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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.

Tata Steel Now Just In 100 Rupees, Can We Buy?

Friends, today we are going to discuss one of the leading and trusted company that is TATA STEEL Ltd. Recently the company has split the share by 1:10 and increased share quantities. The share price was around 980 and it started to trade at around 98 rupees. Now new long-term investors will attract to this price and start to invest in it. As per our view, current levels are good for investors, let's focus on technical charts and fundamentals.

Monthly Chart: On the major time frame price is trading in a downtrend and continuing the downward channel as shown in the below chart. However, if we compare the last two weeks candle then there is a Bullish Engulf that has been confirmed. That is a good sign for up moves, the stock currently trading near the resistance of 108-110. Once it crosses then we will see the levels of 120/122 in a few days. Still stock price needs to break channel for big up moves.

Weekly Chart: After taking the rest of 4 weeks stock price has shown a good rally in the last week and confirmed Morning Star. Before going up we are expecting some profit booking then it will go up. If the price comes down near 100 then it will be a good opportunity to accumulate the shares.

Fundamental: The company has a presence across the entire value chain of steel manufacturing from mining and processing iron ore and coal to producing and distributing finished products. The business line is good and products are demanding in the future.

• The company is on the second rank in the steel sector.
• Net profits are increasing quarterly & yearly.
• The company is increasing its assets.
• The cash flow is very strong.
• 75% of shareholders are Promoters, FIIs, and DIIs.
• Return on equity is around 42%.
• Stock is providing a good dividend yield of 4.75%.

Telegram: https://t.me/Intraday_King

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Website: http://money4me.in/services.html 

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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.