Bharti Infratel Technical Analysis: 22nd January

The stock of Bharti Infratel has built a bearish pattern on the daily chart and is just hovering just above its major support line. The stock has been using the descending trendline as a support which it has tested in the past as well. Right now the stock has a very weak momentum, and if it breaks the support, then the price of the stock is likely to reach the Rs 280 level.

On the daily chart, the MACD line is falling which indicates the upcoming weakness in the counter. On 15 min chart, we can see some upmove with huge volume at the open but due to lack of momentum, the stock continued to slide downward and is just above the trendline. But before making any short position, we need to break the trendline which is Rs 340-341.

Daily Chart

15 Minutes Chart

 

 

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ONGC Technical Analysis : 22.01.2018

Shares of ONGC Ltd today opened with a bull gap in NSE seeing over 9% increase in value during the first hour of trading session. While the bull momentum which existed at the start of the day has decreased significantly, the stock is still trading with considerable increase in value. This uptrend movement can be viewed as result of announcement made during the weekend in which the company announced its decision to complete purchase of shares of Hindustan Petroleum Corporation Ltd by 31-January-2018. The stock is currently trading in NSE at 204.40 with 5.31% increase in value.

ADX crosses indicator which points exact price at which there is a change in trend has formed down arrow indicating slow down in growth above price of 204 with max resistance for the day at 211. However Alligator indicator which points to formation of trend has formed awakening pattern with green line making a bullish crossover on red and blue lines and ZIG ZAG indicator that shows exact point of reversal of trend on long term ignoring short term noise and market volatility both show upward indication suggesting possibility of stock trading uptrend across the day. RSI indicator which predicts momentum of market based on speed of change in price continues to move on positive zone well within range of 41 to 63 after going very near to overbought zone of 70 earlier today morning.

With acquisition of HPCL in horizon majority of market sentiment remains bullish as short term traders and intra-day traders have chosen to buy and hold position indicating stock continuing on slow uptrend path across the week. Expected support and resistance values for stock during trading session in this week are at 191.97 & 207.87 respectively.

Image : 4 hrs intra-day data from MCharts MT4 Platform

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Yes Bank On Range Bound Movement Post Q3 Result Announcements

Shares of yes bank today saw over 2.21% increase in value at end of day session. While the stock has crossed the expected resistance value for the week and moved well above in terms of stock price, the stock failed to take on a huge bullish movement despite the trigger post update which resulted in stock price going as high as 356.90 during yesterday’s trading session. A look at 4 hour intra-day chart shows us that while the stock is still trading in upward direction , the momentum has turned range bound. Bill Williams fractal and alligator indicators which are used to measure reversal points in the market to get an idea about the direction in which the price will develop and confirm the presence of a trend and its direction are currently pointing  correction course for stock price value.

The last fractal arrow appeared at low price of 332.25 during yesterday’s 4 hr candle and the “Blue” line,  which represents a 13-period  Moving Average took a downward move diverging from red and green line that represents teeth and lips of Alligator making open mouth form which indicates a possibility of downward movement of stock price. Similarly RSI indicator which points to speed of change in price movement of a stock through signal line which was in overbought zone two sessions ago has started to move downwards on slow pace in a range of 61 to 55 also supporting possibility of stock making a bearish move. Expected support and resistance values are now at 325.54 & 358.86 respectively.

Image : 4 hrs intra-day price data from MCharts MT4 Platform

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HPCL Technical Analysis: 19th January

The stock of HPCL is in a definitive downtrend movement and has formed a Descending Triangle formation from the top of the chart formation. Descending Triangle formation is a bearish formation usually form during the downtrend as a continuation pattern.

The stock has failed to break above the Rs 433 level which was a resistance in the pattern and has fallen. The stock is currently trading around the Rs 410-412 level and if it breaks the Rs 408 level then it will reach towards the Rs. 400 level which is bottom of the formation. And, if it breaks from here, next support will be around Rs 380 and eventually Rs 325 level.

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Nifty Technical Analysis ; 19/1/18

Nifty index has been on bull run for more than 20 consecutive sessions now. This bull run can be partially attributed to influence from global markets while major triggers for the bull run can be attributed to earnings season that is ongoing this month. Overall market sentiment remains positive for major heavy weights in stock market which has been evident with positive Q3 financial results update for many major companies seeing over 10% growth while few small scale companies which posted results also provided positive announcements with minimum of 5% increase in value.

Of the earnings from Q3 stocks released so far all banks from both public and private have provided positive Q3 results which has greatly helped shape Nifty’s bull run, With some of reforms made to Govt during the last three months including govt’s decisions to allocate funds for PSU banks to help ease of operations and many private banks starting to clear of their NPA’s and settling debts market has been providing a clear bullish projection for Q3 for some time now which resulted in market seeing an increased cash inflow ahead of earning season during Christmas to New Year holiday season. FMCG sector also saw boost in sales due to festive season adding to positive numbers in earnings data.

This along with Nifty’s bullish run exceeding expectations of many traders by seeing a consecutive uptrend movement for three weeks with new record high being breached every day overall market sentiment has turned positive with many intra-day traders choosing to hold positions for short term to observe how far the market grows before booking profits to reap max benefits from current bull momentum. RSI indicator which is used to predict momentum of price using speed of change in price traded has maintained stance in overbought zone for more than 5 trading session indicating possibility of slow down of current uptrend movement in near future.

While both parabolic SAR & alligator indicators which points out good entry and exit points of trend and when a new trend is forming or existing trend is slowing down have continued to show signs of uptrend movement daily chart and 4 hour intra-day charts, candle movement in min and 1 hour charts show signs of index turning range bound. While we can expect market to continue to trade uptrend across the day and close uptrend for the day, we can see some correction in this uptrend movement soon with expected support values at 10662.33 on first level & 10372.44 on second level and resistance value at 10902.30 respectively.

Image : 4 hrs intra-day data from MCharts MT4 Platform

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HCL Technologies Technical Analysis: 19th January

The current rally in the stock of HCL technologies is likely to reverse as the stock has hit the top of upward channel formation which is acting as a resistance to the stock. The current trend seems bit overextended and the stock is also in an overbought condition in all the technical indicators including RSI, Stochastic and MACD. The technical analysis reveals that the stock is likely to retrace by up to 5-8 percent in the short term before regaining in any upside momentum.

The key support for the stock is at Rs 910-900 level and if it breaks below then it will be a negative development ans will take it further lower. 

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ITC Shares Rise Ahead Of Board Meeting

Shares of ITC Ltd today saw over 3% increase in value post announcement made from company over share holding pattern for period which ended on Dec 2017. The company has scheduled tomorrow’s date to hold its board meet for considering unaudited financial results for third quarter. Parabolic SAR & ZIG ZAG indicators which points to good entry and exit points of a trend & exact price at which there is a reversal of trend in motion both points to uptrend movement of stock price.

RSI indicator which provides signal of trend momentum based on speed of stock price change remained in positive zone for last 7 consecutive trading sessions with signal line most moving in range of 51  to 66. The market sentiment for stock is currently positive/bullish among both long term traders and short term / intra-day traders with positive outcome expected in Q3 results which if confirmed in announcement the stock is expected to make a steep bullish movement. Expected support and resistance for the stock are at 276.17 & 256.78 respectively.

 

Image : 4 hrs intra-day chart data from MCharts MT4 Platform

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UPL Ltd – Technical Analysis : 18/01/18

Shares of UPL Ltd today morning saw over 3% increase in value post announcement from company regarding scheduled date for board meet to consider unaudited financial results for third quarter. RSI indicator which points to speed of change in price movement of a stock through signal line is currently nearing overbought zone for majority of morning on a steep climb and maintaining levels above 60 but below 70. This is one of the stocks which has provided good returns on long term investment with growth in last four years seeing 477% increase. The stock which traded around 157 per share during Oct 2013 reached as high as 907 during August of 2017 and is currently trading in price range above 800 per share.

The stock has maintained a stable uptrend movement in long term with one major correction in last four years during second and third quarters of 2016. The stock price movement in current time frame can also be viewed as similar correction as the stock took downtrend movement with price per share seeing over 150 to 180 rupees decrease is currently back on uptrend movement. If the stock’s current recovery from corrections takes a similar route we can expect steep increase in share price this year.

Bill Williams fractal and alligator indicators which are used to measure reversal points in the market to get an idea about the direction in which the price will develop and confirm the presence of a trend and its direction are currently pointing to start of a new trend in upward direction. Hourly intra-day charts (1 hr & 4 hr) have confirmed the same with fractals indicating upward movement from a price above 808 to 811 and alligator signal line forming awakening pattern with green line (5 period) that represents Jaws of the animal crossing over blue (13 period) and red line (8 period) which represents teeth and lips indicating support for growth. Expected support and resistance for stock in long term are at 677.86 & 849.79, 902.21 and 990.12, while immediate support and resistance are at 753.25 & 849.79 respectively.

Image : UPL 4 hrs intra-day chart data from MCharts MT4 Platform

Image : UPL monthly chart data from MCharts MT4 Platform

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State Bank Of India – Technical Analysis : 17/1/2017

Shares of State Bank of India today saw over 4% increase in value during the last few hours of trading session. This boost can be attributed to announcement made by company today on outcome of board meeting during which a decision was approved for sale of bonds worth INR 20000 crore for financing infrastructure and affordable home in international & domestic market during period of FY 2017-18 & FY 2018-19. The share which was trading with a bearish momentum during morning trading session hit an intra-day low of 292.60 and post the update it hit the day’s high at 308.40, ending for the day at 307.10 in NSE.

RSI indicator which that measures the speed and momentum of change in stock price moved signal line to range of 59 to 61 during later hours of trading session indicating continued uptrend movement of stock in near future trading sessions. Moving Average indicator which calculates simple moving average based on closed price of the last 14 candles in hour chart also points to shift in movement of stock price on upward direction. Alligator indicator which identifies pace of trend shows formation of new trend in upward direction in both min and hour candle charts supportive positive performance of stock in trading sessions in near future. Expected support and resistance for the stock are at 299.87 & 311.37 respectively.

Image : Hourly data from MCharts MT4 Platform

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TCS Technical Analysis: 17th January

The chart shows that there is a clear upward channel formation in the stock of TCS and prices hitting 52 weeks high of Rs 2925 which is also the top of the possible 4th wave. The technical analysis of the stock reveals that the stock will correct in near future as all oscillators including Stochastic and RSI is indicating an overbought scenario of the stock.

There is one interesting formation of the stock with MACD. On top of each wave in the upward channel, the MACD is also in the overbought position and the stock is also declining to the bottom of the trend line. So, there are maximum chances of profit booking in the counter going by the trend.

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Dr.Reddy’s Lab – Technical Analysis : 17.01.2018

Shares of Dr.Reddy Laboratories saw over 2% increase in value during trading session today morning in NSE. The share price reached as high as 2506 during the first hour of trading session and is currently trading at 2500.75. MACD indicator which follows current market trend to provide buy or sell indications by comparing 9-day simple moving average against difference between 12 & 26 day exponential moving average is currently supportive of uptrend momentum as visible from signal line above zero value and it also points to possibility of current trend coming to an end shortly as visible from MACD signal lines recent bearish crossover on EMA.

Precision trend indicator which points to exact trend of current market and trend strength remains supportive across intra-day min and hourly price data. Similarly Parabolic SAR indicator which is used to point out good entry and exit points of trend and ZIG ZAG indicator which indicates exact point of trend reversal both remain supportive of uptrend movement in near future. The stock is currently trading very near to 5 month high which if reached within next two trading sessions might result in a possibility of reversal of trend. However if the trend manages to hold position across till Q3 financial results are released there is a chance of stock making an uptrend breakout and moving on to recover losses from last two quarters. Expected resistance for stock is at 2526.36 and support is at two price levels 2353.86 & 2204.77 respectively.

Image :  4 hours intra-day data from MCharts MT4 Platform

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Tata Motors Stock Takes A Dip Ahead Of Board Meet

Shares of Tata Motors Ltd takes a downward movement post update on scheduled date for board meeting to consider unaudited financial results. The overall market sentiment remains mixed with a majority of share holders choosing to hold position ahead of board meet and a few even choosing to buy the stock as it takes a dip. But this downtrend movement can be viewed as short term traders booking profit on stock’s recent uptrend movement ahead of bull run expected in near future over Q3 results. While the stock picked up momentum during last few minutes of trading session, looking at hourly candle chart and intra-day (4 hrs) candle chart we can expect further downtrend correction in sessions to come this week.

RSI indicator which signals the strength or weakness of a stock based on the closing prices of a recent trading period has moved down bordering oversold region with signal line currently moving around 40 and is expected to move into oversold region bordering on 35 to 30 point level. ZIG ZAG indicator which is used to identity trend reversal in long term and Parabolic SAR indicator which is used to identify good entry and exit points of trend in both intra-day and long term have created a downward signal indicative of further corrections in near future. Based on performance of stock in last 90 days we can expect stock to see a max of 4% to 6% decrease in value before scheduled date of board meet.

ADX crosses indicator which indicates price levels at which there has been significant change in momentum around 440 to 443 which can also be viewed as strong resistance if the stock makes an upward breakout. Similarly the stock sees strong support on two levels at 409.10 & 395.44 based on ADX indications in last 90 days. The stock is expected to move on range bound pattern with short term traders influencing majority of trend on intra-day basis.

Image : 4 hours intra-day data from MCharts MT4 Platform

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Wipro Shares On Uptrend Surge Ahead Of Board Meeting Over Positive Expectations On Dividend Update

Shares of Wipro Ltd today saw over 4% surge in value in both NSE and BSE with shares in NSE seeing as high as 5.02% increase during intra-day. This surge in upward movement of share value can be viewed as result of positive market sentiment on the company ahead of its scheduled board meet where interim dividends are to be discussed for FY 2017-18. Also two other major factor such as update over allocation of ESOP and Q3 update on financial data to be released on 19.01.2017 can also be viewed as strong supportive reason for current positive market sentiment. After hitting its lowest for last 20 months on 7.11.2016 the stock has been on a stable uptrend movement for more than 12 months. The stock maintained a range bound movement for last two quarters of the financial year in a price range of 279.25 & 309.16.

The stock made a bullish breakout during the last week of December 2017 and has been moving on stable uptrend movement across month of January 2018. The stock today hit a new high for last 20 months reaching the price of 333 during later half of today’s trading session. RSI indicator which signals the strength or weakness of a stock based on the closing prices of a recent trading period has maintained signal line in a range of 48.38 to 68.75 indicating supportive stance towards further growth in stock value.

ZIG ZAG indicator which is used to identity trend reversal in long term and Parabolic SAR indicator which is used to identify good entry and exit points of trend in both intra-day and long term trades have formed uptrend signal with PSAR indicator just forming the uptrend indication in intraday charts indicating further development in near future trading sessions. ADX crosses indicator which indicates price at which there has been significant change in momentum has shown multiple levels of support around 303 to 313 price range. The stock is expected to continue further uptrend movement in trading sessions to come in near future with stiff resistance around 338.63.

Image : 4 hours intra-day data from MCharts MT4 Platform

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ZEE Entertainment Stocks Heads Into Waning Phase Of The Year

Stocks of ZEE Entertainment Ltd today saw over 1.9% increase in value today. The stock has for majority of last decade been on uptrend movement with second half of every calendar year seeing the stock on bull run.  However with stock seeing one its major course correction during late 2016 and early 2017 seeing a decrease of over 38.59% , the stock a slow uptrend movement recovering its loss across the rest of 2018. With the stock reclaiming majority of its loss and moving uptrend the market sentiment is turning mixed over holding in longer position or making short duration trades to see profit on immediate growth speed.

The stock is expected to hit its all time high of 600 in the next two trading session and move on even higher reaching a level of 650 to 700 per share during the Q3 update period.RSI indicator which signals the strength or weakness of a stock based on the closing prices of a recent trading period has for majority of last last five session maintained signal line around 50 to 60 and is expected to remain supportive of uptrend movement when trading session opens next week. Precision trend histogram indicator which is used to identify direction of trend also shows uptrend indication for last two trading sessions.

ZIG ZAG indicator which is used to identity trend reversal in long term and Parabolic SAR indicator which is used to identify good entry and exit points of trend in both intra-day and long term trades have formed uptrend signal with PSAR indicator just forming the uptrend indication in intraday charts indicating further development in near future trading sessions. Expected support and resistance values for the stock are at 579 and 610 respectively.

Image : 4 hrs intra-day data from Mcharts MT4 Platform

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Bharti Infratel Technical Analysis: 12th January

The stock of Bharti Infratel has been in a downtrend for quite some time and has corrected over 23 percent. Currently, the stock is getting support around the Rs 368 level and is also consolidating around that level. It is also the 61.8 percent level in Fibonacci scale and the stock is expected to resume its upside move. The Stochastic and CCI are showing an oversold condition of the stock. The stock has also formed a hammer and inverted hammer like candle at the bottom of the formation indicating a reversal of trend.

The first resistance for the stock is at Rs 382 level and next at Rs 435 level.

 

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Indian Oil Technical Analysis: 12th January

The stock of Indian Oil is forming a bearish pattern on the daily chart pattern. The stock has formed a descending triangle formation which has its support at the Rs 383 level. Since the formation of the higher triangle, the stock has been losing momentum which can be seen through the MACD indicator. The Stochastic indicator is also moving below from the overbought territory.

If the stock breaks from Rs 383 level, then possibly it will move towards to reach the Rs 330 level and then next at Rs 287 level which is its next major support.

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Infy Shares Move Uptrend Ahead Of Q3 Results

Shares of Infosys today saw over 2.3% increase in value at E.O.D. This growth in stock price can be viewed as result of momentum gained from increase in positive market sentiment ahead of Q3 results which are scheduled to be announced tomorrow. The stock today crossed its 52 week high and also breached its upper level of resistance for last 15 months near 1050 to 1065.24 price range. Long term trend reversal indicator ZIG ZAG has maintained uptrend indication for last 5 months since 2nd week of august 2017 across both hourly intra-day charts and daily/weekly charts.

RSI indicator which signals the strength or weakness of a stock based on the closing prices of a recent trading period has moved its signal line near over bought region of 70 indicating possible course correction on profit booking post a short term bull run expected to be influenced by Q3 results. ADX crosses indicator which points exact price at which there has been significant increase in trade has also maintained uptrend indication for for last five sessions. Expected support for INFY shares in NSE in near future is at 910 and resistance 1150 on first level & 1220 second level respectively.

Image : 4 hour intra-day data from MCharts MT4 Platform

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Bharti Airtel Technical Analysis : 11.01.2018

Shares of Bharti Airtel Ltd are currently on range bound movement post a downward course correction during last three trading sessions. RSI indicator which signals the strength or weakness of a stock based on the closing prices of a recent trading period has started making recovery post moving near oversold region on both min and hourly intra-day charts. RSI signal line was around 34 to 36 on average for majority of last three trading sessions but has moved up to value of 45 indicating signs of growth. The stocks in NSE have so far made range bound movement within 513.55 to 511.88 for majority of today’s morning trading session post a fast climb during initial hour of trading session when the stock gained over 2.5% increase in value.

Long term trend reversal indicator ZIG ZAG has maintained a downtrend line for both 30 min and 1 hour intra-day chart indicating no immediate trend reversal. However ADX crosses indicator which points exact price at which there has been significant increase in trade has formed multiple indications of price swing in min charts in very short intervals strongly suggesting range bound movement in immediate and near future market with price range for max swings expected between 513.45 to 511.88. When the stock breaks out of its range bound movement immediate support and resistance values expected for stock in NSE are at 503.20 & 517.97 respectively.

Image : 1 hour intra-day data from MCharts MT4 Platform

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TCS Stocks Rise On Expectations Over Third Term Dividend Consideration During Tomorrow’s Meet

Shares of TCS Ltd today saw over 3.6% increase in value near E.O.D. The stock closed for the day at 2806.60 post hitting day’s high at 2816.17. Alligator indicator which is used to detect formation of new trend today saw bullish awakening as green line crossed above red and blue lines signaling further uptrend movement of stock in immediate future. Parabolic SAR which points to good entry and exit points of trend also signals continued uptrend movement in trading sessions that are to come ahead this week.

RSI indicator which is used to measure the momentum of stock based on speed of change in stock price moved up into oversold region but stayed near lower limit of oversold region ie., above 70 below 80 indicating possibility for further uptrend movement in tomorrow’s trading session. This sudden spike can be viewed as positive market sentiment over company’s stock from expectations of positive Q3 results and interim dividends that are scheduled to be discussed in company’s meet tomorrow. Expected support and resistance for stock are at 2676.28 & 2840.87 respectively.

Image : 4 hour intra-data from Mcharts MT4 Platform

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Hindustan Petroleum Technical Analysis : 10.01.2018

Shares of Hindustan Petroleum today saw over 1.5% increase in morning trading session. The share has been on continuous bull run for last four years seeing over 1000% increase in value from 42.74 during Nov’2013 to 494.38 by August’2017. The stock saw some consolidation every year before the price moved on to its next big bull run. Having reached highest of four years in last august, the stock has been on correction course and is now under consolidation phase above price level of 400. This is evident from RSI signal line staying well within normal trading range value of 30 and 70 with no occurrence of movement to oversold or overbought zone in last three months in daily candle chart.

Precision trend histogram indicator which is used to identify direction of trend and Parabolic SAR indicator which points to good entry and exit points are both supportive of growth in immediate future as visible from uptrend signal in H! & H4 intra-day chart windows. ZIG ZAG indicator which points the price at which there is a reversal of trend also remains supportive of growth in intra-day chart. When looking at Daily candle chart we can see that ZIG ZAG indicator and Precision trend histogram both remains on downward direction while Parabolic SAR has moved from downtrend signal pattern to uptrend signal pattern supporting upward movement of stock in trading sessions that are to come this week albeit probability of stock continuing on its current range bound pattern.

The stock faces strong support at 396.35 on its movement uptrend while facing stiff resistance on 461.85. The stock is expected to be on consolidation phase as long as it traded under 461.85 to 396.35, however once breached the stock phases strong resistance around 492.65 where the stock is expected to make another range bound momentum. However once the stock breaches both resistance levels we can expect strong growth on upward directions which would happen on longer time duration ( expected to happen once the Q3 results are announced ).

Image : 4 hrs intra-day data from MCharts MT4 Platform

Image : Daily data for last one year from MCharts MT4 Platform

Image : Monthly data for last four years from MCharts MT4 Platform

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UltraTech Cement Technical Analysis: 10th January

The stock of Ultratech Cement has formed a Doji Candle previous day on the top of the daily chart which indicates the indecisiveness of the movement of the stock. Today, the stock is trading at a loss of more than 1 percent conforming the previous day candle. All other technical indicators including MACD, Stochastic, CCI and RSI are indicating an overbought condition of the stock.

The next support for the stock is at around Rs 4230 level and Rs 4056 level eventually.

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HDFC Bank Technical Analysis: 10th January

The stock of HDFC Bank is losing momentum to continue higher towards the Rs 1900 level. In the hourly chart, it can be clearly seen that it is forming Descending triangle formation which is a bearish pattern. The stock is currently getting support at the Rs 1855 level and if it breaks below from there then next support will be near at Rs 1813 and Rs 1790 eventually. Other technical indicators including MACD, CCI and stochastic are also indicating a continuation of bearish sentiment in the stock.

Daily Chart

 

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Yes Bank Consolidates Above 340 Price Level

Shares of yes bank today saw over 2.32% increase in value at end of day session. Zig Zag indicator which predicts change in momentum on long term remains supportive of stock’s current uptrend momentum. Alligator indicator which predicts when a trend is forming and is at prime has maintained supportive stance for bull run in hourly chart but has formed a sleeping alligator pattern in min charts indicating slow down in current trend. RSI indicator which remains in over bought zone in hourly charts remain well within region of bullish support at around 50 to 70 indicating consolidation in immediate future which signals at possible range bound movement of stock price during tomorrow morning session.

The stock today breached last week’s expected resistance value at 340.65 and reached the day’s high at 342.79 post which it took sideways movement and traded for majority of day above 341 and closed at 341.35. ADX crosses indicator which points to exact price at which there has been a significant change in direction of price movement is currently making red arrow at 341.84 and last blue arrow was at 340.04 indicating consolidation above 340 price level. Expected support and resistance for the stock for the week are at 327.44 & 345.72 respectively.

Image : 4 hours intra-day chart data from MCharts MT4 Platform

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Coal India Stocks Gain Over 6% On Revision Of Non-Coaking Coal Prices

Shares of Coal India Ltd today morning saw over 6% increase in NSE and BSE post update released by the company on revising price of non-coking coal by 9% during a board meeting held yesterday. The stock is currently trading in NSE at 304.70 and is expected to see slowdown in momentum during later half of trading session today. While long term trend indicators ZIG ZAG and MACD have maintained uptrend signals in candle chart across morning session, intra-day min candle charts show signs of slow down in uptrend growth.

ADX crosses indicator has formed multiple downtrend correction arrows in both 1 min & 5 min chart after the candle hit today’s high where we can see blow arrows indicating to stock’s multiple attempts at gaining uptrend momentum. However profit booking across morning session has skimmed of significant part of growth from stock’s uptrend movement. We can expect stock to take a range bound movement during rest of today’s trading session. Immediate support and resistance for stock are expected at 286.45 and 313.85  respectively.

Image : 5 min candle chart from MCharts MT4 Platform

Image : 4 hrs candle chart from MCharts MT4 Platform

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Lupin Ltd Technical Analysis : 08.01.2018

Shares of Lupin ltd has been on bull run for past 10 trading sessions. The company saw its stock gain positive movement as announcements such as FDA approval for generic Dovonex Scalp Solution, Announcement of ESOP & release of generic Ancobon® capsules in the US drive the stock on uptrend momentum. The stock started moving uptrend since second week of December 2017, this growth is supported by bullish signal from MACD indicator. Similarly ZIG ZAG indicator which is used to identity trend reversal in long term and Parabolic SAR indicator which is used to identify good entry and exit points of trend also points to growth in stock performance uptrend in near future.

ADX crosses indicator which points to price at which there has been a significant change in magnitude of current trend also shows maintained uptrend signal in hourly candle chart for last three consecutive trading sessions. With start of uptrend momentum influenced by positive corporate announcements has crossed its two months resistance at two levels forming new support zones at 881.33 and 817.34 respectively and resistance for stock as it continues to move uptrend is expected at 1026.41.

Image : Lupin 1hr intra-day data from MCharts MT4 platform

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