Aurobindo Pharma Technical Analysis : 13.02.2018

Shares of Auro pharma ltd saw over 3% increase in value during trading session today and has been moving uptrend post update from company regarding positive Q3 results and interim dividend decisions. The stock closed for the day in NSE at 607.30 per share post hitting the day’s high at 610.40. Bill William’s alligator indicator which is used to confirm the presence of a trend and identify starting point of trend based on three lines that use a metaphor of alligator’s lips, teeth and jaw has formed a complete awakening pattern in minute and one hour intra-day charts with green line making a bullish crossover over red and blue lines there by confirming formation of a new uptrend movement.

Similarly ZIG ZAG indicator which is used to predict reversal in trend while disregarding changes in share price caused due to short term market volatility has also formed uptrend indication supporting the stock’s uptrend growth. RSI indicator which is used to measure the momentum of stock using signal line which is calculated based on speed of change in stock price is currently in a range of 31 to 62 across intra-day and daily/weekly charts and continues to move towards oversold region across all time frames supporting uptrend movement of stock in immediate and near future trading sessions. Expected support and resistance for the stock are at 579.52 & 621.51 respectively.

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

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Tata Steel – Technical Analysis : 13.02.2018

Shares of Tata Steel Ltd today saw the over 5% increase in value post update from company about pre-advertisement for issue of rights and from positive market sentiment gained from 11.08% increase in profit after tax for Q3 FY2017-18 when compared to Q3 FY2016-17. The stock is currently trading in NSE at 713.70 per share with 4.14% increase in value. Bill William’s alligator indicator which is used to confirm the presence of a trend and identify starting point of trend based on three lines that use a metaphor of alligator’s lips, teeth and jaw has formed a complete awakening pattern in both min and hourly intra-day charts  with green line making a bullish crossover over red and blue lines there by confirming formation of a new bullish trend.

Similarly Parabolic SAR indicator which is used to identify good entry and exit points of an ongoing trend has also formed bullish indication in both minute and hourly chart thereby supporting possibility of  uptrend movement in near future trading sessions. While RSI indicator which is used to measure the momentum of stock using signal line which is calculated based on speed of change in stock price is currently in oversold region in intra-day charts, daily and weekly charts see the signal line in range of 48 to 50 which also continues to move in upward direction which strongly supports possible uptrend movement in near future. Expected support and resistance level for the stock are at 631.61 & 747.74 respectively.

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

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Power Grid Corporation Technical Analysis : 12.02.2018

Shares of Power Grid Corporation Ltd today saw over 2% increase in value post update from company regarding payment of interest and principle on the company’s bonds. The stock closed in NSE at 198.50 with 2.74% increase in value after reaching an intra-day high at 199.05 per share. Bill William’s alligator indicator which is used to confirm the presence of a trend and identify starting point of trend based on three lines that use a metaphor of alligator’s lips, teeth and jaw has formed a complete awakening pattern in both min and hourly intra-day charts  with green line making a bullish crossover over red and blue lines there by confirming formation of a new bullish trend.

Similarly Parabolic SAR indicator which is used to identify good entry and exit points of an ongoing trend has also formed bullish indication in both minute and hourly chart thereby supporting possibility of  uptrend movement in near future trading sessions. While RSI indicator which is used to measure the momentum of stock using signal line which is calculated based on speed of change in stock price is currently in oversold region in intra-day charts, daily and weekly charts see the signal line in range of 48 to 54 which also continues to move in upward direction which strongly supports possible uptrend movement in near future. Expected support and resistance level for the stock are at 189.91 & 199.81 respectively.

Image : 30 min intra-day data from MCharts MT4 Platform

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Power Finance Corporation: Technical Analysis 12th Feb

The downtrend in the movement of PFC seems to be bottom out as it is experiencing support at the 61.8 percent in Fibo scale. The stock is likely to move upside from here, with initial resistance at the Rs 120 level and then at Rs 131 level which is massively resistive. The stock is going to consolidate between this range before moving higher.

In both daily and weekly chart, the stock is suggesting of an uptrend with MACD, Stochastic and RSI moving higher from the oversold region.

And, if the stock further corrects from here then it can break below the Rs 100 level, possibly reaching towards the Rs 85 level.

Weekly Chart

Daily Chart

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NMDC Technical Analysis: 12th February

The build-up in the daily chart of NMDC is indicating a positive breakout soon and if it crosses above the Rs 140 level which is now acting as a resistance level will send the stock much higher. The stock has reversed its movement from the 61.8 percent in Fibonacci scale and currently, the 60 DMA line is acting as a resistance. If it clears above then, we can see a surge in price initially up to Rs 148.71 which is also the 23.6 percent in Fibo scale and then afterward towards the 163 level.

The MACD is also giving a positive divergence and RSI is at 47 indicating a neutral position of the stock with bullish momentum intact. In the short term, the stock has the potential to give returns of up to 10-15 percent.

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Axis Bank Technical Analysis : 12/2/2018

Shares of Axis bank today saw over 1.5% growth, a stable uptrend movement in NSE post the recent dip in stock movement. The shares took a steep uptrend movement during the fourth week of January 2018 post update of company’s financial data for third quarter of FY 2017-18 which saw 68% growth QOQ and saw the stock price correct back to 6 month average over 6 consecutive session. The stock has currently obtained stability at price above 6 month average range and is currently trading in NSE at 564.10 with 1.15% increase in value.

Bill William’s alligator indicator which is used to confirm the presence of a trend and identify starting point of trend based on three lines that use a metaphor of alligator’s lips, teeth and jaw has formed a complete awakening pattern in minute and one hour intra-day charts with green line making a bullish crossover over red and blue lines there by confirming formation of a new uptrend movement in one hour, 15 min and 30 min intra-day charts while 4 hour chart still continues to maintain all lines parallel to each other  in one min chart and 4 hour chart indicating possibility of range bound stock price movement in immediate and near future trading sessions.

Further Parabolic SAR indicator which is used to identify good entry and exit points of an ongoing trend has also formed bullish indication in both minute and hourly chart thereby supporting possibility of  uptrend movement during trading session this month albeit possible range-bound momentum of stock price during near future intra-day market sessions. RSI indicator which is used to measure the momentum of stock using signal line which is calculated based on speed of change in stock price is currently in range of 47 to 60 across intra-day charts and range of 41 to 65 with daily and weekly charts seeing the signal line take upward movement supportive of long term price growth. Expected support and resistance price 533.05 & 626.93 respectively.

Image : Daily chart data from MCharts MT4 Platform

Image : one hour data from MCharts MT4 Platform

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Indiabulls Housing Finance Ltd Technical Analysis : 08.02.2018

Shares of India-bulls housing finance ltd today saw over 4% increase in trading session today morning at NSE post update of Investor conference. The stock is trading at 1326.75 per share in NSE currently with 4.13% increase in value.. Bill William’s alligator indicator which is used to confirm the presence of a trend and identify starting point of trend based on three lines that use a metaphor of alligator’s lips, teeth and jaw has formed a complete awakening pattern in minute and one hour intra-day charts with green line making a bullish crossover over red and blue lines there by confirming formation of a new uptrend movement.

Further Parabolic SAR indicator which is used to identify good entry and exit points of an ongoing trend has also formed bullish indication in both minute and hourly chart thereby supporting possibility of stable uptrend movement in near future trading sessions. RSI indicator which is used to measure the momentum of stock using signal line which is calculated based on speed of change in stock price is currently at 56 in one hour chart and moving up towards oversold region across minute chart with various min time frame seeing RSI line in range of 58 to 66 supportive of stable upward growth of stock price in trading sessions to come. Expected support and resistance values for the stock are at 1206.84 & 1440.57 respectively.

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

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Cipla Technical Analysis : 08.02.2018

Shares of CIPLA ltd today saw over 8% increase in trading session today morning at NSE post update of Q3 financial results. The company post its board meet today announced financial results for Q3 2017-18 which showed 22.65% increase in net profit post tax deductions and expenses compared to Q3 2016-17. The stock is trading at 605 per share in NSE currently with 6% increase in value. Bill William’s alligator indicator which is used to confirm the presence of a trend and identify starting point of trend based on three lines that use a metaphor of alligator’s lips, teeth and jaw has formed a complete awakening pattern in minute and one hour intra-day charts with green line making a bullish crossover over red and blue lines there by confirming formation of a new uptrend movement.

The stock which saw serious downtrend movement during last week of January 2018 and first week of February 2018 is now back up and is trading on 6 month average price range. Parabolic SAR indicator which is used to identify good entry and exit points of an ongoing trend has formed bullish indication in both minute and hourly chart thereby supporting possibility of uptrend movement in near future trading sessions. RSI indicator which is used to measure the momentum of stock using signal line which is calculated based on speed of change in stock price is currently at 69 in hourly chart and moving up into oversold region while minute chart see’s the signal line cross over into oversold region which suggest possible sideways movement before stock stabilizes in current price and moves into further steep uptrend movement. Expected support and resistance for the stock are at 554.37 & 630.96 respectively.

Image : 1 hour data from MCharts MT4 Platform

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BPCL Technical Analysis : 07.02.2017

Shares of BPCL today saw over 2% increase in NSE. The stock closed in NSE for the day at 478.20 with 2.42% increase in value. The stock which was trading with a bearish momentum during the last week of January and fist few days of Feb’18 has started moving back on uptrend ahead of board meet scheduled on 09.02.2018 post which announcements are expected for interim dividends and Q3 financial data of the company. Bill William’s alligator indicator which is used to confirm the presence of a trend and identify starting point of trend based on three lines that use a metaphor of alligator’s lips, teeth and jaw has formed a complete awakening pattern in minute intra-day chart with green line making a bullish crossover over red and blue lines there by confirming formation of a new uptrend movement.

Similarly the indicator has started to form awakening pattern in hourly chart with one hour chart seeing the green line make a bullish crossover of red line and heading towards making a crossover of blue line which leads to possibility of bullish performance of stock during tomorrow’s trading session. Parabolic SAR indicator which is used to identify good entry and exit points of an ongoing trend has formed bullish indication in chart minute while hourly chart has formed bearish signal line indicating possibility of sideways movement during first half of tomorrow’s trading session. RSI indicator which is used to measure the momentum of stock using signal line which is calculated based on speed of change in stock price is currently at 53 in one hour chart while moving between a range of 47 to 59 across various minute charts which suggests possible range-bound movement for the stock before Q3 results are announced on friday. Expected support and resistance values for the stock during this week’s trading sessions are at 464.61 & 493.85 respectively.

Image : 1 hr intra-day chart from MCharts MT4 Platform

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Hindalco Technical Analysis: 7th Feb

The stock of Hindalco has got a major support at its general uptrend line and has bounced higher. This uptrend line was providing resistance to the stock in the past to move higher which can be seen on the daily chart. The stock from here is likely to move higher reaching towards the Rs 280-290 level.

Analysing the technical indicators, the stock is currently oversold (RSI -36, Stochastic- 37,32) and is likely to bounce. MACD which is on the negative side of the territory might give a positive divergence in next few session. The clearance above the 60 DMA (yellow line in the chart), which is also acting as a resistance will send the stock much higher.

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PTC India Technical Analysis: 7th Feb

The stock of PTC India has given a bounce from its support level at Rs 91 and is currently trading at Rs 94 level. The stock was on the downward trajectory for quite some time and in the last two-days of significant weakness across the market, the stock has maintained its support level. The stock is overly oversold and Stochastic (21) and RSI (16) has given divergence from the lower level indicating an upside move in the short term. MACD is also in the negative territory and is likely to give a positive divergence.

The first resistance and also the first target for the stock will be at Rs 104.50, clearing of which it will send the stock price much higher towards the Rs 120 level.

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Aurobindo Pharma Technical Analysis : 07.02.2018

Shares of Auro pharma ltd are trading with bullish momentum ahead of Q3 financial data update. The stock which has been on bearish decline since start of Jan 2018 has now started moving back on upward momentum. The stock saw over 3% increase in value during the first hour of trading session in NSE and is currently trading at 612.50 per share with 2.62% increase in value. Bill William’s alligator indicator which is used to confirm the presence of a trend and identify starting point of trend based on three lines that use a metaphor of alligator’s lips, teeth and jaw has formed a complete awakening pattern in minute intra-day chart with green line making a bullish crossover over red and blue lines there by confirming formation of a new uptrend movement.

Similarly the indicator has started to form awakening pattern in hourly chart with one hour chart seeing the green line make a bullish crossover of red line and heading towards making a crossover of blue line conforming positive market sentiment to continue across the day. Parabolic SAR indicator which is used to identify good entry and exit points of an ongoing trend has also formed bullish indication in both minute and hourly chart supporting upward growth of stock price in immediate market in near future trading sessions. RSI indicator which is used to measure the momentum of stock using signal line which is calculated based on speed of change in stock price is currently at 55.55 in one hour chart and moving upwards towards oversold region of 70 and above across all minute intra-day charts. Expected support and resistance for the stock is at 582.05 & 635.20 respectively.

Source : 1 hour intra-day chart from MCharts MT4 Platform

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Lupin Technical Analysis : 06.02.2018

Shares of Lupin Ltd saw over 5% drop in value post a disappointing Q3 financial result. The update showed that sales of product decreased by 11.5% for Q3 FY 2017-18 when compared to Q3 FY 2016-17. The shares closed for the day in NSE at 800.90 seeing and was continuously on downtrend movement opening for the day with bear’s gap seeing the price drop by INR 48.20 per share. Parabolic SAR indicator which helps identify good entry and exit points on ongoing trend and Zig Zag indicator which points to exact price at which there was a reversal in trend (disregarding short term price volatility to identify points of price with significant impact on price movement) are both pointing to further downward movement of stock in both min and hourly intra-day chart.

RSI indicator which is used to identify the momentum of stock using signal line which is calculated based on speed of change in stock price went as low as 26 and is currently below oversold region at 29, but has started heading on uptrend direction indicating possibility of stock moving back to bullish movement within next few trading sessions as another major factor which caused today’s stock decline could be viewed as overall bearish market momentum from major indices taking a course correction. The stock will possibly see upto 2% increase in price by end of this week’s trading session if Nifty manages to reclaim 10900 by then. Expected support and resistance for the stock are at 786.53 & 878.51 respectively.

Image : 30 mins intra-day data from Mcharts MT4 Platform

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Tata Motors Technical Analysis : 06.02.2018

Shares of Tata motors today opened with a bear gap in NSE influenced by overall market correction despite delivering a 14% increase in income generated for third quarter of FY 2017-18 when compared to FY 2016-17. The stock is currently trading in NSE at 371 with 6.27% decrease in value hitting a new 6 month low. Viewing from a fundamentalist perspective the company has managed to deliver a positive growth from implementation of turn around strategy despite a difficult market. The company similar to various other tata group of companies has taken a growth stance since appointment of new chairman making the stock a safe bet instrument in today’s market for long term gain.

With overall market taking a bearish slide as major indices move on course correction post a 30 consecutive session of bull run, stocks that contribute to major indices have also taken on downward movement. Parabolic SAR indicator which helps identify good entry and exit points on ongoing trend and Zig Zag indicator which points to exact price at which there was a reversal in trend (disregarding short term price volatility to identify points of price with significant impact on price movement) are both pointing to downward movement of stock in near future.

RSI indicator which is used to identify the momentum of stock using signal line which is calculated based on speed of change in stock price is currently below oversold region at 28 but has started heading on uptrend direction indicating possibility of stock moving back to bullish movement within next two trading sessions. Expected support and resistance for stock are at 355.81 & 423.99 respectively.

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

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The Nifty Trends: 5th February

Nifty has been on a boil for quite some time now with reaching record high level of 11150 in a very short span of time. But there is a specific trend in the index that is guiding this market higher.

From the 9473 level (point 1), the index has moved higher reaching the 10135 level (point 2) without any correction and retraced up to 61.8 percent in Fibonacci scale to bounce higher to again reaching the 10135 level. The index again retraced to 61.8 percent to gain momentum to finally break above the 10135 level and reached 10500 level (point 3). It retraced 50 percent of the current rally and again bounced near the 10500 level, only to fall back reaching 61.8 percent in the Fibo scale.

From there the Nifty rallied to reach towards the 11150 level (point 4). The index is now around the 50 percent in the Fibo scale which is offering a support. Now, Nifty has the possibility to bounce higher reaching the 11,150 level again and retracing back to 50% or 61.8% in Fibo scale to get a bounce from here going new higher level. This could be the possibility.

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ARVIND Technical Analysis: 5th February

The stock of Arvind is looking very attractive at the current level with corrections of over 23 percent in last few sessions. The stock has now reached its major support level of Rs 358 and has been tested in the past. The stock has given a bounce in today’s session indicating a short-term upside move in the counter. If the stock clears above the Rs 418 level, which will be the first resistance then it will go much higher towards the Rs 480 level.

Technically also, the stock is quite oversold, RSI (25) and Stochastic (17, 14) is showing a reverse trend at the lows, possibly going higher and MACD is also indicating a quite oversold position. If the stock fails to retain the Rs 358 level, then it should go much lower towards the Rs 327 which is its next support level.

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ITC Technical Analysis : 02.02.2018

ITC shares are among few Nifty stocks that have maintained uptrend movement across the day’s trading session despite bear’s grip on overall market. The share closed in NSE for the day at 275.35 with 0.03% increase in value. Parabolic SAR indicator which helps identify good entry and exit points on ongoing trend and Zig Zag indicator which points to exact price at which there was a reversal in trend (disregarding short term price volatility to identify points of price with significant impact on price movement) are both pointing to bullish momentum for the stock in hourly intra-day charts.

RSI indicator which is used to identify the momentum of stock using signal line which is calculated based on speed of change in stock price is currently at 46 and heading on downward path indicating slowdown in existing uptrend stock momentum. Similarly trend indicators PSAR & ZIG ZAG have also moved downtrend in minute intra-day charts indicating possibility of bearish opening for the stock coming monday and range-bound movement during the week. Expected support and resistance are at 267.11 & 290.91 respectively.

Image : 1 hour data from MCharts MT4 Platform

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Eicher Motors Technical Analysis : 02.02.2018

Shares of Eicher motors ltd saw over 1% increase in value during trading session today morning despite overall market taking a bearish hit over union-budget announcement. Shares of Eicher motors ltd are currently trading at 28106.25 in NSE. Parabolic SAR indicator which helps identify good entry and exit points on ongoing trend and Zig Zag indicator which points to exact price at which there was a reversal in trend ( disregarding short term price volatility to identify points of price with significant impact on price movement ) are both pointing to bullish momentum for the stock in hourly as well as minute intra-day charts.

RSI indicator which is used to identify the momentum of stock using signal line which is calculated based on speed of change in stock price is currently at 67 nearing oversold region supporting stock’s bullish momentum. However there is a possibility for stock to see some sideways movement during later half of today’s trading session or on monday due to profit booking activities seen usually around weekend. Expected support and resistance values for the stock are at 26195.13 & 28771.83 respectively.

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

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Indus Ind Bank Technical Analysis : 01.02.2018

Shares of Indus ind bank today hit new 52 week high reaching as high as 1817.80 and closed for the day at 1783 seeing 1.71% increase in value. The stock has been moving on a steady uptrend movement since Christmas seeing over 12.34% increase in value in last 25 sessions. Parabolic SAR indicator which is used to identify good entry and exit points of a trend and ZIG ZAG indicator which is used to identify the point of reversal in trend which excludes price changes of short term market volatility have both formed bullish indication in hourly charts while PSAR indicator has formed bearish indications in minute charts on price movement post hitting new all time high due to profit booking by intra-day traders which points to possibility of range bound performance in immediate future.

Stochastic oscillator indicator which points out momentum of security by comparing the closing price of a security to the range of its prices over a certain period of time has moved down from overbought region in hourly charts while moving down well near oversold region in 5 & 15 min intra-day charts indicating heavy sell activity during second half of today’s trading session. We can expect stock to continue on a bearish range bound movement during trading session this week before changing back into uptrend movement. Expected support and resistance for the stock are at 1641.53 & 1852.22 respectively.

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ICICI Bank – Technical Analysis : 02.01.2018

Shares of ICICI bank ltd today saw over 0.50% increase in value, however the overall stock momentum has turned bearish. Post update on Q3 financial data yesterday which showed over 32% slump in profit the stock has taken a downward course correction. The stock is currently trading in NSE at 353 with 0.17% increase in value and is expected to turn bearish soon. The stock hit a new all time high on 29.01.2018 post which it saw slight downward movement in price on profit booking and with Q3 results going down the market sentiment has turned bearish for the stock in immediate future.

RSI indicator signal line which measures momentum of stock based on speed of change in stock price is currently at 54 and is continuing to move downward in both min and hourly intra-day charts. Similarly Parabolic SAR indicator which is used to identify good entry and exit points of a trend and ZIG ZAG indicator which is used to identify the point of reversal in trend which excludes price changes of short term market volatility have both formed downward indication in hourly charts while PSAR indicator has formed bullish indications in minute charts which points to possibility of range bound performance across the day and bearish price movement in near future. Expected support and resistance values are at 368.40 & 319.98 respectively.

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Ultra-Tech Cements Technical Analysis : 31.01.2018

Shares of Ultra-Tech cements today saw over 0.60% increase in value in NSE. The stock touched new all time high on 17.01.2018 post which it has been on a bearish course correction as short term traders skimmed of profits post stock reaching new heights. The stock closed for the day at 4382 seeing over 0.40% increase at end of day and while the trend in short term may look bearish the price is well within the range of average stock price level maintained since November 2017 i.e., above 4100.

RSI indicator signal line which measures momentum of stock based on speed of change in stock price is currently at 52 and moving upward in hourly intra-day charts and also has maintained the signal line in  range of 55 to 65 across various minute intra-day charts indicating uptrend price movement possibility in near future. Parabolic SAR indicator which is used to identify good entry and exit points of a trend and ZIG ZAG indicator which is used to identify the point of reversal in trend which excludes price changes of short term market volatility have both formed uptrend indication in hourly and minute intra-day charts supportive of stock’s bullish movement.

However looking at stock’s price movement on average in last 30 trading sessions , the stock has maintained a range bound performance for majority and is expected to continue in near future albeit on slow uptrend momentum. Expected support and resistance for stock in near future are at 4126.70 & 4505.16 respectively.

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

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LIC Housing Finance Technical Analysis: 31st January

The stock has been in the definitive downtrend after reaching an all-time high level of Rs 790 and has been weak since then. The stock has corrected over 35 percent and now it is trading around its major support area and has been a resistance point earlier also.

Going through the technical analysis of the stock in the daily chart, there is a high possibility of stock reversing its direction and it is largely oversold in both daily and weekly chart. On the weekly & daily chart, the MACD is preparing to diverge above, both RSI and Stochastic are in oversold position.

The stock has initial resistance around the Rs 592 level and is succeeds to clear above then Rs 667 will be the next. And, if the stock breaks further from here then it is going to reach Rs 470 and then Rs 384 which seems very unlikely given the oversold condition of the stock.

Daily Chart

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Adani Port Technical Analysis : 31.01.2018

Shares of Adani Ports SEZ ltd today saw 0.25% increase in value since trading session began for the day and is currently trading at 429.30. The stock which was on bull run post Q3 of Dec 2017 unaudited financial results which showed over 48.51% increase in profit before tax when compared to Q3 of Dec 2016.  The stock is currently seeing bearish corrections on profit booking made by short term traders over gains post the update.

RSI indicator signal line which measures momentum of stock based on speed of change in stock price is currently at 44 but continues to move in downward direction. Parabolic SAR indicator which is used to identify good entry and exit points of a trend and ZIG ZAG indicator which is used to identify the point of reversal in trend which excludes price changes of short term market volatility both have both formed downward indication in hourly charts, however PSAR indicator has formed bullish indications in minute charts which points to possibility of range bound performance across the day and bearish price movement in near future. Expected support and resistance values are at 409.15 & 452.31 respectively.

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

 

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Mahindra & Mahindra Finance Technical Analysis: 31st January

The stock has been moving in a tight upside range which can be seen in the equidistant channel and the stock price is hitting the lower line of the channel which is acting as a support. If the stock maintains this support line, there is an opportunity for a short-term long trade with 5-7 percent upside. Volumes in the minute charts (5 minutes) suggesting that the stock will maintain the support line and will attempt to go higher.

Other technical indicators are also indicating a bounce from this level with an initial target of Rs 505. RSI is at 53 level, Stochastic is at 48 level and MACD too is on the positive side of the territory indicating of a positive momentum intact in the counter. Alternatively, if it breaks the support, then it will reach towards the Rs 400 level.

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Nifty Technical Analysis : 30.01.2018

Nifty today saw its bull momentum take a temporary break with index falling as low as 11033.90, this can be viewed as the index seeing course correction due to small amount of profit booking made by short term traders on Nifty’s recent gains. Nifty has been on a continuous bull run for majority of December and across the month of January 2018 seeing over 11.28% in last 60 days. This bull run is expected to continue on bull run across this week with momentum seeing strong support from news updates in budget meet scheduled on 01.02.2018.

However Nifty is expected to see some range bound movement with major downward correction during tomorrow’s trading session ahead of budget meet as traders continue to book profit on Nifty’s recent bull run. Parabolic SAR indicator which is used to identify good entry and exit points of a trend and ZIG ZAG indicator which is used to identify the point of reversal in trend which excludes price changes of short term market volatility both have both formed downward indication in minute and 1 hour intra-day charts. RSI indicator signal line which measures momentum of stock based on speed of change in stock price has similarly gone down as low as 32 bordering on oversold region, while the same indicators in 4 hours intra-day chart have maintained bullish signals indicating a very high volatile market in near future. Expected support and resistance values are at 10836.14 & 11214.10 respectively.

Image : 1 hr data from Mcharts MT4 Platform

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