Commentary: Look at the above chart. It is a daily HLC bar chart. Along with EMA and OBOS oscillator in the lower window. (not shown and will be updated shortly)
• On the high low bar chart a rising channel formation is emerged which is likely to act as strong resistance level.
• On the other hand in lower window OBOS oscillator also entered in to OB area with value placed at 93.40.
• Since EMA setup is in strong upward mode I can say that up trend will continue but because of expiry, resistance area of rising channel and OB status of oscillator when combined it clearly indicates that some sudden correction of 50 to 150 points can not be ruled out.
• No doubt this may be of temporary in nature but it is certain that correction is expected.
• Simultaneously I am expecting stock specific movement to continue and turn by turn stock will take its turn to show strength.
• The only question for you is to enter and take position in time so that other makes money or not but you (ie. My readers and follower should make money.
It has a strong resistance of rising channel at 5580 area. Also upper boundary of channel is at 5537.
As per latest up move in the form of Elliott it is progressing in 3rd wave of 5the larger degree (count for 5th wave is expected at 6165. In other words ultimately we have to reach up to above levels).
Due to weak US market domestic market may open weak but it will have to breach 5480 level to reverse the traders mood.
Remember to change entire up trend in to weak trend NIFTY has to trade below 5350 level. Unless this happens TEJI is intact.
Do remember that we are entering in short term very high area. So violent fluctuation with wide swing is expected. This will be danger for intra-day trader.
CRITICAL LEVEL 5530
TODAY’S PIVOT LEVELS: R1-5548, R2-5559, S1-5520, S2 5503.
EMA POSITION: 5516 5489 (5/6)
Areval T&D: 303.55: Buy current or next month future: SL 295. TGT 318 to 322 immediate and the it may move to new zone.
Ispat Ind: Rs 19.40: Stock entered in uptrend after a long time. Stock is having very strong support at Rs 18. Buy on decline near Rs 18.50 or lower. Look for the price of Rs 22.40.
Polaris: Rs 179.05. It was passing through a correction and recently it made a low at Rs 169.70. yesterday first time it closed above EMA with rise in volume and +ve divergence in oscillator indicates more upside cannot be ruled out. Buy with SL of Rs 174 and look for the TGT of 188 to 190.
ABIRLANUVO: Rs 836.20: Stock was moving in a side way and number of +ve divergence observed during last 5 days of working. At last yesterday this stock penetrated its EMA giving bullish crossover signal. Now +ve divergence coupled with high volume and surpassing of its swing high all indicates that a strong up thrust is imminent. In spite of expiry this stock is likely to outperform and hence we can say that it is a best buy for intraday as well as position. Buy with SL of 810 for the TGT of 865, 892 or 908.
MPHASIS: Rs 607.15: On chart at first look we can not identify any kind of bullish pattern on this stock. Yes but due to highly oversold situation in OBOS indicator and emergence of bullish crossover of EMA indicates some unusual upward move is likely to unfold. Just buy at CMP with SL of 595. You can have probable immediate TGT of 624 to 629 and if you can ride on EMA signal then let this signal to render sell signal till that time ride.
INVESTMENT: IN THE CASH SEGMENT I LOVE FOLLOWING STOCK TO INVEST:
Horizon info: Rs 272. Stock entered in uptrend after moving in consolidation phase for long time. Buy and hold for TGT of Rs 300+ in short term.
Rico Auto: Rs 30.35: One of the strongest bullish patter on weekly chart and this stock is likely to outperform in the coming days. Must have in your portfolio of short term to medium term time frame.
EMMBI: Rs 18.10: Stock moved up from Rs 13.30 low to 20.25 high in just 5 weeks time and now stock consumed much more time in correction but correction observed in time cycle and not in price front. This is a clear indication that some smarty is active at lower lvl to give support. One can buy for medium term. Do not consider immediate gain as it may consume some more time. But return wise I expect a price range between Rs 25 to Rs 30 in 3 months so it is not a bed deal considering interest part.
TTK Health: Rs 415.15: Stock moved up smartly in last trading and closed near its important resistance lvl as well as previous high. Direction, force and slop of EMA indicates that stock is now entered in momentum. Must have in your portfolio for medium to long term. Even it would be a good short term play. Buy for TGT of Rs 460+ .
Valecha Eng: Rs 194.40: Again like above stocks this is having a very strong pattern on weekly chart. Likely to move against general market condition. Buy and hold for TGT of Rs 220+. Close above Rs 207 will give strong upward momentum.
TATA Sponge: Rs 330: Must must and must buy for portfolio. It has a potential to move up to Rs 370+. A gain of 30% in 3-4 months expected. Buy and hold.
No comments:
Post a Comment