The dark horse - Glenmark Pharma !!

On EOD charts, Glenmark pharma is on the verge of giving a trendline breakout above 263.

A surge in volumes, positive divergence of Stochastics. Macdh and Rsi is the positive terrain. This apart, its 5 Ema and 20 Ema have intersected todays price candle, almost prepared to give a positive convergence.

On the weekly charts, Glenmark had given a breakout from a wedge-pattern at around 260 earlier this year, giving a tgt of 450-460 levels.

If glenmark manages to trade and close above 263 in the coming trading session, one can go long for a tgt of 450, stop at 234, the time frame being 6 months.

Happy Investing !!

Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.

Icici Bank

Icici on its EOD charts has made doji candle, suggesting an undecisiveness of further trend. A closer look at it indicates that at todays high, of 853, it may have found resistance at a 6 month old trendline that was initially a support.

Looking at the volumes, it seems unlikely that Icici Bank will find it easy to breach this trendline. Also, considering that the tgt for the breakdown initiated on 27/01/2010 is 675 approx., it seems like icici will not be able to breach todays high in the coming trading session.

Bank Nifty on its EOD charts has formed a doji, again suggesting undecisiveness of trends.

All the pieces put together, one can consider selling Icici bank at around 840 levels for a tgt of 685-690, with a stop at 876, trailing aptly to lock in profits at regular dips.

Trade Safe !!




Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.

Recovery ?

Though slow and steady, the growth on EOD charts of Nifty cannot be disregarded. But yet, there has been little or no rise in the volumes since 8th feb when it last made a low of 4675, indicating non-participation on buying front.

However, the momentum indicators are all set to converge into positive terrain. Nifty trading close below its 13 EMA at 4853, where it may find resistance.

Bank Nifty is also trading close below its 13 EMA, which is approx 8465.

Above 4860, Nifty may test 4915 in the coming session. However, below 4795, we may witness 4739.

Looking at lesser volumes, downside seems more likely. But on the other hand, considering stock futures individually, majority of them exhibiting strength, upside cannot be ruled out completely.

Unless there is participation in the market, the inclination remains negative. Trade safe !!




Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.

Niftymageddon !!

Almost across the board we witnessed a short covering on improved forecasts of GDP nos. But, alongwith comes fears that it may lead to unwinding of the fiscal stimuli. Net effect is undecisiveness over further trends, which is precisely what Nifty EOD charts exemplify today.

Nifty on its daily charts has made a long legged doji, suggesting this undecisiveness. Momentum indicators exhibiting an exhaustion, but exhaustion of trend or an exhaustion to prepare itself for a further fall, remains an unanswered question to me.

However, the volumes are not promising so far... Thus making me doubtful about the potency of the short-coverings we witnessed today on intra levels.

To conclude, the short term tgt of Nifty remains at 4200, whereas for intraday the levels to watch out for would be, below 4755, we may witness 4675-4635. On the upside, above 4774, nifty may test 4791-4828.

The boat sails best in the direction of the wind... Trade well !!





Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.

Weakness galore !!!

On EOD charts, stock derivatives price candles have drifted away from their 5 EMA. MacdH looks tired. Rsi in the OS zone in most cases.

Nifty looking weak further on EOD as well as weekly charts. The short term tgt for Nifty can be further trailed down from 4550-4600 to 4200 levels. And 7200 levels for Bank Nifty.

However, taking into account the exhaustion of momentum indicators, a breather cannot be ruled out here. Though stocks looking attractive here, bottom fishing may lead to bottle necks.

Intraday, below 4713, it may test 4611. On the upside, it may test 4805, above 4757. Coming session could be choppy, cautious trading in case of pull backs... Happy Trading !!







The Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.

Bearish signals !!

It was an inside day for Nifty today. Low on volumes, momentum indicators RSI and Stochastics, which were showing signs of recovery yesterday have given a negative divergence. MacdH, though already in the negative terrain, showing signs of further weakness.

To support the negativity on Nifty EOD, frontline stock futures alongwith Bank Nifty are also exhibiting weakness on their daily charts.

Short term target for Bank Nifty should be approx 7550-7650, and Nifty 4550-4600.

For intraday, if Nifty manages to break 4830, we may witness 4770, below which it may test 4620 levels. Range for Nifty should be approx 4875-4775.

Trading with a negative bias will be comfortable. Trade Safe !!






Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.

Breather !!

Although Nifty recovered a good over-100 pts today, raising optimism that we may witness a pre-budget rally, it seems unlikely that it is anything more than a "breather" i.e. recovery after a huge fall and a preparation to witness a further fall.

On daily, momentum indicators like RSI, Stochastics, MacdH are showing signs of recovery, however, on weekly charts, they are far from exhibiting strength. Add to it, the volumes are not promising so far. Thus, it does not seem like this breather will manage to turn into a bull rally.

As per the breakdown seen on 25 Jan 2010, the target for nifty is approx 4550. From 5100, it was unlikely that Nifty would sink in a single stroke. Hence, this breather.

To sum it up, it seems like the short-term target for Nifty should be 4550-4575. However, for intraday, Nifty should trade in the range of 4920-4795.

Trading with a negative bias would be comfortable. However, it will be apt to blow with the winds. Happy Trading !!




Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.