Nifty Analysis –

Nifty spot daily chart, as discussed in last week Nifty is trying to restest the wedge breakout, but at the same time, Nifty made some interesting patterns. The strong Bullish Engulfing pattern followed by gap up and a strong bullish candle. Next two candles are Dojis in which the last candle is Inside Bar. If Monday’s closing is above the first doji then I will be bullish till next resistance levels and if Monday’s close is below low of the first doji then I am bearish till next support.

Following are the few stocks which are looking good

Ajanta Pharma Ltd-

Ajanta Pharma Weekly chart, Ajanta is trading in a triangular pattern in which the price is getting compressed or squeezed. It reversed from lower trendline and formed Doji candle. I am hoping for the breakout in one or two weeks. The triangle formation is happening at lower levels if breakout happens we will have a trend reversal.

Can Fin Homes Ltd –

 

Canfin Homes weekly chart, the stock was falling since the beginning of this year, after making all-time high it start falling, it went from 666 to 216. It took support at 210-220 levels which is also a previous support area. Formed triangle and gave breakout with a strong bullish candle. On lower timeframe, it made a good setup for reversal.

Century Textiles Ltd –

Century Textiles weekly chart, the stock had a dream run till Jan 2018. Since Jan, it started falling till 718 from the all-time high1471. It formed a falling wedge pattern which is a reversal pattern. It made low on Hammer candlestick pattern which is a strong single candlestick reversal pattern & followed by bullish candles. Now wedge is broken, I am expecting a rally in Century Textiles.

Mindtree Ltd –

Mindtree weekly chart, Mindtree is looking very bad at the current position. One candle close below the lower line of the flag will be game over for the Mindtree. The pattern which is formed by Mindtree is a very strong bearish pattern. Mindtree has three support lines below the flag I am confident that it will not breakout the support lines, but in market nothing is sure. USDINR appreciation will be good for Mindtree. I will avoid long in Mindtree for the next few trading sessions.

 NMDC Ltd – 

NMDC Ltd weekly chart, Wedges and the flags are my favorites patterns to trade because the success ratio of this patterns in my trading is very high. NMDC Ltd one of the Navratna of company Indian Government. Falling wedge formation in the process formed one bullish candle at the lower line of the wedge. Maybe the possibility of forming a fake low.

Omkar Special Chemical Ltd –

Omkar Spl Ltd weekly chart, I don’t know the fundamentals of the stock or don’t know the reason why stock keep falling from higher levels to the all-time lower level. Now the stock is in consolidating phase and had given channel breakout.

Oriental Bank of Commerce – 

Oriental Bank of Commerce weekly chart, it is PSU bank & I am little cautious about PSU banks but has made some interesting pattern which attracted me. OBC was trading in a down channel, gave breakout and trading near breakout levels. Now, this is trading near channel also formed my favorite flag pattern. And this is a rare combination breakout followed by a flag pattern.

PVR Ltd –

PVR Ltd weekly chart, beautiful setup channel breakout as well as flag breakout at the same time. What else you need in technical analysis, two powerful charting patterns gave breakout at the same time. Also, monthly chart gave flag breakout but needs to maintain higher levels on monthly close.

TV18 Broadcast Ltd – 

TV18 Broadcast Ltd weekly chart, this is also the same story the stock went down from 52 weeks high to 52 week low. Now formed a double bottom and some sign of a reversal in TV18. And also formed Inside bar in last monthly candle, if this monthly candle closes on higher levels expecting some rally.

TVS Motors –

TVS Motors daily chart, TVS Motors was trading in the channel and it was trying for a breakout but failed to do and still trading in a channel. But here before trying for channel breakout it gave triangular breakout in the channel and it looks like this triangular breakout will be tested. So I am keeping a close watch on TVS motors, I don’t want to miss this breakout.

Disclaimer –

The information is for educational purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy any security which may be referenced by me. The information provided through my charts is for personal, non-commercial, educational use and display. 

 


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