Tatasteel:
5 waves completed at 432.90 from 332 as 1st of (4) wave. Now, for wave 2, correction will be in 3 waves as ABC.
The fall from 432.90 till 404 seems to be in 5 waves. Based on 30th Apr price actions, we will come to know whether A is completed at 404 or more low is on cards.
Once, A is completed look for retrace for the fall from 432.90 till lows (as of now 404). Retrace are as below for 432.90-404:
410.82, 414.98, 418.45, 421.86, 425.27, 427.12
Pattern may form: HNS
After forming 'Rising Wedge' pattern and hitting its targets (417.35 and then 405), TS may form HNS pattern.
Neckline: 404.75 - 404; Shoulders - 416.75 - xxxx (should restrict the upmove around 416 where there is clustor resistence
If restricted at 416 (aprx), then look for below targets on downside after breaking of 404:
Breakdown below 404, Tgt 1 = 392; Tgt 2 - 375.10, keeping SL at 410.
RCOM:
Breakout above 135.40, tgt 1- 139.90. tgt 2 - 147.25. SL 133.10
Breadown below 131.25, tgt 1 - 126.75, tgt 2 - 119.40, SL 133.50
Voltas:
Rising wedge in daily charts:
Breakdown below: 163.30, Tgt 1 - 157.70 (Done), Tgt 2 - 144.45, SL - 167.10
IDFC:
The prices are correcting in a channel for the rise till 139.
In this correction, falls are in 5 waves and rise are in 3 waves. If we observe the recent rise, is in 3 waves.
Hence, expecting the fall from 116.40 till channel support (should come near to 104) will be in 5 waves.
From 116.40 till 113.65, 1st sub wave might have done. Around 115 - 115.85, 2nd sub wave may get complete.
Short between 115-115.85, keeping SL at 116.40 for the target neat to 104.
Hindalco:
Rising wedge in daily charts:
Breakdown below: 136.30, Tgt 1 - 131.15, Tgt 2 - 122.80, SL - 138.90
PNB:
Rising wedge in daily charts:
Breakdown below: 780, Tgt 1 - 753.80, Tgt 2 - 711.40, SL - 791.10
5 waves completed at 432.90 from 332 as 1st of (4) wave. Now, for wave 2, correction will be in 3 waves as ABC.
The fall from 432.90 till 404 seems to be in 5 waves. Based on 30th Apr price actions, we will come to know whether A is completed at 404 or more low is on cards.
Once, A is completed look for retrace for the fall from 432.90 till lows (as of now 404). Retrace are as below for 432.90-404:
410.82, 414.98, 418.45, 421.86, 425.27, 427.12
Pattern may form: HNS
After forming 'Rising Wedge' pattern and hitting its targets (417.35 and then 405), TS may form HNS pattern.
Neckline: 404.75 - 404; Shoulders - 416.75 - xxxx (should restrict the upmove around 416 where there is clustor resistence
If restricted at 416 (aprx), then look for below targets on downside after breaking of 404:
Breakdown below 404, Tgt 1 = 392; Tgt 2 - 375.10, keeping SL at 410.
RCOM:
Breakout above 135.40, tgt 1- 139.90. tgt 2 - 147.25. SL 133.10
Breadown below 131.25, tgt 1 - 126.75, tgt 2 - 119.40, SL 133.50
Voltas:
Rising wedge in daily charts:
Breakdown below: 163.30, Tgt 1 - 157.70 (Done), Tgt 2 - 144.45, SL - 167.10
IDFC:
The prices are correcting in a channel for the rise till 139.
In this correction, falls are in 5 waves and rise are in 3 waves. If we observe the recent rise, is in 3 waves.
Hence, expecting the fall from 116.40 till channel support (should come near to 104) will be in 5 waves.
From 116.40 till 113.65, 1st sub wave might have done. Around 115 - 115.85, 2nd sub wave may get complete.
Short between 115-115.85, keeping SL at 116.40 for the target neat to 104.
Hindalco:
Rising wedge in daily charts:
Breakdown below: 136.30, Tgt 1 - 131.15, Tgt 2 - 122.80, SL - 138.90
PNB:
Rising wedge in daily charts:
Breakdown below: 780, Tgt 1 - 753.80, Tgt 2 - 711.40, SL - 791.10
great levels sir!!! thnx for sharing
ReplyDeletePrabhanshu Raman
ReplyDeleteTatasteel
Thanks for sharing. The low made today is 393.25.(Hope Friday does not make a newer lows). Has TS become a sell on rise candidate
With resistances at various levels
0% (b) 432.9
23.6% 423.5426
38.2% 417.7537
50% 413.075
61.8% 408.3963
76.4% 402.6074
100% (a) 393.25
Thanks in advance for your reply.
Kannan,
ReplyDeleteClose below dlema (407.50), day trend is down sinc3 yday.
Week trend is sell on rises with close below hema. Bears will try to close prices below wlema (394) to bring week in sell and hold.
Month trend is still up. Today close is above ema, lema, hema.
Now there is a contradiction in all tfs.
Prices may try to touch mhema imitially and then mema.
Lets see whats there in the store for us
Prabhanshu Raman
ReplyDeleteThanks as always
KS