Thursday, May 8, 2014

Patterns in Tata Steel and Nifty

Tata Steel: Ascending Triangle:
Break out above 404.25, tgt 1- 410.30, tgt 2- 420.10, SL at 401.25
Break down below 399.50, tgt 1- 393.45, tgt 2- 383.65, SL at 402.55

Tata Steel: HNS (Condition- Price should not go beyond 405):
Break down below 386.40, tgt 1- 366.20, tgt 2- 340, SL at 396.50

Tata Steel: +WW:
Break out above 386.40, tgt 1- 401.35, tgt 2- 425.55, SL at 378.90


Nifty: HNS
Break down below 6658, tgt 1- 6561, tgt 2- 6446, SL at 6706.50

Nifty: +WW
Break out above 6652.30, tgt 1- 6730.50, tgt 2- 6857, SL at 6613.20


4 comments:

  1. This comment has been removed by the author.

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  2. TS can still do 447/500 - if ur analyses supports it - take the trade

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  3. Lets see Janak, I am yet to analyze it. but from EW perspective, if
    (i) 332 - 433
    (ii) 433 - 388
    (iii) 388 - xxxx (min xxxx should reach till 488 if (iii)=(i))
    Now journey from 388 to 488 should be done in 5 waves. So, we need to follow closely these 5 waves to understand where it might end.
    If someone has to enter in TS, we need to wait for the end of 2nd of 3rd wave. Currently 1st of 3rd is unfolding. So for that we have to be ready with the retrace for the rise from 388 to the new high.

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  4. 488 shd come on 16th or 17th........if you can hold for a week - enter anywhere betn 400 to 420

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