RCOM Update - 24th Jan 2014

Probable EW counts in Daily TF:

Probable EW counts in 15 Mins TF:
129.2 and 127.3 are 50% and 61.8% retracement values of the rise from 121.05 to 137.40 and 80%
is 124.32. Strength can be returned from 129.2/127.3 and weakness below 127.3/124.32. Wave ii may get complete between 127.3-129.2 and the iii wave may resume targeting 16.36-26.45 points up from the end of wave ii.

Nifty Chart Analysis: 24 Jan 2014

In Nifty 30 Mins TF, we can observe Rising Wedge pattern which was formed on 23rd Jan having breakdown below 6344, targeting 6304-6300. This target was achieved during opening hours on 24th Jan.
On 24th Jan, Nifty had formed Bear Flag pattern in 15Mins/30 Mins/60Mins TF. Breakdown below 6278 (already broke on 24th Jan in closing hours) targeting 6258 and 6217 with SL above 6290.

In 5H TF, Nifty has formed Triangle pattern. After giving false breakout above 6330 (high made 6356), its now back into triangle zone. Breaking 6220-6194, will be very bearish and may bring nifty another 445 points down from 6220-6194 in coming days. Considering highest 6200 PE OI and up-trend-line support at 6220-6194 may provide good support to the current downfall (at least for this expiry).

After false breakout, Nifty is again back in to triangle zone in daily TF as well. 50DSMA (at 6216) is very important support and nifty may bounce back from here. In past as well, 50DSMA had provided good support to major fall. If prices are able to break 50 DSMA, then next support zone will be 6219-6181, i.e. 61.8% & 80% retracement values for the rise from 6140-6347. Below this triangle up-trendline at 6150 and 100 DSMA at 6092 may provide good support. Below this 200 DSMA at 5950.

BHARTIARTL Chart Analysis - 22 Jan 14

In below 15 Mins TF, IHNS pattern can be observed in BHARTIARTL (in 30/60 Min as well).
Pattern Breakout: Price breaks neckline (currently at 311.50) on the upside.
Pattern BO Tgt: 319-320 with SL below 307.85

In below 15 Mins TF, Bull Flag pattern can be observed in BHARTIARTL.
Pattern Breakout: Above 310.22 (currently).
Pattern BO Tgt 1: 312.5 and Tgt 2: 319 with SL below 309

BHARTIARTL made Bullish Harami Pattern today in Daily chart which is very bullish in nature but need confirmation on 3rd day.

BHARTIARTL is re-testing up-trendline (joining 238.45-275.2-280.5). This is currently placed at 302.65 which is also the recent low made by BHARTIARTL

In weekly time frame,:
1. Weekly Hammer is in making and will get confirmation on 24th Jan's closing price
2. Weekly up-trendline may provide support to BHARTIARTL which is currently at 307.5
3. We can spot Triangle in weekly chart with breakdown below 307.5 based on weekly closing price (i.e. on 24 Jan)

 

Petronet chart Analysis - 21st Jan14

+WW Pattern can be observed in Petronet Daily time frame. Buy signal will trigger once prices moves above 1-3-5 line. As of now, 133.45 is the point breaching which, +WW pattern can get confirmed.

 

RCOM Update - 21st Jan 2014

RCOM Chart Analysis - 19th Jan 14

RCOM - Chart Analysis - 9 Jan 2014

In the above given RCOM daily chart, +WW pattern is in making and point 5 may form near 122.5 post which bounce back is possible to the levels of 140-145.

In the above given RCOM daily chart, a clear postive divergence can be observed in MACD (12,26)with the two last major lows i.e. 126.75 and 123.65. This gives a chance to bounce back sharply.

In above daily chart, I have marked EW counts as per my understanding. Based on which C or 2nd wave may end at 119 level (if A=C). Post this wave 3 may start which may target new highs in the coming days.

Conclusion:
Bounce back can be expected from 119-123 levels for the target of 140-145 and above in coming days.

HCLTECH - Trending up in channel

HCLTECH is perfectly trending up in upward channel fom June last year till date. If we see the price movement in daily chart, HCLTECH always gets resisted at upper line of channel and comes down till middle trendline or towards lower line of channel.
HCLTECH results are decelaring soon, that might cause stock to break this channel on upside and  move further up and touch new lifetime highs or else it may see the lower trendlines of channel.

 

RCOM - INHS in Play?

If we observe RCOM daily chart, then we can notice that stock has made Inverted Head and Shoulder pattern (INHS Pattern)

Based on given chart, INHS pattern will break out above 163.8 for the target of 221 with SL at 140.
 

VIPIND - Probable Patterns in Making

4th Oct 2013 - Update
VIPIND made perfect doji on 3 Oct and made bearsih hammer on 4th. But VIPIND was able to manage closing above 10DEMA at 51.08 and closed at 51.55 after making high of 53.3. Bearish hammer need to show its follow up action in coming days.

 

One need to be catiuos that if VIPIND breaches 43.50 before breaching 55, then Double Top pattern is confirmed

1st Oct 2013
As we can see in daily and weekly charts of VIPIND, an ascending triangle formation is under process (having completed 0, 2 & 4th point on trendline connecting higher lows whereas 1 & 3 on trendline connecting constant highs).

Based on daily chart, support exists at trendline connecting higher lows.
One can initiate trade based on below levels:

Option 1: Wait till pattern is complete
Buy above 55, target 1 = 62 (200DMA), target 2= 71 with SL at 49.

Option 2: Take trade now with stict SL (without waiting for pattern to complete - not advisable)
Buy above 50.6, target 1 = 55, target 2 = 62 (200DMA), target 3= 71 with SL at 49.

Important Note:
There is another pattern in making i.e. Double Top. If price breaches 43.50 before breaching 55, then Double Top pattern is confirmed and then below trade order can be placed:
Sell below 43.5, target  = 31.5, with SL at 49.55.