HP some speculative buying took place in futures at 2 pm it seems. even BPCL moved up from 425 to 460 in the day with volumes inching up in the end ... Just an observation can be totally wrong and stocks might have been seeing such moves usually !
Sensex Technical View :
Nothing conclusive is happening in the index. Although the small range bound moves are moving as per technical levels on extreme short term charts - hourly or daily. A small parallel channel support was not broken and we saw an intra day recovery.
The doji star formation seen a day back is not seeing follow up selling so the pattern is still not effected.
Simpler analysis tells us to remain on lighter positions in short term as external reasons like budget may impact more.
14200-14000 is an important support which if broken could lead to follow up selling. So traders should keep a stoploss of 14k for all short term positions and stay on lighter side.
On the upside 14900-15100 remains an important resistance. Earlier we did take long positions before the election in specific stocks and reaped gains !! but this time i would prefer to wait and watch !!
Stocks to watchout for :
yesterday had mentioned about support and ranges for DLF , TATa Steel
DLF low 305 ! Tata Steel 381. So the range has still been maintained !
DLF 345 resistance on upside and Tata Steel resistance at 415. only a sustained move on above levels could take it higher or may stay range bound.
Many index based stocks are placed similarly .
SBI if stays above 1790-1800 can go upto 1840/1900.Support around 1720-1730 zone.
MARICO
Another defensive stock on the radar after excellent moves on colgate ( was sent to clients ), Cipla, HUL , Dabur , Cadilla ,ITC , Nestle all gave excellent returns in the short term.
Partial exposure can be taken at 72 with a stop of 68 tgt 79-85 +. Only to give stability to portfolio and shift some part of high risk stocks to this one !! ... Not a traders pick
GSPL
Another range bound move 47-52.5 . Buy above 52.5 stop of 51.6 tgt 55 /58 and sell below 47.
The Indian market opened on flat note and saw upward journey in afternoon session and close in flat zone .Nifty seen profit booking at higher level and saw all the gain vanished at the end of session . For coming session trading below 4368 zones it will test 4342-4300 zone .On the other side 4480-4513 zone will act as strong resistances zone .
Daily Charts
Intra Day Chart
Should we wait for the rising wedge target of 3925 or the inverted H&S target of 4530? So, I am neutral on the market and would like to continue the remaining longs with a proper hedge since the weekly charts are yet to signal bearishness by closing decisively below 4143. This will also confirm break of neckline of the Head & Shoulders top formation I have been mentioning.
Here's a quarterly chart of HUL, showing a bullish inverse head and shoulders pattern (oh no, not again!). A breakout above 300 can target 500+. It is a slow mover but a good defensive stock.
This daily chart of Nifty Futures show many days with near or equal to 1 ATR moves in a day. Also note the 5 day ATR is on the rise and was at 133 at the close yesterday.
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Nifty :: After an Engulfing bear candle pattern Nifty move up form support level and close above yesterday close.. As per our yesterday post heavy volatility seen before budget in intraday treading.. Be careful in buying if Nifty open gap up, up to budget we see side way momentum.. For 2nd July watch strong resistance zone in between 4382 to 4400, and above it 4480 to 4492.. Our strategy for 2nd July up to 4492 Sell at high (S.L 4492) Buy on deep (S.L 4266).. Resistance for up move at 4382/4400/4440/4480/4492.. Supports at 4300/4266/4250/4161..
The Indian market opened on flat note and saw upward journey in afternoon session and close in flat zone .Nifty seen profit booking at higher level and saw all the gain vanished at the end of session . For coming session trading below 4368 zones it will test 4342-4300 zone .On the other side 4480-4513 zone will act as strong resistances zone .
Half Hourly Chart
Daily Chart
Daily ChartDaily Charts
- Oscillators showing mixed signals . Stochastics once again in sell mode before reaching oversold zone which is bearish. But the RSI14 is above the 50 mark once again.
- Uptrendline from 2539 broken for the fourth time .Today too nifty failed to move above it
- 5 dema continues to be bearishly aligned .
- Support taken on neckline.
- Bearishly viewed, the neckline is getting hammered since 19th June making chances of a breakdown higher.
- Bullishly viewed, the neckline is getting hammered since 19th June making the foundation stronger and proving buying at those levels.
- Third consecutive day of lower high and lower low.
Intra Day Chart
- All oscillators are positive.
- Price below uptrendline .
- The moving averages are moving up to get bullishly aligned.
- Though the day ended up the moves which took it up did not give a positive feeling as momentum on the upmoves is lacking .
- View the half hourly chart and at a glance you will be able to see the sideway movement that the nifty is making.
Should we wait for the rising wedge target of 3925 or the inverted H&S target of 4530? So, I am neutral on the market and would like to continue the remaining longs with a proper hedge since the weekly charts are yet to signal bearishness by closing decisively below 4143. This will also confirm break of neckline of the Head & Shoulders top formation I have been mentioning.
Here's a quarterly chart of HUL, showing a bullish inverse head and shoulders pattern (oh no, not again!). A breakout above 300 can target 500+. It is a slow mover but a good defensive stock.
This daily chart of Nifty Futures show many days with near or equal to 1 ATR moves in a day. Also note the 5 day ATR is on the rise and was at 133 at the close yesterday.
today we saw highly volatile and choppy session swinging in both directions.
we broke today 34dma and upmoving trend line intraday but closed above both.
i have shown two channels in attched chart. one is upward. second is downward.
they will help us in judging mkt direction.downward channel will give strong resistance around 14800.
upward channel will give support around 14400.
tentative Head n Shoulder pattern was shown before few days back. i have shown neck line also in chart. that will give support at 14200.
AS MENTIONED EARLIER 14016 IS A FINAL STOP LOSS FOR ALL LONG POSIOTIONS.
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Nifty takes its own time..Deceptive with few possibilities for both Bears and bulls. The range has narrowed down to roughly 4300 - 4400.
As the volatility increases, a large trending move will be seen soon.(Courtesy: SS)
"Choppiness" is evident in the numbers. However, Not able to stay & close above "high ema" shows continuing weakness. A close above Day's High ema is required for reversal to "UP".
That sharp UP candle at 1.00PM was because of a "5 wave " completion. Now for the correction to terminate to resume the down moves..
The simple counts..To sell @ 4380-4400 area with a SL of 4427. If breaks below 4300 at the open, sell & hold.
Market has left us with few possibilities..Depending on the opening moves and "OB & OS" of intra charts, trading to be carried out. 4380-4405 is a strong resistances. Above 4427, bias turns "UP".
As the volatility increases, a large trending move will be seen soon.(Courtesy: SS)
"Choppiness" is evident in the numbers. However, Not able to stay & close above "high ema" shows continuing weakness. A close above Day's High ema is required for reversal to "UP".
That sharp UP candle at 1.00PM was because of a "5 wave " completion. Now for the correction to terminate to resume the down moves..
The simple counts..To sell @ 4380-4400 area with a SL of 4427. If breaks below 4300 at the open, sell & hold.
Market has left us with few possibilities..Depending on the opening moves and "OB & OS" of intra charts, trading to be carried out. 4380-4405 is a strong resistances. Above 4427, bias turns "UP".
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