View for the week.

Nifty Daily

Nifty daily chart has  ended at 6695.
It is trading near the support of the trendline.
MACD is showing divergence and RSI has crossed downside indicates weakness.

However 60 mins chart shows a support near the trendline.
MACD has crossed the slow moving line upwards indicates upside can be seen.
RSI is in a oversold position.



It seems like sentiments looks bearish for nifty but an upside can be seen and price could touch the upper
trendline of the range near 6900 level after which we could see a downside correction in the market.

This view get negate if nifty close below 6640 level.

Regards
Rinkesh

This is just for educational purpose, consult your advisor before trading.

Nifty is near Crucial Level.

Nifty Weekly.

Nifty has traded positive for the week and has closed at 6702.60.
In chart it can be seen that there is multiple resistance in 6700-6720 range.
A consecutive close above 6720 would indicate further upside in the market.
Resistance above 6720 is seen at 6770-6830.
Support for the week is seen at 6575-6430.
A daily close above or below mentioned level will be crucial.

Regards
Rinkesh Jain

Is Cipla ready for a big fall?

CIPLA WEEKLY CHART

 

Weekly chart of cipla has formed a head and shoulder pattern and we may see that it has breached the neckline (375) and has closed below the same.

This breakdown is support by a  good volume and price may continue to fall further towards the target price of 295.

CIPLA MONTHLY CHART

On  montly chart price may find support near the ascending trendline (365) and break below the same will confirm the downtrend towards 295 which is also 38.2% of the whole uptrend from (45-450). 

A daily close above 425 will negate my view.

Regards

Rinkesh Jain

NBCC has formed a Head and Shoulder pattern.

NBCC Daily Chart

In daily chart of NBCC price has formed a head and shoulder pattern.
Today price has closed below the neckline indicating continuation of the downtrend in this stock.
This breakdown indicates the price target of 98 which is August 2013 low (95).
However price may take support near (128-132) ascending trendline drawn in the chart .

Today there was negligible volume which indicates that this may be a false breakdown.
 Closing above 152 will negate this view.
CMP 137 downside 98. sl 152.


Regards