Nifty under pressure!!!

Nifty

Nifty hourly chart  have formed a expanded triangle formation, support of descending trendline and horzontal line at current level of 5912-20.
RSI and MACD are sideways.
Resistance can be seen at 5970-80 level from here.

If u look at daily chart u can see a formation of  Head-shoulder pattern.
As hourly chart is showing some upside and when we relate that to daily chart we can see resistance at 5970 the upper level of left shoulder.
MACD is downside with signal line crossing upside.
RSI indicating downside.
Volume have been decreasing after the high if 6112 which indicate less momentum for downside at current level.


Regards
Rinkesh Jain

Geometric and Powergrid !!

Geometric

This is the first stock i would like to trade this week.
- Inverted Hammer formation.
-MACD and RSI are on the verge of crossing upside.
-This stock can go up to 113-115 this week.
-Closing above on 105.50 on daily closing basis will be a motivator.
-Stoploss can be around 100!!


PowerGrid

This stock closed below 200 MA last week and bounced back with a good volume.
MACD and RSI is in oversold and there can be some upside in this week.
This stock should be trade with strict stoploss if 104.00.
Can go up to 117.

Disclaimer : Consult your advisor before trading!

Regards
Rinkesh Jain

View on nifty and few stocks!!!

Nifty Chart

 

Nifty is now trading at 5941.80, it is crucial support level for medium term.

It is very dicey situation as it is  on a verge of support level and breaking of this level can create a panic in intraday session.

If nifty closes below 5940 then next support level is 5890.

Unitech Chart

Price have made a triangle formation.
RSI and MACD on a verge of crossing upside.
Rally of 4-5 rs can be seen in this stock if price broke upside.

Sterlite Chart

I will give a wait and watch view in sterlite.
Its trading at 104 where support of 200 SMA and fibonacci level can seen.
If price if this stock sustain this level with good volume then upside can be seen.
MACD seems like in a mood to crossover upside.
Hindalco Chart

I gave buy view on hindalco when it was trading at 117 and buy view is still open with a stoploss of 109.
Crossover in MACD and RSI shows a sign of positive rally in the stock.

Regards
Rinkesh Jain