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

Kohinoor Foods is all set to move...!

Kohinoor 60 min chart

Kohinoor has formed an Inverse Head and shoulder pattern on  min chart.
It has broke the descending trendline and has closed above the same.
Also it has closed above 38.2% retracement level.

This all factors indicate positive movement in the kohinoor and target price for the same is 46 (42+(42-38)).
This view negate if it close below 40 on daily basis.

Regards
Rinkesh Jain

* This is for educational purpose, please consult your adviser before trading.

View on Nifty

NIFTY CHART

Nifty was trading in a range of 6130-6360 for month and then it broke the level of 6130.
After making a low of 5933, price are trading north and may face a resistance near 6120-6140 the previous support level.
Price are likely to fall towards 5920-5860-5820.
Close above 6190 will negate my view and market will move towards 6260 to fill the gap.

 Regards
Rinkesh Jain

*Its is for educational purpose, please consult your adviser before trading.

Silver MCX elliott wave count.

 Silver MCX chart

 

We may see a downside from here as expected and posted on chart or else on breakout price could rally for 49800/50600.

Regards
Rinkesh Jain

This is for educational purpose. Consult your advisor before trading.

Gold MCX is likely to continue its uptrend...!

GOLD MCX Daily Chart

On friday we saw a good movement  in gold and it closed upside at 30726.
This rally is likely to continue as various indicators are indicating the same.
1) Price took support at the trendine  which is drawn from the previous high.
2) The candle formed on friday have engulfed previous 6 days move... and it signifies breakout of the range bound movement.
3) RSI indicators took support of the trendline as well and is above 50 indicating bullish.
4) MACD have crossed upside.
5) Price has also closed above 23.6% retraced level (30660).

Gold is likely to continue its upside movement for next week.
However a correction may be expected till  30350-30450 range.
It would be advised to trade with buy on dips..

Closing below 29700 will negate my view.


Regards
Rinkesh Jain

Will gold(Comex) halt its downtrend at $1305?

Gold Comex Hourly chart

In hourly chart of gold comex price formed an triangular pattern and it broke down as well confirming the continuation of the down trend.
The triangular pattern target was $16 which was achieved at $1305 (1322-16) level.
The rally after triangular pattern breakout or breakdown is know to be the last leg of the whole rally.... and it seems like in gold comex as well bottomed out and we may an upside from $1305.
Now as long at $1305 hold upside in gold can be seen till $1335-$1350 .

This is just for educational purpose. Please consult your adviser before trading.

Regards
Rinkesh Jain

Gold may extend its rally!!!

Hello Friends,

In my last post on gold i posted the elliott wave count indicating that the rally will end near $1420.
But after the end of wave 4 at 1354.5 the wave 5 should not have breached $1423. Now since the rally of expected wave 5 have ended at $1434 which above $1423, the count get invalidate.

Invalidation of Wave C into expected 5 waves indicates that the wave C haven't ended here.
So we may see further upside in gold with the expected waves shown in image below.

Assuming wave C will extend further rally in gold may continue.
Invalidation of the count will be below 1384.1 and conformation will be above $1344.

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

Regards
Rinkesh Jain

Gold (Comex) Elliott Wave count.

Hello friends,

This is Gold (Comex) hourly chart.
Currently we are in wave iv of wave C.
I think wave iv will form a triangle pattern and wave v will continue.
Wave i moved almost 70$ and wave iii moved 69$.
Since wave iii is shorter then wave i, wave v will be shorter then wave iii.
So the target for wave v will be less then 69 points from end of wave iv.
If wave iv forms a triangle, then if also confirms that this wave v will be a last leg from here and we may see a downside from that last leg.
Assuming wave d of wave iv goes up till 1375 and then wave e of wave 4 comes down till 1758 then wave v will end around $1420.

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

Regards
Rinkesh Jain

Relinace Industries!!! what if breakout happens???

Reliance Industries

Reliance Industries is now trading at 821.90 and is trading near resistance level of 833.00.
Price has also formed a triangle pattern and breakout may bring upside rally.

Taking a closer look we can see that once there was a false breakout and price have formed a Head and Shoulder pattern. 
So one should be cautions while investing.
One should buy above 837 and should keep eye on the level of 860-900-956.
Further upside can be seen above 956.
Stoploss of 76o should be strictly followed as it will be considered breakout of neckline of head and shoulder pattern and we can see further downside in the stock price.

This is for educational purpose please consult your advisor before investing.

Regards
Rinkesh Jain

Where is Nifty Heading????

Nifty Daily chart

 

NIfty after forming an head and shoulder pattern in May 2013, broke the neckline and moved towards 5700 level (target as per head and shoulder 6230-5970=260 points)
But nifty failed to take support at 5700 after making an island pattern on 13 June.
Now market may take support at 5570-5600 and Uptrend confirmation will be given only above 5670.

If the uptrend continues we can see the level of 5890-5975.
Failing to sustain we can see level of 5520-5480

 This is for educational purpose please consult your advisor before investing.

Regards
Rinkesh Jain

View on nifty for the first week April!!!

Nifty

Nifty seems like changing the trend...!
Support at 200 MA
Divergence in RSI.
Volume last thursday was high as compared to week...
looking at this few positive point Upside in nifty can be seen.

Further confirmation can be seen if MACD cross upside as well.

Other thing to be noticed in the chart is the current low of the week can be considered Wave b and and Wave c is on it way.

Support at 5611 and resistance at 5790-5910-5950-6110

Regards
Rinkesh Jain

This is my personal view... plz consult your advisor before Trading/Investing.

View on Nifty and few stocks!!

Nifty

Nifty closed positive as expected in my last week post  : View on Nifty
Nifty have closed above at the level of 5945 which was 61.8% retracement.
If market sustains above 5945 level then next tgt for nifty would be 6010-20 levels.
There was a lack of volume this week in market so sustenance of this rally is questionable.
Expecting side was movement this week.



Wipro

Wipro have reached at the resistance level of upper trendline.
Reversal can be expected from this upper level and downside can be seen in stock this week.
CMP : 445 Tgt 439-428-420.

Ambuja Cement

Looking negative with aascending trenldine broken.



NTPC

Looks Positive.
Taking support  at 78.6% retracement level.

View on Nifty!!!!

Nifty chart

Nifty have came down at 5668 ie 78.6 retracement level from Nov 2012 rally.
RSI and stochastic are in oversold which indicate change in trend.
MACD have crossed downside but if nifty sustain current level then signal line can crossover
If nifty fails to sustain 5668 then level of 5550 can be seen in coming days.
Excepting a positive start on monday morning and upside closing for the week..!


Regards
Rinkesh Jain


 

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

Hindalco looks positive!!!

Hindalco Chart!!

Price is moving in a channel and support at ascending trendline.
Today price closed positive and formed a engulfing pattern with good volume thus giving positive indication
RSI and MACD is crossing upside.
Enter at current market price stoploss 109, Tgt 122-130-137.

Regards
Rinkesh Jain