Break Out Stocks: GUJNRECOKE and TATASTEEL

TataSteel:
Cup and Handle Breakout
CMP; 604
SL: 553
Price Target: 738

Guj NRE Coke:
Gives Break out of Inverted HnS

Price Target 95
CMP: 73.75
SL: 64

The stock has broken out of Weekly pivots (R2: 72.43), and immediate resistance at 75.10 been monthly R1.

Chart:

PIVOTS:

Disclaimer: These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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Stock Ideas: ZEEL, SUZLON

ZEEL: Zee Limited
Flag Breakout:

05-Nov-09	225
17-Nov-09	274
Distance	49
Consolidation:
Start	18-Nov-09
End	21-Dec-09
BO Day	21-Dec-09
CMP	267
Tgt	310
SL	251

 Today Volume was also higher than last 24 days

Pivot Points

SUZLON: Continues in Upward Trajectory: CMP: 84.25

Suzlon is going great guns. The stock has broken out of its downward channel, and there is rather falling complex sort of HnS pattern on the chart, which has 110+ target on stock. Today stock made high at daily 89 SMA level, and it is at major EMA contraction zone. The 50 day SMA is at 76.909

I am long in this stock since price of Rs. 79, now SL moved to 79. Pivot Points on chart

Disclaimer:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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COPPER: HnS in motion

Copper Chart attached:

CMP: $310.75
Below $309, target $298

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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INFY: Initiating Short

Initiating Infy short: short at 2509 SL 2527

Time: 14:20
30 MIn chanel break down

Disclaimer: These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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RELIANCE: Follow on today's Price action

Yesterday i said, on short term basis, a bounce cannot be ruled out on Reliance, i guess today was the day RIL Analysis. The stock had fallen sharply.

Attaching intraday chart, showing Reliance Channel movement.

Pivot Points for RIL

Levels	Monthly	Weekly
R2	1237.69	1111.22
R1	1150.59	1059.43
P	1025.86	1032.2
S1	938.76	980.43
S2	814.03	953.22

Watch these levels for support and resistance. Weekly and monthly are stretched, daily would provide good supports for now..

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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DISHTV

DISHTV:
Today Dishtv made a high touching the 89 SMA at 42.67. The stock has broken its rising trendline starting from 3 Nov 2009 to 27 Nov 2009, which got broken on 15 Dec 2009.

DISHTV: EOD CHART Closeup:

However, the follow-up candle on 16 Dec was major bullish candle opening at 38.9 and stock today making a high of 42.6. However, the stock has not broken the trendline and stil looks in downtrend. This stock has a major falling candle (refer long term chart) which would be difficult to break. In case that is broken, can propel the stock to newer highs.


Long term Trendline chart:

Verdict: Plannin to go long above 44, would not mind adding some units here, but small quantity..Watch the below Pivot points for support and resistance:

Levels	Monthly	Weekly
R2	53.28	43.98
R1	46.42	42.17
P	39.13	40.53
S1	32.27	38.72
S2	24.98	37.08

Disclaimer: These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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Bhartiartl: Short Trade

 Bhartiartl:
On Hourly charts, today bharti artl has given a break down at Rs. 314 forming an Inverted Cup and Handle with Cup Lip at 314. I expect the stock to trade down with stop loss above the cup at a 321. Based on the distance from the Cup top to lip, the stock seems to be poised for downside of approximate 284 with possible support and resistances marked on the chart.

On EOD basis, the stock has closed below 50 SMA and is currently below all its leading moving averages. As such, it can be said that the rise from Dec start was merely an upward break after selling pressure, the stock major support at 280 to 270 zone.

A Close below that could propel a massive Head and Shoulder formation. However, there are various checks and balances for the completion of formation. But for now on EOD basis watch 280 to 275 zone. Based on intraday data analysis, the stock reaching 284 zone is highly probable.

Based on Swing indicator, the stock has today broken 5 to 9 days swing. A close below 309.05, could lead to a 10 days swing break.

Verdict: Short
Current trailing SL 313
The black channel on Hourly chart hold for downtrend, break above that could also lead to change in position.

Following are basic Support and Resistance levels to be watched for Bharti for current week and current month.

Pivots	Monthly	Weekly
S2	246.00	302.75
S1	273.00	310.00
Pivot	299.50	322.45
R1	326.00	329.70
R2	352.50	342.15

 S: denotes Support, R denotes Resistance

Disclaimer: These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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NIFTY: Short Term Analysis

 Nifty Intraday:

Nifty EOD:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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Reliance Industries Limited

Attaching here is Reliance Industries Chart

Possible short term bounce, nothin on Hourly charts. But on Daily Charts, stock is poised for downside. I would not rule out a short term bounce, but stock can reach to 765 zone.

Attaching Wave count based chart.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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Follow up on "M&M Mega Bear" Post

This is a follow-up on post on M&M Mega Bear Post by me.

On 10 Nov at a price of 1002, i thought we have seen a top on M&M, as I thought that maybe we have completed wave e of Wave C for M&M. However, the stock has gone on to make a Rising Wedge (or lets say an Ending Daigonal) in wave e itself making a high of 1100 on 2nd Dec and trending sideways in zone of 1100 to 1050.

A look at Weekly charts suggest 5 continuous Doji or Small Body candles in same range. Based on my current wave count, I still believe that M&M is in topping out structure. I do would like to say, that i donot wish to force a Bearish implication, however takin into account inability to move forward, after reaching previous top followed by Negative Divergence on RSI and a possible 5 wave up Rising Wedge, i expect the stock to correct in near term.

Weekly Chart:

On Daily Charts:

Old M&M Chart

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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My Musings with Bank Stocks: Calling the TOP !!!

I have this specific love / hate relationship with Banks. Actually i have been once wrong with banks, so i have continual efforts to be perfect in bank. So here I am presenting my analysis on Banks.

Synopsys: I believe banks are poised for short and medium term correction. I have mega bearish on SBIN the main bellwether of banks and major contributor to Bank Nifty. I believe SBIN is in FLAT structure (Elliott Wave Theory) and have complete Wave A:3-Down (from 2007 to Mar 2009) and  Wave B:3-Up (from Mar 09 to Dec 10) and is poised for Wave C:5 Down and possibly can reach lows of 1000. The Current price is 2145. Similarly i believe Bank Nifty shall follow suit.

ALL COMMENTS POSTED ON CHARTS


Chart attached : Bank Nifty, State Bank of India, HDFC Bank, IDBI, ICICI Bank, Oriental Bank

State Bank of India: EOD Long Term Chart

 SBIN Intraday Hourly Chart:

 Bank Nifty

 HDFC Bank

 

IDBI

Oreintal Bank

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. Take you own trading decisions. These my views based on my studies. Do your own study and consult your own advisor. Use stop loss or be screwed. We are all students