Grasim Industries Ltd – On the verge of breakout

Grasim Industries Ltd on a daily chart stock price is making higher high and higher low pattern with increase in volumes, indicate positive outlook for the stock price. Technically on daily chart stock price at Rs. 843 has touch the downward sloping trend line any trade or closed above the same stock price can rally towards previous high swing. Momentum Oscillator MACD has also given positive crossover, which add more bullishness for the stock price.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate above Rs. 848 for the target of Rs. 1036 levels, with Rs. 800 stop loss on closing basis.

Bharti Infratel Ltd – Double Bottom Pattern

Bharti Infratel Ltd on a daily chart stock price is making higher high and higher low pattern with increase in volumes, indicate positive outlook for the stock price. Technically on daily chart stock price at Rs. 339.90 has given the breakout of descending triangle pattern, also we witnessed a double bottom pattern, indicate stock price can rally towards previous high swing, which look most likely. Momentum Oscillator MACD started moving north, which add more bullishness for the stock price.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate at Rs. 339 for the target of Rs. 395 levels, with Rs. 324 stop loss on closing basis.

Tube Investment - Technical Brekout

There is one company which produces different component that fit in bicycle as well as in cars. The company we are talking about is Tube Investment. Which is into specialized in engineering, bicycles, metal forming and tube products. The company is likely to show better price performance in near term supported by good fundamental and technical breakout.

On chart, stock prices are volatile. The stock hit 52-weeks’ high of Rs. 684.70 in November 2016, then price revered near to low of Rs. 521.70, in the same month, down by 23.80 percent from its 52-week’s high. Currently, stock price is trading at Rs. 571.80 up by 9.60 percent from its recent low. We feel that there is more steam left and the rally is likely to continue.

On a daily chart, stock price started making higher top and higher low pattern, also we witnessed stock price was trading below 20 DMA from last 36 trading session, but yesterday stock price has surpassed the 20 DMA and closed above the same, indicate stock price has found the support level.

Proceeding on daily chart stock price at Rs. 571.80 has given the breakout at Rs. 567 of symmetrical triangle pattern which has stared from November 2016, in the triangle yesterday stock price has touched the lower channel and price has given the breakout of the upper channel of the pattern, now stock price will rally towards Rs. 640 level.

Tracking Bollinger Band (BB) we find stock price at Rs. 571.80 has closed above the mid band of BB, now stock price will touch the ‘Upper Bollinger Band’ and the bands are widening, thus indicating positive energy. Momentum Oscillator, MACD (Moving Average Convergence & Divergence) has given a positive crossover on a daily chart, favouring the bullish view, which could witness the Tube Investment marching higher.

The trend intensity indicator demonstrates that the stock is gaining strength as months pass by. The psychological sentiment towards the stock remains positive. The stock is also looking positive on the monthly chart, which foretells well for the long term uptrend of the stock. We believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy at CMP and adding more on dips.

Looking towards the chart pattern and study i.e. Bollinger Band, RSI and MACD, we believe stock price may extend its rally towards Rs. 640/680 levels, whereas Rs. 520 will act as a strong support level on a closing basis.

Nifty Technical Outlook for 28-12-2016.

Dead Cat Bounce, closed above 8000.

Yesterday Nifty started with flat to positive note, but in the second half trading session we saw a dead cat bounce which take Nifty to closed higher up by 125 points ended at 8033 level. It was a temporary recovery in Index after a substantial fall. Technically index is trading below 20 DMA and 50 DMA, indicate index still unable to find the support level, but index has closed above the neck line of the head and shoulder pattern, which would be a relief session for investor. For bulls to resume Nifty must closed above 8220 level, on the flip side 7900 will act as strong support level. This week will we can see more volatile into the market due to ahead of F&O expiry, it would be tuff fight between bull and bear.

For today, any trade below 8020 level Nifty can fall towards 7900, If Nifty closed below 7900, the one can sell for the target of 7600. 

ITC Ltd – Double Bottom Pattern

ITC Ltd on a daily chart stock price is making higher high and higher low pattern with increase in volumes, indicate positive outlook for the stock price. Technically on daily chart stock price at Rs. 234.50 has given the breakout of descending triangle pattern, also we witnessed a double bottom pattern, indicate stock price can rally towards previous high swing, which look most likely. Momentum Oscillator MACD has given the positive crossover, which add more bullishness for the stock price.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate at Rs. 234 for the target of Rs. 258 levels, with Rs. 222 stop loss on closing basis.

Nifty for 27-12-2016. Closed below the Neck Line.

Nifty started the week on a weaker note ended lower down by 77 points closed at 7908 level, also it has break down the June month low, indicate index has lost the support level. Technically on daily chart index is making lower low pattern, which further add bearishness into the market. Likewise, we witnessed Nifty has closed below the neck line of a long head and shoulder pattern, if today once again Nifty closed below the same then most likely we can see another 700 points falls. For bulls to resume Nifty must closed above 8220 level, on the flip side 7673 will act as new support level.

For today, any trade below 7893 level Nifty can fall towards 7722. If Nifty closed below 7900, the one can sell for the target of 7600. 

Emami Ltd – Downward Sloping Trend Line

Emami Ltd on a daily chart stock price is making higher high and higher low pattern with increase in volumes, indicate positive outlook for the stock price. Technically on daily chart stock price at Rs. 989 is on the verge of breakout of downward sloping trend line at Rs, 990 level, any trade or closed above the same stock price can rally towards previous high swing, which look most likely.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate above at Rs. 990 for the target of Rs. 1100 levels, with Rs. 930 stop loss on closing basis.

Maruti Suzuki India Ltd – Downward Sloping Trend Line

Maruti Suzuki India Ltd on a daily chart stock price is making higher high pattern also stock price is trading above the 20 DMA, indicate positive outlook for the stock price. Technically on daily chart stock price at Rs. 5193 has given the breakout of downward sloping trend line at Rs, 5096 level, indicate stock price can rally towards previous high swing, which look most likely.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate at Rs. 5190 for the target of Rs. 5535 levels, with Rs. 5033 stop loss on closing basis.

BEML Ltd – Rounding Pattern Breakout

BEML Ltd on a daily chart stock price is making higher high and higher low pattern also stock price is trading above the 20 DMA, indicate positive outlook for the stock price. Technically on daily chart stock price at Rs. 968 has given the breakout of rounding pattern at Rs, 938 level, indicate stock price can rally towards previous high swing, which look most likely.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate at Rs. 968 for the target of Rs. 1100 levels, with Rs. 892 stop loss on closing basis.

Nifty Technical Outlook for 22-12-2016

Last hour trade index erases all its morning gain, ended lower down by 21 points closed at 8061.30 level, also index is trading below 20 DMA and 50 DMA, indicate index has lost the support level. Technically on daily chart index is making lower low and lower high pattern, which further add bearishness into the market. Likewise, we witnessed Nifty is forming a long head and shoulder pattern any breakdown of neckline at 7920, we can see another 700 points fall which look most likely. Nifty is having a strong support of June month low and trading above the same, airs relief session for the investor. For bulls to resume Nifty must closed above 8380 level, on the flip side 7920 will act as a strong support level.

For today, any trade below 8054 level, index can fall towards 8000 level, where one can used as an opportunity to buy Nifty with 7920 SL on closing basis. 

Mahindra & Mahindra Ltd – Downward Sloping Trend Line

Mahindra & Mahindra Ltd on a daily chart stock price is making higher high and higher low pattern also stock price is trading above the 20 DMA, indicate positive outlook for the stock price. Technically on chart stock price at Rs. 1185.10 is given the breakout of downward sloping trend line pattern at Rs, 1168 level, indicate stock price can rally towards previous high swing, which look most likely.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate at Rs. 1185 for the target of Rs. 1300 levels, with Rs. 1140 stop loss on closing basis.

Nifty outlook for 20-12-2016.

Nifty started the week on weaker note ended lower down by 35 points closed at 8104 level, also index closed below 20 DMA, indicate index has lost the support level. If today once again Nifty closed below 20 DMA, then most likely we can see a new low for the month. Technically nifty started making lower low pattern also it has closed below the 20 DMA. Nifty is having a strong support of June month low and trading above the same, airs relief session for the investor. For bulls to resume Nifty must closed above 8380 level, on the flip side 7920 will act as a strong support level.

For today, any trade below 8095 level, index can fall towards 8000 level, where one can used as an opportunity to buy Nifty with 7920 SL on closing basis. 

Tata Chemicals Ltd – On the verge of Breakout

Tata Chemicals Ltd on a daily chart price is making higher high and higher low pattern also stock price is trading above the 20 DMA, indicate positive outlook for the stock price. Technically on chart stock price at Rs. 489 is trading near the breakout of downward sloping trend line, any trade or closed above Rs. 491, price can rally towards previous high swing, which look most likely.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate above at Rs. 491 for the target of Rs. 553 levels, with Rs. 468 stop loss on closing basis.

Nifty Outlook for 19-12-2016

Last week Nifty closed lower down by 122 points ended at 8139 level, but on daily chart Nifty is still trading above the 20 DMA, indicate positive outlook for the index. No change in technical index is trading above 20 DMA but trading below 50 DMA, show index would be trading higher for short term but intermediate it would be watchful. Nifty is having a strong support of June month low and trading above the same, airs relief session for the investor. For bulls to resume Nifty must closed above 8380 level, on the flip side 7920 will act as a strong support level.

For today, any trade below 8128 level, index can fall towards 8053 level, where one can used as an opportunity to buy Nifty with 7920 SL on closing basis.

Glenmark Ltd – Symmetrical Triangle Breakout

Glenmark Pharmaceuticals Ltd on a daily chart price is making higher high and higher low pattern also stock price is trading above the 20 DMA, indicate positive outlook for the stock price. Technically on intraday 60-minutes chart stock price at Rs. 930 has given the breakout above the upper trend line of symmetrical triangle or continuation pattern at Rs.914, with sharp increase in volumes, indicate rally will continue towards previous high swing.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate at Rs. 930 for the target of Rs. 990 levels, with Rs. 896 stop loss on closing basis.

Axis Bank Technical Chart Check

AXISBANK, stock price is making higher top and higher bottom pattern from last four trading session, also stock is trading above 20DMA, 50DMA and100DMA respectively suggesting it has potential up move in upcoming trading sessions, indicate positive outlook for the stock.

On a daily chart, stock price i.e. 497.40 has given a breakout of cup & handle pattern i.e. 486, stock is marching and continuing its rally towards the northward direction indicate positive outlook for the stock price. Tracking BB front prices i.e. 497.40 is trading near the ‘Upper Bollinger Band’ and also the bands are widening, thus indicating positive view.

Momentum oscillator RSI is positive, have more room left on upside, which add more bullishness to the stock

If one were to go by the volume data, then more up move seen on the stock price.

Looking towards the chart pattern and parameter we believe stock may extend its rally towards 532, 611 levels, whereas 455 will act a strong support level.

Gold - Technical update

Spot Gold on a weekly chart, price is making higher high, higher low pattern, along with increase in volume, suggesting price may move further up, indicate positive outlook for the gold. On the BB front price i.e. $1281.50 is ridding the upper Bollinger band of BB, indicate bullish view.

Please click here to view the chart.

But we also witnessed a double top pattern i.e. $1303.50 (19-01-2015) and $1305.95 (06-05-2016), which indicate profit booking and price has reversed from the same level, indicate cautious view. 

Momentum oscillator RSI turned down, which will move towards southward, indicate cautious view. Looking towards chart study, we believe unless and until gold doesn’t closed above $1305 levels for at least 3 trading session, we cannot say correction is over. 

For more bulls to come Gold price has to closed above $1305. However, unless the strong resistance of $1305 is breached, we may expect profit booking, but is most likely to move past $1305.

Looking towards chart study and pattern, we believe any closed above $1305, gold may further extend its rally towards $1393, $1538 levels, where else $1226 will act as a strong support level.   

Glenmark - Technical view

GLENMARK on a daily chart, stock price i.e. 856.50 has given a breakout of cup & handle pattern i.e. 844, stock is marching and continuing its rally towards the northward direction indicate positive outlook for the stock price. Tracking BB front prices i.e. 856.50 is trading near the ‘Upper Bollinger Band’ and also the bands are widening, thus indicating positive view.

Momentum oscillator RSI is positive, have more room left on upside, MACD has given the positive crossover, which add more bullishness to the stock

If one were to go by the volume data, then more up move seen on the stock price.

Looking towards the chart pattern and parameter we believe stock may extend its rally towards 900, 948 levels, whereas 811 will act a strong support level.

Larsen&turbo - Technical update

LT, on a daily chart stock price is making higher top and higher bottom pattern from last two trading session, also stock is trading above 20DMA, 50DMA and100DMA respectively suggesting it has potential up move in upcoming trading sessions, indicate positive outlook for the stock.

Technically stock price i.e. 1307 is trading near the previous resistance level i.e. 1311, any trade above this level stock price will extend its rally towards 1408 levels, suggesting it has potential up move in coming trading sessions, indicating positive view.

Tracking Bollinger Band on a daily chart price i.e.1307 are riding the ‘Upper Bollinger Band’ and also the bands are widening, thus indicating positive outlook for the stock. 

Momentum oscillator MACD is on the verge of giving positive crossover, also RSI have more room left on upside, which add more bullishness to the stock price.

Looking towards the chart study and parameters, we believe any trade or closed above 1311 level, stock price may extend its rally towards 1408, 1485 levels, whereas 1256 will act as a strong support level, which is the mid-band of Bollinger Band.

Reliance Capital - Technical Recommendation

RELIANCE CAPITAL, on a daily chart stock price is making higher top and higher bottom pattern from last three trading session, also stock is trading above 20DMA, 50DMA and100DMA respectively suggesting it has potential up move in upcoming trading sessions, indicate positive outlook for the stock.

Technically stock price i.e. 409.60 has given a breakout of the downward slopping trend line @ 404.30 level, and it’s moving towards northward direction, suggesting it has potential up move in coming trading sessions, indicating positive view. 

Momentum oscillator MACD has given positive crossover, also RSI have more room left on upside, which add more bullishness to the stock price.

If one were to go by the volume data, then more up move seen on the stock price.

Looking towards the chart study and parameters, we believe stock price may extend its rally towards 443, 470 levels, whereas 377 will act as a strong support level.

Nifty Technical Outlook for 21.01.2016

Bottom-line:

 After staging a smart comeback in the previous trading session, the Indian equity market once again ended with modest losses on Wednesday. Nifty is heading towardsour crucial support level i.e.7269 and we believe that Nifty may find support in that area. If it fails to respect the 7269 mark on the closing basis it may extend its downfall towards 7100levels. On the other hand, 7540 will act as a strong resistance level.

 

If one were to go by the volume data, the down move seen on the index is justified by its increased in volume.

 

Technically on a daily chart, Nifty once again started making lower low and lower high pattern, from last two trading session, suggesting it has potential down move in upcoming trading sessions, indicating negative view. Tracking Bollinger Band Nifty is ridding the ‘Lower Bollinger Band’ and also the bands are widening, indicating negative view.

Momentum oscillator RSI turned down, have more room left on downside, which add more bearishness for the index.

However for today, Nifty might attempt to bounce back towards 7340-7380 levels. This move we at Dalal Times call it’s as a “Bull’s Trap” is to be avoided. Such bounce can be used to sell Nifty on the higher side, for the said target.

 

 

Intraday Trader:

 

Day traders can trade the market on the downside till 7200. For intraday levels, kindly refer to Today's Trade section.

 

Positional Traders: 

 

For the ones who have built short positions on Nifty, they can hold with a stop loss at 7540 levels on a closing basis. For those who are yet to take a short position, we suggest them to build it around 7340-7380 levels

SBIN Technical Recommendations

SBIN on a weekly chart, stock price is making lower low, higher low pattern, suggesting it may move further down, also stock price i.e. 184.30 is trading near the 52 week low i.e. 181, indicate negative outlook for the stock. 

 

On the BB front price i.e. 184.30 are ridding the ‘Lower Bollinger Band’ and also the bands are widening, thus indicating negative momentum. Momentum oscillator MACD has given a negative crossover, RSI is at 48 moving southward, have more room left on downside, which add more bearishness for the stock price.

 

Looking towards the chart study, we believe any trade below 52 week low i.e. 181, stock will further fall towards 170, 165 levels, where else 214 will act as a strong resistance. 

 

For the one who build long position, they can hold with a stop loss at 145 levels or add more at 145-155 levels.

IDBI Technical Recommendations

IDBI on a weekly chart, stock price is making lower low, higher low pattern, suggesting it may move further down, also stock price i.e. 60.80 is trading near the 52 week low i.e. 52.30, indicate negative outlook for the stock. 

 

On the BB front price i.e. 60.80 are ridding the ‘Lower Bollinger Band’ and also the bands are widening, thus indicating negative momentum. Momentum oscillator MACD has given a negative crossover, RSI is at 37.00 moving southward, have more room left on downside, which add more bearishness for the stock price.

 

Looking towards the chart study, we believe stock has major support at 52.30, which is the 52 week low, any trade below 52.30, stock may extend its fall towards 40 level. Where else 90 will act as a strong resistance. 

 

For the one who build long position, they can hold with a stop loss at 52 levels.

Nifty Technical outlook for 13/01/2016

Bottom Line: - 

On Tuesday Nifty achieved our target levels and closed below the crucial support level i.e. 7540, indicate ongoing selling pressure will continue into the market. Market continue its negative for second consecutive trading session closing at 7510.30, down with 53.55 points.

 Technically Nifty closed below the neckline of a bearish Head & Shoulder pattern and also below its major support (7540), if nifty continue closed below 7540 for at least 2 trading session, most possibility index will extend its legs towards 7400 levels, which is the next support level, further 7100 levels.

Tracking Bollinger Band Nifty is ridding the ‘Lower Bollinger Band’ and also the bands are widening, indicating negative view.  Momentum Oscillator RSI & MACD is also moving southward direction, which add more bearishness for the index. 

For Bulls to come back for short term, Nifty have to close above 7560, which would provide a pullback rally in the near term.

For today, Nifty is likely to continue its fall towards 7400 levels. On the other hand, 7680 will act as an resistance levels.

Intraday Trader:

Day traders can trade the market on the downside till 7450, for intraday levels, kindly refer to Today's Trade section.

Positional Traders: 

The intermediate trend on the index still remains down, for the ones who have built short positions on Nifty; they can book part profit or revised their stop loss to 7720 levels, on a closing basis. For those who are yet to take a short position, we suggest them to build around 7520-7540 levels.

Nifty Technical Outlook for 12/01/2016

On Monday Nifty recovered some of its losses after plunging over 90 points in morning trade, closing at 7563.85 down with 37.50 points, indicate ongoing selling will continue into the market.

 

Now Nifty is trading near our crucial support level i.e. 7540 which was mentioned in our previous newsletter and we believe that Nifty may find support in that area. If it fails to respect the 7550 mark on the closing basis it may extend its downfall towards 7420 levels, which is most likely. 

Technically on a daily charts, Nifty is trading below 20 DMA, 50DMA & 100 DMA indicate index has lost the support level, which further move more down. Tracking Bollinger Band Nifty is ridding the ‘Lower Bollinger Band’ and also the bands are widening, indicating negative view.  Momentum Oscillator RSI & MACD is also moving southward direction, which add more bearishness for the index. 

For today, Nifty is likely to continue its fall towards 7420 levels. On the other hand, 7720 will act as an immediate resistance levels.

Technical Report on Capital First

Capital First on a daily chart stock price i.e. 427, is trading above 20 DMA, 50DMA, & 100 DMA indicate price has a support level, ongoiong bullish rally will continue into the market. Moemnetum oscillator RSI & MACD is movoing northward, RSI have more room left on upside, which add more bullishess for the stock price

Observation : Capital First saw a sharp upmove in last month from Rs363 to Rs425. Post that, it witnessed sideways consolidation between Rs424 and Rs405. Recent consolidation took shape of a flag. Flags are considered to be a continuation pattern in nature; we expect the stock to replicate the momentum it had in early December after giving flag breakout in Tuesday’s trade.

Looking towards chart study, stock price will extend its rally towards 462, further 485 levels. On the flip side 380 will act as a immediate support level.