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.

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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.