TradeCentral_IN

TradeCentral_IN

Rising wedge during tops is a bearish pattern and NSE:NIFTY seem to be breaking down from the pattern as seen in the chart. Still there are a few hours to go for close but it closes below the wedge lower line then it would confirm breakdown. At the same time, NIFTY also might close below 20 DMA today which is a good confluence. As per technicals, potential...

TradeCentral_IN

NSE:BPCL hourly chart is showing a nice head and shoulder (H&S) pattern. If the neckline is drawn connecting the close values of "neck" then the pattern has already broken down. If this materializes then the technical target of the breakdown would be around 530/535, but there is a good support zone around 585 which might hold. The view invalidates on daily...

TradeCentral_IN

NSE:RELIANCE has broken down from rising wedge (bearish) in hourly chart convincingly. We should see weakness in the stock for few days and given it's weight in NSE:NIFTY , that also can remain subdued. 2800/2850 should be the target zone on the downside for this and those level should offer support. On the flip side, 20 day MA is around 2925 which might stop...

TradeCentral_IN

NSE:ASIANPAINT has broken down from a triangular consolidation and seem to have taken support at 200 week MA. Last time the stock touched 200 WMA was in 2009 (yes, a good long 15 years back). If 200 WMA holds then it would save the stock but if it breaks then we might see up to 30% downside from current levels as per TA targets for the triangle and these are...

TradeCentral_IN

In the above weekly chart of Snowman Logistics NSE:SNOWMAN , we can see H&S (Head and Shoulders) pattern formation over a period of nearly 7 years and now it has broken out from the pattern. Re-test of the neckline also seem to have been done in last few weeks and neckline provided good support. If we measure the height of pattern, it points to 112 levels which...

TradeCentral_IN

NSE:MOL has broken out after forming a nice long base. In terms of fundamentals, there doesn't seem to be any public news/reports but this week's volumes are highest ever and since it has broken out after a long slumber, it gives weightage to the view that stock might see significant upsides from here. If this breakout sustains and price keeps above 200 DMA from...

TradeCentral_IN

NSE:DBSTOCKBRO has broken out this week from a long term zone. The move has occurred after a nice rounding bottom that took nearly 8 years. Remember that the longer the pattern formation, larger the move. Now if we go by classic TA, rounding bottom low from breakout zone is a 550% move (38 points in terms of number). If we go by % then there is a huge upside...

TradeCentral_IN

The whole move in NSE:NIFTY from the high of 22124 on 24th January this year looks corrective in nature. We seem to have completed W and X legs of the complex W-X-Y correction so far and Y seem to be unfolding. Y is typically the largest leg so we will likely see sub-21K levels soon. For the time being, #NIFTY is falling in a channel and top end of the channel...

TradeCentral_IN

NSE:AUBANK has broken nearly 3.5 year old trendline today (in blue) and if this breakdown sustains then we should see 550 soon. Be cautious if you're long.

TradeCentral_IN

NSE:MANAKSTEEL has broken out in WTF with good volumes. In last 2 weeks, stock has already moved nearly 60% up but still there is room to go further up. If I take the breakout from the previous swing close (instead of high) as a more conservative target then it comes around to 99. Stock is currently trading at 81.95. And if I take the target from the swing high...

TradeCentral_IN

NSE:NIFTY view based on Elliott waves. From the ATH, NIFTY has made a 5 waves down impulse which could be first leg of correction (A/W) and seem to be retracing the down move. Retracement should be at least 38.2% which gives 21606 and 50% is at 21705. After that it should head down!

TradeCentral_IN

NSE:NIFTY hourly chart shows 5 wave impulse down as of now. In this case, a pullback towards 21800/21900 should occur followed by another fall which should take the prices in 21300/21400 zone at least. Assuming this is wave A of the correction downwards, pullback would be B followed by another impulse C down. Note that this is ideal scenario and the correction...

TradeCentral_IN

NSE:ITI is breaking out in DTF with great volumes. We need to wait till EOD to ensure that breakout sustains. This stock has shown great momentum in recent past and gone from 120 levels to 370+ levels in just 6 months time.

TradeCentral_IN

NSE:PNBHOUSING is breaking out from the congestion with good volumes. It's a daily chart hence we need to wit till end of day to see if this breakout sustains. If it does and more volume is seen contributing to upside then it could be a good trading opportunity. Based on the box height, target would be around 870.

TradeCentral_IN

TVC:DXY is trading within a long term support range and unless it breaks below and closes under 100 on a closing basis, equities and commodities would be at risk. Looking at the structure, the fall from top in DXY looks corrective in nature hence chances are it would rise from this support rather than falling below support. If DXY keeps moving up from here then...

TradeCentral_IN

NSE:ZUARI is breaking out in weekly with great volume buildup. With this breakout, its trying to come out from a nearly 4 year range. If this BO sustains, it could potentially be a rewarding one.

TradeCentral_IN

NSE:KTKBANK is giving a breakout. Volumes are okay but could be better, I prefer 3x or higher of 20 day average of volume in breakout. This is around 2X which is not too bad. Week isn't over so keep an eye on it till EOD.

TradeCentral_IN

NSE:NAZARA seem to be breaking out with decent volumes. Keep an eye.