NSE: ASHOKLEY [ Price Projection based on pattern formation on daily charts of Ashok Leyland Ltd]

NSE: RANBAXY [ Daily Chart ] Trading above 30 day moving average

• Stock has taken support on 30 day moving average via spinning top.
• It seems to have made bottom at the levels of 335 via hammer of long lower shadow and at 344 via long black body engulfed by long bullish belt hold candle.
• If   stock succeeds to cross levels of 375 [as it will be the 3rd attempt to break the levels], it may then test the levels of 412.

NSE: BANKBARODA [ Long term perspective as per weekly and monthly chart analysis]

Inverted Head and Shoulder pattern is visible on the weekly charts of Bank of Baroda.

 Morning Star pattern is visible on the monthly charts of Bank of Baroda.

CNX NIFTY : Breakout from Bullish Flag/Pennant seen in Daily Chart.

Nifty has made a bottom at 5984, via bullish hammer appeared on 200 day SMA support, preceding long black candle, thereafter gave a sharp rally to the level of 6562,  it then went into brief consolidation , in the form of bullish horizontal flag, or pennant having horizontal up-line and up-slanting down -line. In Consolidation phase ,the size of White Real bodies [ Bullish belt hold, Long white real bodies, with no shadows or insignificant shadows]are comparatively greater than the Black Candles[ Small real bodies], signalling bulls are riding the rally and bears are lagging behind. Thus in case , if pattern completes nifty may see a level of 7000.

INDICATORS: 

Volume : Diminished in the consolidation phase and picked -up on the breakout.

Bollinger Bands : Are widening, signifying the strength of the upward rally.

RSI : Reading over 70 is also showing strength in upside momentum, though considered as overbought reading.

ROC : The indicator is also turning -up.

MACD: Reading over 70 is showing strength in upside momentum.

Bank of Baroda [Upside Breakout from Pennant]

BULLISH  IN THE NEAR TERM

 In furtherance of previous analysis 

http://techincallearning.blogspot.in/2014/02/bank-of-baroda-nse-bankbaroda-daily.html

CANDLESTICK PATTERNS: 

• Bullish Belt hold appeared on 21st march and 24th march, 2014, signalling continuation of previous up-trends.
• Long white candles, Spinning top appeared at  support levels.

BULLISH PENNANT: 

• A Bullish pennant pattern is appeared on the daily charts.
• Volume dried up during pennant consolidation
• Straight move before the the pennant formation.
• Breakout on the upside from the pennant has taken place on 26th march, 2014.
• Caution : Breakout didn't come with the significant increase in volume.
• If Pattern completes, stock may test the levels, of 693, 700, 716, 745, 755.780.
• Stop Loss is placed at 650, 630.

INDICATORS:

• RSI :RSI showing negative divergence, while prices are continues to turning up, however  reading above 70 are showing significant strength.
• STOCHASTIC :  Giving reading above 80 , signalling strength and still turning -up.
• MACD:  It is turning-up, and histogram bars are also turning up.
• BOLLINGER BANDS : Bollinger bands are widened.

Bharti Airtel Limited [ NSE : BHARTIARTL ]

BULLISH VIEW

CANDLESTICK PATTERNS: 

• Tweezers Bottom appeared on 24th Feb  and on 05th March, 2014, after a lengthy downtrend, forming a bottom at 281.9 and giving breakout with a long white candle.
• Bullish Harami/Inside candle appeared on 25th Feb, 06th March.
• Spinning top appeared at support with high volume on 25th march, 2014.

CONTINUATION PATTERN:

• A bullish flag pattern is appeared on the daily charts, if the pattern completes , stock may test levels of 318-320.
• However a suspicion for bullish move  in flag consolidation is that, out of 11 candle's,  7 are black candles and 3 are white candle and 1 is doji, thus position should be made cautiously.
• Seems like stock has made at bottom at 281.90.
• Breakout from Downward sloping trend-line of 4 month will come above 295.
• Stop loss is placed at 280.
• Risk reward  ratio of 2:1  is favorable.

INDICATORS:

• RSI :RSI formed double bottoming pattern  and showing a positive divergence at same price and continues to turning up.
• STOCHASTIC :  very close to turning up.
• MACD:  It is turning-up, and histogram bars are also turning up.
• BOLLINGER BANDS : They are wide, and flattening indicating a  base formation.
• 20 SMA : Stock has been trying to take support on 20 day moving average.
• VOLUME : volume is higher when prices close higher from previous close, and vice-versa.

TATA STEEL LIMITED { Daily chart analysis}