OPTO CIRCUIT ( I ) LIMITED trading in an up-trending channel.

• Stock had seen a sudden , sharp major fall from the level of 278 to  level of  17.75, which eroded almost 92 % of its price.
• Stock started stabilising and forming a base at the levels of 17 -18, and from there started forming higher lows/ bottoms.
• Stock is now trading in a up-trending channel.
• In the begning of this year, stock has found forming bullish flag pattern followed by a bulliish continuation, cup and handle pattern.
• Stock acheived its Cup and handle target, which came near the level of 44-45.
• Immediate Resistance for stock is at the level of 44, 48.
• Immediate Support is at 36.5 , 34.5.
• However in today's session it made a  gap up- red shooting star pattern at its resistance level, signalling bears are too in strenght, though this is gap-up shooting star, this gap may serve as minor support, however if this gap is filled, stock may test its previous support levels at 36.5 and 34.5.
• RSI though giving mixed signals, as  negative divergence followed  by curving up towards reading of 70%.
• Stochastic  is about to make postive crossover in the middle, indicating strength in prices.
• ROC is still moving up , signalling strenght in momentum.
• OBV is also increasing, means volumes are still good.
• MACD Bars are though moving-down,  however Macd Line is still curving-up.

POWER GRID CORP LTD

IDEA CELLULAR REVISTED

• On 20th May, Stock broke-up with down-ward sloping trend-line with a volume expansion, but took resistance, but took resistance at 38.2% retrace-ment of its previous downfall from 188 to 125
• In the next session it lost all of its price gained in previous session, forming Bearish Engulfing Pattern, with shadows on the both side [ Such made lower high and , lower low than previous session and closed under the previous session, which shows weakness may continue in next session , if prices opened under the middle of this candle.
• Like-wise today opening took place at middle of previous candle and prices headed lower and closed almost near its low, signalling weakness may continue in tomorrow session.
• Initial Stop-loss of 140 is triggered in today's session.
• Stock tested its 30 day moving average and still standing above it.
• Stock is likely to take support at levels of 137, 135, 133, 129,125.
• Stock may face minor resistance at 141.5.

CNX NIFTY

Daily Chart

• Unusual High volumes at market highs usually , suggests to  traders and investors to follow, a cautionary approach towards markets, and stay light.
• Small red bodied candles at highs, suggests that new buying is drying-up or market is taking breathier before carrying further the previous move.
• There is a possibility that nifty may have volatile session tomorrow.
• Market may take support at the levels of 7200, 7130 on the downside in tomorrow's session.
• On the upside  7350, 7400 could act as resistance in tomorrow's session.
• Rising Window support came at 7020.05 -7067.15
• RSI:  Is flattened in the overbought territory, signalling prior move may change.
• Stochastic: D% line move under the K% line, while K% is line flattened, preceded by a negative crossover, signalling pause in upside momentum.
• MACD Bars are also turning down.
• On Balance Volume is increasing, while prices are flattened or range bound.
• Moving Averages are still curving-up, suggests, prior move may continue.
• Bollinger Bands are widening volatility may increase and nifty may try, to ride the upper Bollinger band.
• ROC: Indicating upside momentum may continue.

ANALYSIS:

• Price Action and indicators are giving mixed signals.
• Tomorrow closing [ Weekly] is important, as to which way market will move.

NSE : EXIDEIND {Head and Shoulder continuation pattern seen in Exide Industries Ltd}

Daily Chart [ Zoom in ]

Head and Shoulder target projection[ Daily Chart- Zoom out]

Weekly Chart

Seems bulls are on the driving seat of IDEA CELLURAR LIMITED

Daily Chart

Weekly Chart

Price Action

• Stock broke-up with down-ward sloping trend-line  with a volume expansion.
• Stock is likely to form higher-top, higher bottom formation.
• Can be seen as forming double bottoming -out pattern, if stocks sustains above level of 150

Candle-Stick formation on weekly chart

• Previous bottom is made via bullish hammer.
• The said hammer is followed by a bullish belt hold candle, which is a bullish contiuation pattern.
• Both candle indicates , that upward -rally is likely to continue in the near term.

Indicators

• Moving Average : Trading above 30 day moving average, and also curving up- signalling strength in upside -momentum.
• Stochastic : Indicator is consistently pointing-up,likely to move into reading above 80 signalling strength in upside -momentum.
• RSI : Indicator is pointing-up , moving above reading of 50% , making higher high, higher low, signalling strength in stock
• MACD : Indicator has shown positive crossover and pointing-up and MACD bars are also making newer highs.
• ROC : Indicator signalling strength in up-side momentum.
• Volume : Volume is expanding with the prices rallying-up.

Analysis:

• Price action and Indicators are in favor of bulls, thus one can follow buy on dips strategy in this stock.
• If stock succeeds in breaching levels of 149, it can test levels of 157, which is the 50% retrace-ment of its previous downfall from the level of 188.4 to 125.1. 
• Likely levels that can be seen on the up-side are 157, 164, 175.
• Trailing Stop loss is placed at 140, 137, 133, 130.

POLARIS DAILY CHART ANALYSIS

BOMBAY DYEING : Breakout from falling wedge pattern is on the cards

Price Action

• Falling Wedge Pattern is apparent on the daily charts [ Each successive wave is feebler than the previous wave within the pattern ]
• The corrective wave within wedge pattern turned before touching up-sloping trendline and took support on previous rising window.
• Higher low pattern is visible.
• Breakout on the upside ,from the down-sloping trend-line is likely on the cards

Candlestick Patterns

• Bullish Belt hold candle appeared at support, covering in whole previous black candle.
• Another Bullish belt candle followed by upside -gap.
• Long bodied white candle closed near it high with good volume ,appeared at the support of 30 day moving average, indicating near term bullishness.

Bollinger Bands

• Bollinger Bands are broadened, indicating volatility.
• Price is riding at the average of  Bollinger Band.

MACD

• MACD showing bullish crossover and pointing-up , indicating s an acceleration based on the recent near crossing.
• Histograms are making a new high

MOVING AVERAGE

• Stock is trading above 200, 100, 50 day moving average.
• Currently it is standing at support of 30 day moving average, and the average is also curving-up.

STOCHASTIC

• Stochastic continues to point-up 
• It is moving above middle territory indicating strength in prices

VOLUME

• Volume diminished when  prices moving -down with the pattern.
• Volume is increasing when prices rallied -up within the pattern.
• Volume pattern signalling strength in stock.

ANALYSIS

• All indicators and price action signalling strength in stock.

RESISTANCE

• Levels of  70 and 80 may act as possible resistance in the near term.

SUPPORT

•  Stock is likely to take support at the levels of 54 and 60.

ANSAL PROP & INFRA LTD

BOTTOMING PATTERN IN TATA STEEL LIMITED [NSE :TATASTEEL]

Price Action

• Head and Shoulder Bottoming Pattern formed and price has broken the neckline and previous top to confirm an uptrend.
• Price made a new high [ higher high ]  with a current bullish candle which closed near its high.
• Breakout on the upside ,from the down-sloping trending, with good volume.

Candlestick Patterns

• Piercing Pattern appeared at the support of 30 week moving average, indicating near term bullishness.
• Bullish Belt hold candle appeared which opened at previous close and almost closed near its high

Bollinger Bands

• Bollinger Bands are flattened, indicating range bound price action or a base formation.
• Price is riding the upper Bollinger Band indicating increased momentum.
• Price has pulled back to Bollinger band moving-average.

MACD

• MACD continues to point-up and indicates an acceleration based on the recent near crossing.
• Histograms are making a new high

MOVING AVERAGE

• Major Moving averages are curving-up

STOCHASTIC

• Stochastic continues to point-up in an overbought territory.
• It is moving in a overbought territory indicating strength in prices

ANALYSIS

• All indicators and price action signalling strength in stock.

CNX NIFTY

BHARTI AIRTEL LTD

Daily Chart

• Stock is standing at its 61.8% retracement of its previous rally from 281.9 - 345.5.
• Stock is standing on its uptrendline support at 306, which is also 61.8 %  retracement of its previous rally.
• Stock may face resistance at 314.
• Stock is trading under 30 day moving average and average is also curving over.
• 60 day moving average is turning flat.
• Stock had made new low continuously in every trading session from  past 7 trading sessions, however today's session , it does'nt tested yesterday's low, but the closing came under the yesterday's closing.
• OBV is also declining.
• RSI is turning down.
• Stochastic is under reading of 20, signalling weakness.
• MACD is also turning down plus MACD bars are rising on the downside, 
• Stock levels on the upside - 314, 318.
• Stock levels on the downside - 306, 299.

ADANI POWER LTD

Daily Chart

• Stock is Trading under 30 day moving average and average is curving over.
• Stock is Facing resistance at 30 day moving average from past 5 trading sessions [ Formed four small bodied candles with shadows on both sides, representing tug of war between bulls and bears, out of which 3 are balck bodied, and one long black candle is formed at 5 th day, which opened at its high and closed at its low, showing that bears have taken control over bulls.
• Hence stock may test 50% retracement of its previous rally [ 31.8 - 59.25 ], standing at 45.66. and also 61.8% retracement at 42.7, which is also a previous top and can serve as a good support for the stock.
• However 60 day moving average is still moving-up.
• Upward Channel breakdown is seen on the charts.
• On- Balance Volume is also declining.
• Volume is also diminishing.
• RSI is curving up.
• Negative crossover is seen in stochastic.
• MACD is also turning down and its bars are also rising on the downside.