NSE: Jain Irrigation Systems Ltd: Stock has seen taking support at 20 DMA & at 23.6% retracement of its previous rally.

• Stock has seen giving remarkable rally that started near the level of 56.
• From thereon, Stock kept on taking support at 20 DMA, and moving above it.
• Stock took breathier around levels of 130 and went under 20 DMA
• It then retraces near about 23.6% and a bit more of its previous rally from 56- 130.
• However stock is seen taking support around its 23.6% retracement.
• Stock also came above its 20 DMA and Strong Green Candle which closed near its high , also made above the 20 DMA.
• MACD line is also oscillating above 0 line during this consolidation and curving-up.
• Near term support is at 110
• Near term resistance is at 125

NSE :JP POWER: Breakout from a wedge pattern is apparent on its Hourly Chart

1. A breakout in seen from a wedge pattern with good volume on hourly chart of JP Power.
2. In Wedge consolidation prices were oscillating around 21 day moving average, signalled range bound movement.
3. Volume rose when prices rally- up within the wedge, and Volume diminished, when price moved down within the wedge.
4. The lower channel of wedge was at support of 23.6% retracement  of its previous downfall from 26.25 to 19.95.
5. MACD bars were also squeezed during Wedge consolidation.
6. MACD bars are started rising with the breakout on the upside, signalling strength in the momentum , plus confirming the breakout.
7. ADX   : Green line also moved above 20 line , further confirming the move.

NSE: IBREALEST : Breakout from a range with good volume ,after a long consolidation period is seen in India Bull Real Estate.

Weekly Chart

1. Breakout from a range of  approx 45-50 points after a  long consolidation period of [approx  two and half years ] is apparent on the charts.
1. Stock had seen making a base around levels of 41 -45.
2. Stock were facing resistance around levels of 80- 87.
3. Prices were oscillating around the 20 week moving average.
4. A rally that started on 23-feb-2014 from the base level of 45 , was succeeded giving a breakout from its resistance zone of 80-90  with high volume.
2. Good volume, is seen at the breakout level.
3. MACD bars are rising favoring the breakout.
4. TMF wers also seen expanding with the breakout, signalling strength in the prices.
5. Now stock is seen taking support at its resistance level which , now turned as support for any further rally in the stock.
6. The whole view will be negated ,in case prices comes back within the prior trading range [ 40- 90 ]

Nifty Potential Support and Resistance Levels to watch in the near term.

• In furtherance of : http://techincallearning.blogspot.in/2014/06/nifty-hourly-chart.html
• A follow -up analysis are herein below:
• A sharp  rally is seen from the level of 7200 to 7700 { Rally of 500 Points}
• Consolidation :  Upper Channel = 7700,  Lower Channel = 7440 { Range of  approx 250 points}
• In yesterday session , down move halted at previous rising window support at 7484.
• Potential Resistance levels : 7550, 7600-7620, 7700.
• Potential Support levels : 7484- 7500, 7440.
• Level of 7550 on the upside to be likely to be watched keenly by the traders.
• On the flipside 7440 on the downside, will be an important level to be watched.
• Momentum indicators are oscillating around the 0 line, indicating range bound movement.
• Position should be taken cautiously with strict stop losses, as range bound movement is  usually followed by sharp movement on either side.

Nifty hourly chart [ Probable support and resistance zone]

Window Resistance zone 7593- 7615
Window Support zone 7515-7499, 7477

Reliance Infra Hourly Chart

Hourly Chart

Nearby Resistance 735- 740

Nearby Support 718- 714

CNX NIFTY : Higher Volumes at Market highs: Is it a sign of Speculative Bubble or signifies higher intensity of Buying/Bulls.

Weekly Chart

1. Consolidation phase , where , price carries through from one band to other band.
2. Contraction in Bands, followed by breakout on the upside , and prices continued hugging the upper bollinger band.
3. Higher volume reflecting higher degree of bulls intensity or sometimes it reflects speculative bubble.

NSE: DLF [ Bollinger Bands curved down and turning flat, is it a sign of range bound movement ??

Support at 202, 195, 190, 185.

Resistance 218, 224.

NSE : ADANIENT :::::Range bound movement

Trading Range: 514-450. 

Intraday support is at 465.

Near Term support is at 450 and 440.

Near term Resistance at 484, 496

Bullish Window Resistance zone : 514- 518.

Bollinger Bands

It is an awesome indicator ,developed by Mr. John Bollinger .

• It can be used in identifying dynamic support and resistance levels

• When the upper band is near the resistance, it is likely that prices may halt for a while or may reverse.
• When the lower band is near the support , it is likely that prices may bounces off from that support level for a while or may reverse.
• However if  either of the bands are far away from the resistance/support, it is less likely that prices will halt there, it may not serve as good support/resistance.

• It can be used in identifying whether market is trending or ranging.

• In a Strong Uptrend : Prices usually rides and hugs the Upper Bollinger Band and upper band continues to point-up.
• In a Strong Downtrend : Prices usually rides and hugs the lower Bollinger Band and the lower band continues to point-down.
• In a Ranging Market : Prices usually moves from One Band to the Other Band and the both bands are usually started flattening.

• It can be used in identifying or measuring volatility of markets/stocks.

• When Bands contracts or squeeze: 
• It indicates lower volatility.
• Such contraction is often followed by a sharp move in prices. i.e a new move is about to take place.
• Some traders buy options during lower volatility, if they see a breakout is likely to happen.
• When Bands expands:
•  It indicates higher volatility.
• Some traders sell options during higher volatility, when bands expands and are far apart from each other , if they see prices returning to mean[moving average/middle band].

• It can be used to confirm and verify trades.
• It can be used to confirm trades when used with other indicators or price patterns.
• Can help in Confirming breakouts and helps avoid trapping in false breakouts.
• Momentum Indicators are best to use with it , for confirming trades.

DLF LTD

Weekly Chart

Daily chart

Hourly Chart

Does it look like a Flag Pattern on daily charts of Tamilnadu Newsprint & Paper Limited [ TNPL] ? ? ?

Price Action

• Stock consolidated for about 5 month in the range of 119-136.
• If we will see this consolidation carefully, it looks like a cup and handle pattern which suggested a target of 150-155,  which is a bullish continuation pattern.
• And now in continuation , a flag pattern is apparent on the charts, which if completes , may take stock to the levels of 180 in the short term.
• Note : There is more of a  black candle[ Bearish ] in the flag consolidation, however volume expanded in the straight move [ Flag pole ] while volume is curving up in the consolidation and stock is continuously testing level of 144 . 
• Support in  Near term 144.[ Intial Stop loss]
• Support in Short Term 136
• Support in Intermediate Term 120

Weekly Chart

Monthly Chart

Bottoming Saucer in Anant Raj Limited

TATA GLOBAL

Daily Chart

Monthly Chart

RCF

Bank Nifty

Ranbaxy Labs Ltd

Daily Chart

Weekly Chart

 Monthly Chart

Do a Bearish Engulfing Candle on Weekly Chart [ CNX NIFTY ] lead a corrective move ???? Or a Range bound movement in the Index is a sign of Accumulation or Distribution???

Weekly Chart

A  Bearish Engulfing Pattern*  with high volume is visible on the weekly chart of the Index.

• Will this Pattern lead to a corrective move?
• Level on the upside that can be seen possibly are 7370, 7400, 7500, 7550.
• Levels on the down side 7300, 7270, 7200, 7100.
• 7500 and 7550 may serve as a strong resistance in the near term
• 7100 may serve as a strong support in the near term.

To negate this pattern , a weekly closing should come above the level of 7500.

*First Candle : A green hanging man shaped candle with a long lower shadow, which closed near its high.
*Second Candle : A red long bodied candle with shadows on the both side.
*First Candle was entirely engulfed by the second candle.

Daily Chart

INDIA BULLS POWER LIMITED

Tata Steel: Do a Long legged doji on weekly charts is a sign , of temoparily loss of upside momentum?

1. A long legged doji is seen on the weekly chart of the stock at its previous top resistance level of 500, signalling bulls and bears are at equilibrium.
2. This doji is important  to see , because it appears at resistance zone, more importantly on weekly chart and a minor reversal may happen.

• Will such doji candle lead a pull back  to test the broken neckline, and validate the breakout by bouncing back in the direction of the breakout.

• Or It will not give pullback and will continue  the upside momentum/move to further break the resistance level of 500, the stock has been seeing from past 7  to 10 sessions  

• For short trades, stop loss will be placed above the high of the doji, and short will confirmed, when price closes under the low of doji. 

• Longs will be made, if prices succeeds to close above the high of the doji, level of 500 will be crucial for the stock to cross.