TVSMOTOR: HARMONIC REVIEW

TVS Motors daily chart carries a probability of Bearish ABCD Pattern, according to that probability currently stock is in the formation of pattern's CD leg.

On daily chart it's riding a trend line very well, as of now price action respected it 3 times.

RSI on daily weekly monthly chart is above 60 levels, however some divergence can be seen on daily and weekly time frame.

DAILY CHART

If the said pattern unfolds , stock can see- 364-365 levels till 30 May,16.

However within the CD leg , we observed a bearish Butterfly Pattern ,of which 3.14 BC( 329.56) projection stock got resisted and corrected as well, however it retraced only 23.6% of the Bearish Butterfly pattern .

EXTENDED BUTTERFLY

and stock again resumed its rally however price action thereafter was in the form of higher high, lower low bullish gaping spinning candles with an increase in volume, hence price action suggesting only mixed signals.

Now, if we move down to the hourly chart i can see is a Bearish ALT BAT pattern on it, posing near term resistance for the stock{ PRZ 330.5-332), so watch out for this zone carefully.

HOURLY CHART

HENCE IT WOULD BE WISE TO FOLLOW THE PRICE ACTION TO RIDE THE PROBABLE TREND.

IMMEDIATE RESISTANCE :330.50-332, 338, 343

MAJOR MAJOR: 362-364-365

IMMEDIATE SUPPORT: 319-320, 316-317

MAJOR SUPPORT: 307-310

Arvind Followup: Bearish Bat on 30 min chart

“Arvind currently at 276.5  which is the pattern prz and is approx 3.5 point away from the extreme number of the pattern, thus risking 3 points stop loss”

• Previous close at 273.35
• Today’s Price Action :
  • Gap-up opening at 275.1 ( gap support : 273.35-275.1)
    High made 277.1
  • Stalling action visible on 30 min chart, thus Short initiated@ 276.7( future level).
  • Look if stock tries to take support near 273.35, if goes through this level, next target is 270.

Nifty Harmonic Review

 NIFTY daily chart has two harmonic probabilities

• Cypher : prz 7713-7813 ( look for reversal signals in the zone)
• Bullish 5-0 :7680-7781 ( if unfolded can see sharp 400 points correction)
• Nifty 15 minutes chart has shark pattern probability
• 1.13@7761, 2.24@7724.
• 
• hHourly chart suggests 7580  & 7534-36 as good supports, break below same, can see sharp correction.