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India INDY ETF bounced off supportAn interesting observation here... The weekly chart for INDY has recent bullish candlestick patterns after bouncing off a long term support level at 41.50. This is the second test in 2022, and the bounce closed above the next (gap) resistance level, above 43. The technical indicators are turning bullish, as RPM tuned up for a crossover. The daily chart shows the past two weeks series of higher lows and higher highs and a gap up, marubozu-like candlestick. Technical indicators crossed over bullish, and are supportive of a test on the EMA band. Taken together, there appears to be a 8-15% upside off this support bounce. Interesting time juncture... Stay well and stay safe!
NASDAQ:INDYLong
by Auguraltrader
Support breached but where would carnage stop on Nifty? Nifty finally breached 7 months old downside channel towards south which indicates more furious sell-off in coming weeks. Since last few weeks, 15900 was acting as a strong support on the indices but on Friday we have closed below the support indicating more weakness. So were would this carnage end for the bulls? The market always of probabilities in answer and so I have this time too. Checking on Elliot wave, I feel we are into corrective wave C which could end now either at 15450 (considering Wave A=Wave C) or at 14800 (considering Wave C= 123.6% of Wave A). Though chances of taking support at 15450 are little bit brighter because it coincides with other EW guideline which states that corrective WAVE shouldn't trade below motive wave 1's high which is 15431. Please note that its just a guideline and Nifty could even test the second possibility so trade accordingly. P.S. Sell on rise still considerable for short term traders with SL at 16500.
NSE:NIFTYShort
by KushGhodasara
Next week is the last ray of hope for the bulls! Last week came like a brain freeze for traders where we saw tremendous volatility on both side but ultimately bears got the final hold. In my last two posts on #Nifty, we predicted a correct Wave C to unfold and that what exactly happen in last week. We are moving towards a near term target of 16100 on indices. But next week is crucial because we MIGHT test 15900 which is a downward trending channel support and also the last ray of hope for the bulls. If we trade below the channel then be ready for a night more on the Nifty... P.S. Just a warning for the bulls !
NSE:NIFTYShort
by KushGhodasara
Nifty's Daily Chart AnalysisHere I brings you the daily chart analysis of NSE:NIFTY Going back to 23 march 2020 Nifty 50 found a strong support of a trendline and never go below that trendline until 23 November 2021. But on 22 Nov 2021 , it gone below the trendline but still managed to close above trendline. on 23 Nov 2021 it opens below the trendline but closed above it. similar story for 24th and 25th November But 26th November was the day when Nifty Opens below the trendline and closed far below it... that was the day since nifty never gone above it. On 12th, 13th, 14th and 17th January 2022 it again tried to go above the previous ( Solid Dark ) trendline but failed to do so, and pushed below the newly formed downward trendline ( Dotted Trendline ). Nifty again tried to cross above the new trendline on 2nd and 10th February 2022 , but failed. From last six days Nifty continuously trying to go above the dotted line but every time it got rejections . Conclusion of Analysis:- 1. Nifty may remain in the downtrend until it crosses the dotted trendline and sustain above it. 2. If it succeed to cross above the dotted trendline, Nifty may remain in a sideways trend until it breakout the 17800 zone. This Analysis is not a trade recommendation, this study is purely for education purpose only, Do your own Study and Research before getting into any trades.
NSE:NIFTY
by Abhi_The_Chart_Reader
Still you "banking" on Banks ?Bank Nifty has been also working in line with Nifty around 200 day SMA but interesting part on this was that it has been completely below the average for last 10 trading sessions. Strong earnings on ICICI Bank and Axis Bank didn't lead up the sector which shows that how strongly 200 day SMA is working as resistance. Now analyzing further move with Elliot wave then we have initiated our move on Wave C since the high point at 36718 and this move could end near to 33470 which is arrived by calculating it equally to Wave A from 38759-35511. P.S. Stop loss can be kept at 36950 which is 200 days SMA while reward is 2500+ points.
NSE:BANKNIFTYShort
by KushGhodasara
That's how market respects 200 Day Average!Nifty has been around in a range since last 10 trading sessions but during that it has respected 200 day average perfectly around 17200 level. It has closed at or below 200 day average for 9 sessions out of last 10 . For a technical breakout , its a guideline that we should sustain for two consecutive days on closing basis above breakout level for a confirmation and that is why that one day could be considered as false breakout. Yesterdays closing has been again way below 200 day average and volumes on future were comparatively higher which opens the gate for more downside. Considering Elliot Wave, we are into corrective wave and it seems we have completed Wave B yesterday at 17399 . Now we are into Wave C which could be equal in length of Wave A and we might see 1270 points correction from 17399 i.e., to 16150. And if we analyze worst case then we can test downside trend line on channel which could be at 15900. P.S. Stop loss for short trade is just 360 points away at 17468 while again is approximately 1000 points.
NSE:NIFTYShort
by KushGhodasara
Nifty has broke out of recent 2200 points rally !Nifty had been trading in a dream rally since the low at 15600 in Feb but now it seems near term high has been pinned at 18114. There are many technical factors supporting the view that we may play short from tomorrow. Firstly, Nifty has resisted exactly at larger degree channel line which is intact since the life at 18604 Secondly, Nifty has breached down channel which it was running onto since recent low at 15600. Thirdly, 15 day average (red line) where recent support was strong has been breached for last two trading sessions and Nifty has closed below the same to confirm the weakness. And lastly, RSI and MACD, both has shown bearish crossover on their respective averages. So to sum up, we can Freshly short nifty for a week with SL of 17685 while first target is at 200 day average at 17158 and second target would be open for new post.
NSE:NIFTYShort
by KushGhodasara
CASTROLIND Next move around 30% in next 1 monthCompany is almost debt-free. Company is expected to give a good quarter Company has a good return on equity (ROE) track record: 3 Years ROE 51.80% Company has been maintaining a healthy dividend payout of 76.95% ABOUT Castrol India Ltd is principally engaged in the business of manufacturing & marketing of automotive and industrial lubricants and related services. KEY POINTS Product Portfolio The company manufactures and sells various kinds of oil lubricants and other fluids for cars, motorcycles, commercial vehicles and others. Distribution Channels The company's distribution network includes 350 distributors who service ~1 lakh customers and sub-distributors. The company also serves ~3,000 key institutional accounts directly and from distributors. Manufacturing Capabilities The company owns and operates 3 manufacturing plants in India which are located in Patalganga (Maharashtra), Paharpur (West Bengal) and Silvassa (Union Territory). Jio-BP Partnership In July 2020, the company's ultimate promoter BP plc, and Reliance Industries Ltd started their Indian fuels and mobility JV, Reliance BP Mobility Ltd. BP has already paid RIL 1 billion USD for 49% stake in JV with RIL holding the rest 51% stake. The JV aims to become a leading player in India's fuels and mobility markets. The JV has benefited the company as it began selling fuels and Castrol lubricants from RIL's existing retail outlets. Strong Parentage The company is owned by Castrol Ltd UK which is a globally trusted multinational brand. Castrol products are sold in more than 150 countries and it is a preferred lubricants partner for Volkswagen, Audi, BMW, Komatsu and many other businesses. It was acquired by BP Plc in 2002 which is one of the 7 oil supermajors in the world. Royalty Terms For the use of the brand "Castrol", the company pays Castrol Ltd, U.K. (promoter) royalty @ 3.5% on annual turnover subject to a cap of 10% on profit before tax (PBT). It paid ~80 crores and ~112 crores in royalty to Castrol Ltd U.K. in FY20 and FY19 respectively.
BSE:CASTROLIND
by inprens