ParimalDevnath

ParimalDevnath

Breakout has occurred on two time scales-- daily and weekly. So there is a good lot of weightage in this study. Breakout on Weekly chart is significant. Price has reached the resistance level of Pitchfork. OI Table: Bulls are guarding 11000 Puts and increasing their position significantly at 11200 Puts which indicates that bulls are confident. Bears have reduced...

ParimalDevnath

Regular Flag is forming after a sharp rise in characteristic 3rd wave above 200 DMA to the resistance of Pitchfork and then price has been retracing towards Median which is in the form of Bullish Flag. Now, holding at 200 DMA, respecting the Median, above 100 DMA and breakout of Flag, finishing 4th wave, price may reach resistance of Pitchfork, 5th wave to be...

ParimalDevnath

Regular Flag patterns are like rocket. Breakout above the resistance line of Pitchfork has happened. Now we have to consult OI table to find immediate resistance. RIL has very strong support at 1100 (Highest OI of Put) and 1120. Immediate resistance lies at 1200 Call which is the second highest. So if this resistance is cleared by bulls, it can make 20-25 more...

ParimalDevnath

Bulls are having a field day. Bears are running for cover. Bears have built a small resistance at 11500 Call strike. Bulls are gradually shifting their focus on 11200 Puts while they have formed a huge position at 11000 Puts-- the highest position. So any pullback towards 11161 -- the breakout point-- will give ammo to bulls again. But bulls are not yet looking...

ParimalDevnath

Regular Flag in the making and yet to breakout. We may like to wait. Price at the support zone of Pitchfork. We enter a long trade with SL only when breakout happens.

ParimalDevnath

Now we have two possibilities: breakout of the Pitchfork resistance or retracing towards Median. OI Table shows resistance at 1200 Call strike. So if breakout happens, we may still get 20-25 points. OI support lies at 1100 Put strike. So a pull back of 20-25 points will be good for re-entering long.

ParimalDevnath

One should be quite focused and fast in trading Regular Flag pattern on breakout and take profit. Regular Flags are like rockets. (There is one more Flag pattern which I shall narrate with a trade setup). RIL 1100 Aug. CE opened today at 46 and reached 71. Now price may retrace towards 1110-4 where the solid technical support lies.

ParimalDevnath

Bullish Regular Flag pattern about to breakout. See how price move sharply from the support line of Pitchfork and retracing from the resistance line. Then again price is negotiating with the support line of Pitchfork. A breakout, if that happens, will be a sharp one and price may see the resistance and also above it. SL is a must. Disc: Trade at personal risk.

ParimalDevnath

Bullish Regular Flag formed and broke out. Price is close to the resistance of Pitchfork. So if this level is crossed, new high may be witnessed. One must use SL. Price may even come towards Median line even though this is a high probability bullish trade setup. Disc: Trade at your own risk.

ParimalDevnath

Breakout as expected with a trading Gap. Refer to my earlier similar case studies on RIL and Infy which broke out and see their performance so far. I am adding one more reliable technical study i.e. Andrews Pitchfork which shows that price has moved above the Median which confirms the validity of the breakout. Yet it is possible that price may pullback towards...

ParimalDevnath

Nifty at big breakout point. Nifty at inflection point. If breakout happens, it will be a big thing. This level was tasted on 28.1.18 but price reversed from this level.

ParimalDevnath

Bullish Flag being formed. Go long above the Flag with strict SL. Flags are much reliable patterns but SL is a must. Disc: Trade at your own risk.

ParimalDevnath

We continue with the recommendation of this bull Flag. One should be careful and enter strict SL since Q1 results will be declared tomorrow. Disc: Trade at your risk.

ParimalDevnath

Nifty rose close to the previous high and returned. Bulls may take some time to gather steam. It is important to note that only a handful of Nifty high weightage stocks such as TCS, RIL, Infy etc. are supporting Nifty. Nifty Midcap stocks are making new lows. Many good Nifty 50 stocks are also correcting. So it is better to stay away from the market or stay very...

ParimalDevnath

Second Flag is seen. There is lot of OI support at lower Puts strikes. If the market condition supports, there can be handsome profit.

ParimalDevnath

This kind of Flag is much reliable provided market condition cooperates. Today it tried to breakout but could not succeed since Nifty made small correction.

ParimalDevnath Updated 

Buy 390, Trgt 410-15, SL 384. Rationale: A Bullish Flag is forming. (See the earlier call on Maruti).

ParimalDevnath

Bulls are confident. They have got full control on 11000 Puts strike. Bears are running forcover. Closed at 11127. We shall be careful at 11161-- swing high-- which is the inflexion point.