Tech View: Nifty forms long bull candle on record high day. What traders should do on Friday

Tech View: Nifty forms long bull candle on record high day. What traders should do on Friday

By hitting fresh lifetime highs — above the 19,000 level — Nifty on Wednesday formed a long bull candle on the daily chart. The positive chart pattern like higher tops and bottoms is intact and the present up move is in line with the new higher top formation of the sequence. But, the higher top … Read more

Tech View: Nifty forms a morning star like pattern. What traders should do on Wednesday

Tech View: Nifty forms a morning star like pattern. What traders should do on Wednesday

Apparently, triggered by a short covering move following the announcement of shifting of expiry day to Wednesday from Thursday, Nifty witnessed a spectacular rally during the second half of the trading session on Tuesday and closed with gains of 126 points. The headline index formed a morning star like pattern on the daily chart as … Read more

Tech View: Dark cloud cover pattern seen on Nifty charts. What traders should do next week

Tech View: Dark cloud cover pattern seen on Nifty charts. What traders should do next week

As the headline equity index ended 106 points lower on Friday, it formed a bearish dark cloud cover pattern on the weekly charts. Nifty has been making higher highs for the last 13 weeks. Now, it has to hold above 18,666 zones to witness an up move towards 18,750 then 18,888 zones while on the … Read more

Tech View: Trend sideways to negative till Nifty crosses 18900. What traders should do on Friday

Tech View: Trend sideways to negative till Nifty crosses 18900. What traders should do on Friday

Indicating a short-term reversal pattern on the downside, Nifty on Thursday formed a bearish candle or an outside bar candle on the daily chart as it fell just one point short of touching the previous peak and ended with a loss of 85.6 points. Now it has to hold above 18,777 zones to witness an … Read more

Tech View: Nifty forms Doji candle ahead of Thursday expiry. What traders should do

Tech View: Nifty forms Doji candle ahead of Thursday expiry. What traders should do

Headline index Nifty on Wednesday ended 40 points higher to form a Doji-type candle on the daily chart and signal the emergence of volatility at highs and indecisiveness. Hence, the day high of 18,876 and the day low of 18,795 will act as resistance and support for Nifty respectively, said Ashwin Ramani, Derivatives & Technical … Read more

Tech View: Nifty may zoom past Mt 19K in 1-2 weeks. What should traders do on Wednesday

Tech View: Nifty may zoom past Mt 19K in 1-2 weeks. What should traders do on Wednesday

Headline index Nifty on Tuesday recovered sharply from the lows to end higher by 61 points and form a green candle with a long lower shadow. The index has broken out of its higher high formation of the last five sessions. Now, it has to hold above 18,777 zones to witness an up move towards … Read more

More in the tank! Emkay sees 16% upside in ITC, even as it hovers around all-time highs

More in the tank! Emkay sees 16% upside in ITC, even as it hovers around all-time highs

The shares of ITC are hovering around all-time highs with nearly 36% rally so far this year on the back of strong operational performance. Despite a steep rise, Emkay Global sees more steam in the stock, and initiates coverage with a target price of Rs 525. This is an upside of 16% from the current … Read more

Tech View: Nifty breaks above key resistance at 18,800. What should traders do next week

Tech View: Nifty breaks above key resistance at 18,800. What should traders do next week

Nifty on Friday formed a long positive candle with a minor upper shadow on the daily charts to indicate an upside breakout of 18,800 levels, making it closer to a new peak above 18,887 levels. Making higher highs for the last 12 weeks, Nifty formed a bullish candle on the weekly frame. Now, it has … Read more

Tech View: Nifty forms Engulfing Bear candle on charts. What should traders do on Friday?

Tech View: Nifty forms Engulfing Bear candle on charts. What should traders do on Friday?

After a positive opening, Nifty ended down 68 points to form an Engulfing Bear candlestick pattern on the daily chart but has been making higher highs for the last three sessions. The formation of a high wave pattern on Wednesday and bearish engulfing pattern of Thursday indicates a short-term top reversal pattern, said Nagaraj Shetti … Read more

Tech View: Nifty forms make-or-break support at 18389. What should traders do next week

Tech View: Nifty forms make-or-break support at 18389. What should traders do next week

Headline index Nifty on Friday formed a red candle on the daily chart as bearish divergences in RSI and MACD ensured that any rise was met with rejections. The positive chart pattern, like higher tops and bottoms continued in Nifty on the daily time frame. The present weakness could be in line with the new … Read more