Market Analysis – Page 2

HDFC LIFE INSURANCE

HDFC Life Insurance after breaking out 646 it’s pre Covid-19 High has sustained very nicely above the breakout level and we can see a nice narrow range price squeeze on the technical chart with follow up attempting a minor breakout soon. #Bullish

On the Weekly timeframe we can see an Inverse Head and Shoulder Pattern Breakout and the price has sustained above the breakout level very nicely if we try to estimate the technical target for this script so it is 950+

For queries related to this post or technical analysis you can mail us here at- Info@tradetales.in

Disclaimer- This post is shared for educational purposes only kindly consult your financial advisor before taking any decisions we’re not liable for anyone’s profit and loss.
PEACE.

Technical Analysis; Alcohol Sector

In this blogpost we will be sharing our analysis on top 4 stocks in the alcohol sector sorted market cap wise:-

1. UNITED SPIRITS

As it is quite visible that the stock has already broke out from the descending trendline resistance and bulls are itching to reclaim the ATH once again.
September monthly closing is going to play a very important role here and if the stock reclaims it’s ATH once again we might see some selling pressure as it’ll be breaking out after 5 years as the impatient investors who invested around this zone will be selling their stake aggressively. (Just a theory)

A parallel channel pattern is also visible on the charts with good base formation in United spirits.

2. UBL

Attached below is the chart of UBL which was trading inside a parallel channel since 8 years and the stock has reclaimed it’s ATH recently.
Though, the channel top is quite near which might give an opportunity to add this script on dips.

3. GLOBUS SPIRITS

We’ve added Globus spirits in our portfolio when it crossed 422 in June series 2021 and by looking at the price structure it indicates that we are in the 3rd wave and there are no signs of reversal as of now.
So one can keep this script on their watchlist as well to add on dips.

4. RADICO KHAITAN

In a larger timeframe; the coronavirus hit on this stock looks like a pullback and since then the price is not ready to give up.
Another fine script from this space which is getting accumulated in every dip.

Radico khaitan is forming a very nice flag/rectangle pattern (Accumulation) right at the top and by the price volume action, it looks like selling is getting absorbed and we can see a decent move on the upside sooner or later (Just an estimate).

For queries related to this post or technical analysis you can mail us here at- Info@tradetales.in

Disclaimer- This post is shared for educational purposes only kindly consult your financial advisor before taking any decisions we’re not liable for anyone’s profit and loss.
PEACE.

Banknifty ready to take down previous ATH?

After facing some heat from the larger Timeframe Trendline resistance Banknifty consolidated for almost 5-6 months if we look at a larger timeframe but in AUGUST it has closed nicely above 35600 which was acting as a resistance.

As of now chart of Banknifty indicates good accumulation just below the trendline resistance and if it takes out this resistance we can expect Banknifty to reach our previous target which is 42000.
Link- https://www.tradetales.in/banknifty-42000/

A daily close above 36870 and we are heading towards 42222.
#HarmonicBat

For queries you can mail us here at- Info@tradetales.in

Disclaimer- This post is for educational purposes only kindly consult your financial advisor before taking any decisions we’re not liable for anyone’s profit and loss.
PEACE.

Banknifty what next??

After 4th of June, the trend for Banknifty is not quite clear whether to Buy the Dip or Sell on rise as one day it moves smoothly and the very next day it gets volatile, Kind of non directional within a range considering the previous month’s data.

This is the daily chart of Banknifty where the 1st Bullish Bat pattern played very nicely on both long as well as short side. Now we’ve another valid Bearish Bat pattern which will stay valid above point B which is [34287] and target for this pattern is the red PRZ zone. [Potential reversal zone].

Banknifty has not only managed to close above B point but also 0.618 retracement [Swing High to Swing Low] which opens the gates for our Target- 36800.

Banknifty OI data shows that there is not much difference between CE and PE writers at 35000 strike at the moment but we’ve 4 trading sessions left and this data keeps on changing.

Bearish view-

In a larger timeframe it is just consolidating near a very strong resistance of more than 10 years and we’ve observed that whenever the consolidation happens near ATH the next breakout or breakdown move is quite trendy.

Our Target for Banknifty remains the same 42222- https://www.tradetales.in/banknifty-42000/

Disclaimer- This post is written only for educational purposes. Kindly consult your financial advisor before making any decisions.
PEACE.

Banknifty what next??

After 4th of June the Trend for Banknifty is not quite clear whether to Buy the Dip or Sell on rise as one day it moves smoothly and the very next day it gets volatile kind of non directional within a range if we look at the previous month data.

This is the daily chart of Banknifty where the 1st Bullish Bat pattern played very nicely on both long as well as short side now we’ve another valid Bearish Bat pattern which will stay valid above point B which is [34287] and target for this pattern is the red PRZ zone. [Potential reversal zone].

Banknifty not only has managed to close above B point but also 0.618 retracement [Swing High to Swing Low] which opens the gate for our Target- 36800.

Banknifty OI data shows that there is not much difference between CE and PE writers at 35000 strike at the moment but we’ve 4 trading sessions left and this data keeps on changing.

Bearish view-