As on June 12, 2021; Dixon was observed to be running along higher lows and constructing an ascending triangle on weekly basis.
On June 18, 2021; It gave a clean weekly breakout along with average volume and closed above the horizontal resistance of 4383, The closing price was 4427.15 . It is now in the uncharted territory. Sustenance above 4383 and a breakout above fib 0.618 extension level (4441.35) would trigger 4500+.
Disclaimer- For educational purposes only, Views are not an advice.
Kindly consult your financial advisor before taking any decision.
Berger paint looks good technically after giving a breakout from Bullish pennant and chart shows good price compression below the supply zone. Now why I’m bullish here is because the Trend is overall bullish and in this scenario mostly i’ve observed that breakouts happen on the upside and accumulating before the breakout gives good Risk to reward ratio.
This post is only shared for educational purposes. Kindly refer to your financial advisor before making any decision. PEACE.
On May 28,2021; Banknifty opened at 35,345 (Highest since mid of March,2021). Though the Index seemed weak, as it approached Point D (35,141) and stalled there.
For the upcoming sessions, Banknifty can be expected to move till 35,768; Where the next Harmonic reversal stands. The price might take a toll, before continuing the trend.
Lastly, After having breached the above levels, 36,850+ can be anticipated and would be a key level to watch. More involvement is expected in the coming week.
Reliance closed after a strong up-move of nearly 6% amongst NIFTY’s top gainer’s. As per the technical view, Point B was taken out and Currently, Reliance is stationing at the 0.618 level. This would be a very interesting script to watch out for the next sessions. If Reliance sustains above Point B and also, breaches the 0.618 level, We can see 2100+ soon.
The news that might have triggered a bullish move along with a huge spike in volume in Reliance:
Jefferies said a sustained strong performance by the petrochemical vertixal will improve the likelihood of O2C business stake sale in FY22 and may lead to a reversal of the 40 per cent underperformance in the Nifty pack.
The NIFTY Smallcap 100 Index is designed to reflect the behavior and performance of the small capitalized segment of the financial market. The NIFTY Smallcap 100 Index comprises of 100 tradable, exchange listed companies.
View- Bullish Let’s look at the thorough technical analysis of Nifty SMLCAP 100 grab your cup of coffee.
CNXSMALLCAP100 Weekly time frame indicates that a golden crossover was panned out in the month of January later this year. As you can see when that happened earlier on 24th march 2014 it topped out in 2018 and we witnessed a sharp bull phase upside for 4 years (Round figure). Well, looking at the current scenario this crossover panned out in January and we are now expecting at least 2 to 3 years of bull phase in small cap space.
Also it is very near to it’s top once that happens bulls will have an open arena to crush the bears.
Monthly chart shows that after 1st April,2020 prices did not close below the previous month for even once which shows a very strong trend.
Taking two swings from 2008 top and 2009 bottom previous bull phase ended by completing it’s 1.618 retracement and we saw a long term top.
Now here if we manage to cross the Top Target is going to be 1.618 retracement which is 13644 just like before taking the two swings of 2018 high and 2020 bottom this target is estimated. If this setup plays out well position yourself accordingly and enjoy the next Bull phase which might last several Years.
Disclaimer- The analysis are only for educational purposes. Trade tales is not liable for your Profit or loss. Kindly refer to your financial advisor before taking any decisions. PEACE
