This is the first guest post from Sumeet Jain author of Pattern Trading Blog in this post here share about his high probability pattern trading ideas. If you are willing to write your ideas visit here
Below are few charts for scripts that are part of Nifty 50 index to be watched
Acc Is moving in downward green channel … Share closed below all the major EMA’s. In case ACC starts retracing then previous support market in image will act as resistance. First major task for bulls is to conquer 200DMA.
Doji kind of formation on weekly chart and yesterday we have bearish engulfing pattern. Strong support at 194 and resistance at 205 .. Plan your trade accordingly…
Asian Paint was consolidating in very small range of 4260-4490 .. last week we saw high volume breakout of the same… now till the time 4483 is saved we can see 4600 and then 4700 on share..
Axis Bank :
Good result posted by Axis banks. Share rallied and closed near week high .. Resistance for the share comes around 1532-38 area… after which 1585. Daily , weekly charts are highly overbought … some retracement will come from resistance zone.
Bajaj auto holding on 5dlema ,5Wlema and 5Mhea… now daily and weekly trend is sell on rise while monthly trend is still up.. I have drawn a parallel support line in red after the channel breakout… close below which will drag share to 1970 support level …On upside resistance zone 2070-2084.Strength only above 2084
Bank of Baroda
Wedge in formation … resistance level 885 & 890 ,break of this level share can target upper line of wedge to complete the pattern.On the down side support now exist at 860 level..
Bharti is at critical junction … 329 is 50dma and 326 is trend line support…. Share can drag till blue support line below 326. Overall share is weak.
416 is trendline resistance and also 61.8% retracement of fall from 435 t0 386 will act as resistance.. But good news for bulls is that share closed above all major moving averages…risk takers can buy @417 with minimum sl. Conservative buy above 424 .
275 is trendline resistance and 5dhema…. For more upside DLF need to close above this level ..support comes at 260..
Wedge in formation …close below 1915 will be first sign of weakness .. Breach of 1900 (important psychologically) will confirm breakdown .. Till then Enjoy the rally.. with strict sl..
High volume breakout of support line …. share is sale on rise… 339 is last hope for bulls ….
Very small pennant kind of formation after a big jump .. generally they are continuation pattern .. Strength above 704 ..shorts are not recommended till the time 660 is not taken out
Daily and weekly chart suggest sell on rise strategy ..C wave goes upto 1.23 % of wave a which is already done at 774 ..If a extended C wave is going on then it can target 760 which is also support level .. Till THEN TRAIL SL AND Enjoy the ride..
Prices are at extremely critical junction … 638 will provide support…Risk to reward ratio favours going long… but with strict sl..
support now exist at 1165 & 1155 .. There is shooting star formation on weekly chart.. weekly close below 1155 will confirm the formation … trendline support at 1165 ans 34dema at 1163 … (0.60% risk) risk to reward ratio favors long ..risk takers can try long with sl of 34dema
Support now exist at 167 resistance has come down to 173 from 175.5 ..Break of 165 will put more pressure on price…Conservative shorts can be initiated below 165 sl 167..
Trend line has been broken on closing basis.. but i will still give benefit of doubt because volume is not convincing …Last hope for bulls is 410… 418-420 zone will act as very stiff resistance… i prefer to stay out till the time 410 or 423 is taken out…initiate long above 425 and short only below 410
920-927 area of stiff resistance … support and resistance level maked in blue line ..870 is very important to hold on closing basis if bulls have to give one more fight
724-728 zone can act as resistance… Long above 728 ..