Charts for the Day

[anil_s_trivedi]

Stocks trading closer to 52 weeks high...banking names are leadingby private banks...while only M&M featuring from auto sector...notably many auto names broken down below 200 sma...also some defensives like dabur/marico/godrej also trading near to 52 weeks highs...

 

[anil_s_trivedi]

Nifty making all time highs and traders still trying to pick top...with the fallacy of -ve divergence on indicators...But the relentless move still going up and up only...

Today nifty made ATH and as of now bar formation looking like a reversal and a clean outside bar...but....but...if its a reversal then the downside momentum should come as soon lows of previous days breached off...but here its playing see-saw...

What to do now...?? I dont know whether top is here or not, but i surely know nifty still in uptrend. I am sticking my neck out of this mess and holding stock positions irrespective of nifty chart just on individual stocks charts merits...

Infact ATH levels are bullish zones and shorting it in expectation of downside is not advisable...unless you have trade signal from your short term models...

 

[anil_s_trivedi]

The stock market is at an all-time high BUT not a single stock on the Sensex is at a new 52-week high.

 

[MSN1979]

 

[ravi2126]

 

[anil_s_trivedi]

View attachment 27225

Looking like a high tight flag...anyway implications are bullish...

 

[MSN1979]

Please check and advice can we go long here? ITC Daily

PS: thanx TP, I just realised how to do that

 

[timepass]

View attachment 27255

Please check and advice can we go long here? ITC Daily

Please paste only the relevant image, you don't need to paste the whole screen. Takes less space

 

[anil_s_trivedi]

View attachment 27258

Please check and advice can we go long here? ITC Daily

PS: thanx TP, I just realised how to do that

A little bit extended here, although stock in uptrend..any longs on breakout should be with little SL...Also above the said zone 320 is gap zone coming in...

A better position would be let the short term averages come near to price in the mean time and then one can latch it up...

 

[anil_s_trivedi]

Axis bank on monthly charts consolidating big time...as of yesterday close the chart is in good shape poised for upside...today it opened gap up and moving down....it will be weak below 525-530 levels...Todays monthly closing would get some clues for next lap...

Axis bank moved towards trendline too soon...defying fundamentals...Lesson for us is give importance to higher time frame charts...if you are studying daily charts , start to look at weekly charts once in a while...