PRICE ACTION : No indicators, patterns and theories. Just price.

[drvinod_k]

Infy kept bouncing from 710-712 levels and now news of fresh order. Infy scales back to 720.

 

[drvinod_k]

Thank you for your observations. This is the first time I took a shot at EW. Already I find it too cumbersome and it certainly is not my cup of tea. My only objective was to add more perspective. Any other comments or suggestions regarding INFY are most welcome. A similar pattern was observed in Reliance futures EOD chart but it failed, and subsequent reversal took the prices from 1205 to 1285. Observations such as these are the reasons why I chose to study price action. Sharing Reliance future EOD chart below. From price action perspective I would like to add that the area at 1280-82 is important for me and Reliance trading below it will limit its up move.

View attachment 33803

Regards.

Reliance futures have moved into uncharted territory now. As I had already stated that 1280-82 is important in terms of price action. Once 1280-82 area was taken out previous top near 1325-29 zone was targeted. Today after a freak trade which saw a low of 1251 the futures managed to close at 1350 levels. I believe the bulls would target something near 1380. A closing below 1324-25 should be a good enough stop loss for this attempt by the bulls.

Regards.

 

[drvinod_k]

Another stock which has managed to breakout is Titan. Titan futures hit a high of 1098 yesterday and had a pullback today. The futures managed to close at 1081.5 which is good enough to suggest the bulls are still in control. Close below 1076-75 zone will indicate weakness in the counter. The prices should consolidate in this region and then on the upside once 1102-04 is taken out 1135 is in order.

Regards.

 

[drvinod_k]

Reliance futures have hit 1366. Another 14 odd rs left for Reliance to reach 1380. Titan future is exhibiting some weakness while trading at 1071 levels. However as long as Titan keeps closing above 1075-76 zone it should be under control of the bulls. Keep an eye on the closing for Titan futures.
Another counter which had a breakout yesterday was Yesbank. Its already up and touched a high of 255 plus. Target should be near 260 but since its already run up there is no point entering it now. Can be bought only on dips now with stop loss below 240 in futures on closing basis.

Reagrds.

 

[drvinod_k]

Highest open interest in Nifty at 11400 and 29100 in Banknifty. Some resistance and profit booking expected near these levels.

 

[drvinod_k]

Profit booking was seen in some counters. Reliance futures hit a high of 1366 and settled near 1345 as profit booking set in. It is still in bull territory for the current move i.e. 1324-25.

 

[drvinod_k]

Both Banknity and Nifty take out yesterdays resistances at the opening itself. Titan trades higher at 1104-05.

Titan now moves to 1115.

Reliance weighed down a bit by the Brookefield pipeline business deal but it is in bull territory. Comfortably above 1324-25.

Infy still above 710 levels. Over the last few days it made some attempts to go below 709 but failed. So 710-712 area is still protected.

Yesbank after a good up move from 241 to 255 retraces back to 247.

Reliance scales back to 1362 in futures.

 

[drvinod_k]

Infy futures have crossed 725. First hint of reversal. Close above 725 is needed.

 

[drvinod_k]

Profit booking for the weekend. Nifty, Banknifty, Reliance, Axisbank come off sharply.

 

[drvinod_k]

Reliance futures after coming off sharply in the last hour on Friday managed to close at 1328 above the important 1324-25 region which I have mentioned many times earlier. Today it went back to hit a high of 1363 and it settled at 1356 levels.
Infy showed signs of recovery last session but failed to sustain and close above 725-26. Today again after it failed to hold on to 725-26 it came off sharply.
Titan managed to close above 1102. Bulls would make an attempt to target 1133-35. 1094 should be the stop loss for this fresh attempt to move higher. Overall stop loss should be 1075-76 on a closing basis for positional traders who are holding since the breakout at 1080-82 levels.
Yesbank took support at 242 levels and scaled back to 247-48 levels. Previous high being 255 it was suggested to enter at dips with stop loss below 240 on closing basis.