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

[drvinod_k]

Reliance has hit a high of 1373 in futures.
Titan touched 1114.
Yesbank high at 251.5
Infy again touched 710-711 level.

Reliance futures hit 1380. Had given this target in earlier post when Reliance had moved in uncharted territory.

 

[drvinod_k]

Its been a game of musical chairs for both bulls and bears in INFY counter. Today after touching 710-712 zone it bounced back to 725-726 level. Tomorrows first hour should clear the air.

 

[drvinod_k]

Lets sum up the moves in the counters under discussion via charts. I assume that by now most of you are familiar with demarcation line so I will not be mentioning it separately.

Price action in Reliance futures EOD basis. Check below.

Price action in Yesbank futures. EOD basis. Check below.

Price action in Titan futures. EOD basis. Check below.

Price action in INFY futures. EOD basis. Check below.
INFY is important because of the head and shoulder pattern which developed along. As a price action trader it is of no consequence but from an academic point of view we all can observe and learn. Since the last few sessions both bulls and bears are locked in a tussle within a range as marked on the chart.

 

[RadhuK]

The neckline is being tested and retested. If does not cross, then will go down.
That's why position in future or put would be frustrating.
Instead, Shorting the call a better idea as you can eat premium as the stock hesitates.
BTW next month will be result season , this may have bearing for such a behavior.

 

[drvinod_k]

View attachment 34013
The neckline is being tested and retested. If does not cross, then will go down.
That's why position in future or put would be frustrating.
Instead, Shorting the call a better idea as you can eat premium as the stock hesitates.
BTW next month will be result season , this may have bearing for such a behavior.

So nice of you to contribute. I clearly remember your logic behind writing options. Good going.

 

[drvinod_k]

Its been a game of musical chairs for both bulls and bears in INFY counter. Today after touching 710-712 zone it bounced back to 725-726 level. Tomorrows first hour should clear the air.

As I said yesterday the first hour should clear the air. INFY futures opened above 725-26 levels and quickly went up to 738. Expected first resistance was near 739 which is just 1 point away from morning high.

INFY 738.6 now.

INFY 742.8 intra-day players can book profits.

 

[drvinod_k]

Titan futures promised to move higher with the opening and made a new high at 1117.9 but slipped. More than selling pressure it seems lack of conviction from the bulls in this counter which keeps pushing it back near 1102 levels.

 

[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.

Yesbank has just touched 253 in futures. This was a buy on dips as per price action. It has reversed from 242 levels.

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Now at 254. Previous high was 255. Need to be watchful here.

 

[drvinod_k]

Titan futures promised to move higher with the opening and made a new high at 1117.9 but slipped. More than selling pressure it seems lack of conviction from the bulls in this counter which keeps pushing it back near 1102 levels.

Titan has been respecting 1102 and did not take out 1094 (stop loss) for the last few sessions. Today it has made a high of 1123 in futures. Hopefully it reaches 1134 levels today and completes its target.

Titan made a high at 1126.75 and again slips back to 1105. Every retracement takes the prices back to 1102 levels.

Titan went below 1102 made a low of 1096.75 and recovered back to 1107. Stop loss at 1094 remains intact.

 

[drvinod_k]

Yesbank futures trading at 257. Suggested to buy at dips for target of 260 in earlier posts with a stop loss below 240 on closing basis.

Yesbank futures have touched 257.9. Traders should keep a stop loss at 255 levels to protect longs created on dips just in case the market goes for profit booking in view of the weekend.