WEEKLY TECHNICAL VIEW ABOUT RELIANCE

YESTERDAY’S RECOMMENDATION UPDATE:

SIEMENS ROCKS HIT TGT 1155 MADE LOW OF 1151

 SELL GIVEN AT 1179

LOT SIZE: 500

TOTAL PROFIT: 28000 IN JUST 2 LOT

 “SELL RELIANCE BELOW 1025 TGT 1000-980 SL 1055”

TECHNICAL BASIS FOR ABOVE CALL :

RELIANCE,  is forming a reversal pattern in short term charts, it is likely to show correction with the breach of the support level of 1025, where one may initiate the short position in it for the targets of 1000/980, while stop loss can be placed at 1055. One can expect selling the stock if it breaks its major support at 200 EMA. Then stock can be reached at 980.It is trading BELOW 50&22 with the RSI of 40.

SELL SIEMENS FUTURE FOR 20 JAN 2016

SELL SIEMENS BELOW 1179 TGT 1155 SL 1205”

TECHNICAL BASIS FOR ABOVE CALL :

SIEMENS, is in bull run and is forming a reversal pattern in short term charts, it is likely to show correction with the breach of the support level of 1179, where one may initiate the short position in it for the targets of 1150, while stop loss can be placed at 1205. 200 EMA seen as a support level (1179). One can expect further selling the stock if it breaks its major support at 200 EMA. Then stock can be reached at 1150.It is trading above 50&22 with the RSI of 61

Technically, Indian Stock Market is still in positive zone. Market would continue to consolidate as of now. BankNifty would remain stronger than other major indexes. Some profit booking can be seen but sharp downfall is not expected till Union Budget due to higher expectations. one big swings would be seen in the market tomorrow. Traders can still hold long positions until Market holds 8366 levels for Nifty and 18952 levels for BankNifty on closing basis. Once Nifty closes below 8366 levels . then traders can initiate fresh short positions until then every dip is an opportunity for traders to go long in the market.

                     So on upside first intra resistance are at 8475,8495,8520,8550. On downside first support is at 8380 level.Next support are at 8366,8320,8300,8250.

TRADE IDEA ON MINDTREE FUTURE FOR 18 JAN 2017

“BUY Mindtree ABOVE 502 TGT 515/530 SL 485”

Primary trend of the stock is bullish and it may consolidating NEAR  the 500 level .It is expected to continue the bull run with the crossing of the resistance level of 502, as the stock is sustaining above its 200 and 50&22 days moving averages with 50 RSI. One may initiate the long position above the mentioned level for the targets of 515 and with the strict stop loss of 530.

RESULT ON 19-JAN-2017 Midcap IT company Mindtree  third quarter profit is seen rising 11.8 percent sequentially to Rs 106 crore but dollar revenue may remain unchanged at USD 193 million, according to average of estimates of analysts . Revenue in rupee terms may increase 0.5 percent to Rs 1,303 crore in December quarter compared with Rs 1,295.4 crore in previous quarter. Operating profit during the quarter is expected to rise moderately to Rs 166 crore from Rs 162.1 crore and margin may expand to 12.7 percent from 12.5 percent on sequential basis due to absence of wage and restructuring related costs.

Reversal To Be Seen Only If Nifty Closes Below 8351   

Technically, Indian Stock Market is still in positive zone. Market looks to be overstretched

YESTERDAY’S RECOMMENDATION UPDATE:

UPL ROCKS HIT TGT 720 MADE HIGH OF 736.90

 BUY GIVEN AT 706

LOT SIZE : 1200

TOTAL PROFIT : 37080 IN JUST 1 LOT

Check out Technical Report and Trading Call on UPL Future for Tomorrow

“BUY UPL ABOVE 706 TGT 720 SL 690”

TECHNICAL Basis for above call :

Primary trend of the stock is bullish and it may consolidating at the higher level .It is expected to continue the bull run with the crossing of the resistance level of 706, as the stock is sustaining above its 200 and 50&22 days moving averages with 65 RSI.One may initiate the long position above the mentioned level for the targets of 720 and with the strict stop loss of 690.

         Technically, Indian Stock Market is still in positive zone. For now, market would consolidate until Nifty breaches levels of 8450 on closing basis. Some profit booking can ruled out at this point of time as Nifty to face immediate resistance at 8460-8500 and Nifty would see trend reversal at 8351 levels. If Nifty closes below 8351 levels then traders can initiate fresh short positions. For now, traders can hold long positions with strict closing stoploss of 8351 for Nifty levels.

                                  So on upside first intra resistance are at 8450,8460,8484,8500. On downside first support is at 8380 level.Next support are at 8351,8320,8300,8250.

TOP GAINERS:  Adani Port, Idea, Tata Steel, Tata Motors, SBI and Bosch Limited

TOP LOSERS:  HCL Tech, Infosys, Eicher Motors, Tata Power and Sun pharma