Monday, October 3, 2022

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The market saw relief rally nearly 2% on Friday and took support at 16,750 after consistently selling for the previous seven straight sessions and looking oversold. This weekly rally helped the Nifty50 pare losses to just over 1 %, continuing the downtrend for the third straight week.
Nifty decisively gave a close above 17,000 mark as well as 200-day SMA. It has formed bullish Engulfing candlestick pattern on the daily charts and there was Hammer kind of pattern formation on the weekly scale at downtrend, indicating bullish reversal pattern. Hence, if the index holds current levels and surpasses 17,200-17,300 in coming sessions, then 17,500 can be a possible target with crucial support at 17,000 followed by 16,800-16,750 levels.
ACC- After a higher reversal level (i.e. From Rs 2,785 to Rs 2,313) the stock formed a bullish reversal pattern – Morning Doji Star around its extended horizontal breakout line and poised for fresh upward movement. This could take the stock to its all-time high in the near term. Major technical indicators were testing the oversold territory on the short-term timeframe chart, standing on the brink of a bullish crossover. Subsequent move will confirm the bullish reversal and support a likely rise in the stock. In the event of a dip, the stock will find support around its recent swing low.
Presistance- The stock remained sideways after a trendline breakout that saw volume outperform. This signals that the bulls are beginning to take control, which will support a strong rise. Its daily RSI (Relative Strength Index) and MACD (Moving Average Convergence and Divergence) are positive after a bullish crossover. We believe the stock will recover, utilizing the previous consolidation, and could head towards its previous swing high. In case of a decline, the stock finds support around its lower band of the range.
MuthootFinance
The stock recovered from its 52-week low and broke its previous weekly downtrend. A rise in volume and a bullish formation signals that the major players are pro-bulls. The stock has the potential to move towards its August 2022 high in the short-term. The main technical indicators reversed from the oversold area and gave a buy signal. According to the current constellation, the stock will soon continue its journey north and could trigger the desired action. On the downside, the stock will find support around its 52-week low.
Trent
It is consolidating above the breakout level which stood at Rs 1,350. It is a symmetrical triangle pattern and on September 27th took support of the triangle pattern rising trend line. Based on this we can expect a minimum target of Rs 1,500 and a maximum of Rs 1,600 in the short term (few weeks). In the longer term, we are aiming for a level of 1,700-1,800 rupees. It is advisable to buy at the current level but with a stop loss of Rs 1,350
Federal Bank 
The Federal Bank has corrected from a high of 129.75 rupees hit in early September 2022. The stock recently found support around the Rs.109 level, which is close to the 50-day SMA (simple moving average). The stock then rallied strongly on Friday and closed above the 20-day SMA. The recovery came on a healthy volume basis, which is encouraging. Momentum values ​​like the 14-day RSI have also recovered and are now in a bullish mode. With the intermediate technicals also looking positive, we believe the stock has the potential to move higher in the coming weeks. Recommend buying between Rs 117-120 levels. The stop loss is at Rs 112 while the target is at Rs 132

Sun TV Network
Sun TV has corrected from a high of Rs 538 hit in mid-September 2022. The stock recently found support around the Rs 486 level, which is close to the 50-day SMA. The stock then staged an elegant recovery on Friday, closing just below the 20-day SMA. The recovery came from a healthy volume, which is encouraging. Momentum values
​​like the 14-day RSI have also recovered and are now in a bullish mode. With the intermediate technicals also looking positive, we believe the stock has the potential to move higher in the coming weeks. Recommend buying between Rs 508-512 levels. The stop loss is set at Rs 495 while the target is set at Rs 535.

Bharti Airtel
The stock has been forming a higher-top-higher-bottom structure for the past few weeks and has shown relative outperformance in the recent correction phase. The stock rallied higher on Friday, breaking out of the recent trading channel. The RSI levels on the weekly charts are indicating positive momentum and as such we expect the uptrend to continue in the near-term.

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