April 25, 2010

  • IFCI is trading near an important trend line.
  • Go long around 51 with 50 as stop loss for a target of 54. The trade is on the assumption that the trend  line will give support. If nifty breaks down below 5160 this trend line will not give support to IFCI. So keep this trend line as stop loss.
  • since the stock is trading near the trend line the risk reward ratio is good. But remember the trend line should give support if it break then one should exit long or can go short.
ISPAT INDUSTRIES WEEK CHART


  • ISPAT INDUSTRIES is in a channel and triangle.
  • failing to break above the triangle will result in breaking the channel. Triangle bottom line will give support.
  • Keep a watch on this stock this will give a good trading opportunity in the near term.
take care
thank you.
SUZLONE WEEKLY TRIANGLE
  • I have redrawn the SUZLONE triangle.
  • 73 to 75 is will act as resistance area
  • 68 to 69 is acting as good support.
  • a break out above 75 can take the stock above 80.
  • break below 68 can slide the stock below 62.
  • My view is that if nifty breaks 5161 and if suzlone breaks 68 at the same time enter short trade.
  • wait for this set up to come otherwise stay out.
TATAMOTOR MONTH CHART
TATA MOTOR DAILY TRIANGLE
  • TATAMOTOR is trading near october 2007 high price 844. this can act as a resistance if it is not crossed during next week. A close above this on a daily basis will give the stock a good upward momentum.
  • TATAMOTOR has broken out of a daily triangle. Target for the triangle break out is at least 200 points. But stock should close above 844 region convincingly for it to move up faster.
  • keep 816 as stop loss for your long positions.
  •  investors can also look at the monthly channel for stop loss. 

Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore