iCharts Discussions

[axnindian]

Please tell me about ITC from here what it's turn.last week it was weak and lost -4%.I bought 800 shares at the rate of Rs. 173

[casper]

the level of 170 may provide good support, if 170 is broken with good volume, we may see downfall up to 160 at least,
while in upside we may see 180-185 if it takes support of 170,
the stock is in uptrend, and will remain in uptrend until it breaks 140,

[axnindian]

My dear friend thank u very much for ur Analysis

[DH1988]

and tisco????

[casper]

tata steel has broken a few good support level with good volume..... the sign of warning for bulls *_*
only respite is that the stock have not broken 620 with a closing basis, means have not closed below 620, its an important level, if it manages to stay above 620, then we may see 680-685 range very soon
but if 620 is broken then only support is seen around 590-597, since the stock has gone down with good volume, the chance of going down to 590 is greater

[DH1988]

thank you sir!

[DH1988]

Sir,today tisco future closed at 645,Now any pridiction from ur side??

[casper]

dear dh1988,
plz let me answer the question in details
1.the tata steel chart shows a "cup & handle" formation where the cup or round bottom is already established, but the handle is yet to form.

2.the future chart gives a green candle for today and another one (i.e. tomorrow) would confirm a move upto 680,but in cash segment, we got a gap up today and open=high=644.75, due to this abnormal gap up, we got a red candle today,so the concern is still there
in both the cases tomorrow's candle would be decisive one.

3. now the question for short to mid term is will it form a handle? means will it reach 680,(reaching 680 will complete the handle formation)

4.typically, we can expect a low volume consolidated move upto 680.

5.now the question is what will happen at 680?
too early to comment but, a break out at 680 with good volume may lead to atleast 150 rupees plus the bo,means the target will be around 830-850,
though it will not reach in 1 or 2 days, it will take time, may be in mid term

[DH1988]

i am agee with u sir but pls take a look to ambuja cement and ongc hul,itc,bharti,idea charts,i think many nifty gainer stock r going to making this kind of pettrn,to crush bull and bears both,we saw fast up move and now market will pis,Sir,its only my thought,and another thing ,nifty is not redusing thr premium just like october 2008.pls dnt think me wrong ,i m not technical anylst.As per me,i never seen nifty to outperform well it is in maximum premium,even it trap bulls always.Sir,its my only view,dnt know technicals but i spend 7 years here.so kuch to desi daav pech seekhe honge Sir ji.Let see wht happens....first we see ur 590 .................cup handle is underconstruction,full handle base made in bharti...and reliance is going to break upper out as per u sir,u ask me for answer thts why i ...

[casper]

hi dh,
there is no room to misunderstand each other, all we r doing is expressing our views only,
yes you r right that any moment correction may come, especially when every one is soo bullish, its evident that today or tomorrow bulls are going to be trapped.
though being a strictly day trader, i personally have nothing to do with market crash even i feel a good correction of 5-10% from here will make our market healthier
in last post u have named a few shares which have shown cup and handle formations, i have attached the chart, plz check them, u will find that every such formation is followed by a break out,since technical analysis is nothing but relating the past with present, so we can expect a same fate for tata steel also, but as of now, as we discussed the fate of tisco is depending on two points viz 590 on lower side and 685 on upper side, the question of break out or break down is valid only after breaking any of these points

[DH1988]

HELLO SIR,IDEA completed thr cup handle
formetion and ongc too,m i right?

[casper]

yes, all these chart i posted here, apart from tisco, all have completed cup and handle and given the bo also, so no more upside now for a while

[DH1988]

sir,pls take a look to ivrcl infra,mtnl cairn india,hdillllllll.for 2morrow blast and tell me your view

[casper]

hdil- in down trend, may come down up to 260, then will start going up, but will remain volatile upto 300, a break out above 300 will take around 350-360

cairn-sideways consolidated movement is seen,break out above 345, ideally 2 days closing above 345 level will take up to 365-370 level

mtnl-it looks ready to blast, 1st target is 70, today if it makes a green candle then may reach up to it,then the 2nd target above 70 will be 80-83, todays trading is very crucial, if it makes a green candle then may reach the target in very short term

ivrcl infra-it has formed a descending triangle from 27th sep on a short term basis, a break down from 160 will reach upto 150,

to qualify as "cup & handle',it has to close above 175,up to that, sideways and consolidated move will remain,
above 175, a target will be upto 190-200 level,

[anand1234]

hi, casper...........according to u mtnl is above @70..........can I purchsed here for tgt 80...........in short term??.............your advice is needed sir............

thanks
anand