Sun Pharma : Moving Towards 725?

Sun Pharmaceuticals Ltd has, looking at monthly chart, been witnessing sideways movement in its stock price. The share price has gone more than half making low of 571.90 from its all time high of 1200.80 on NSE.

The stock, however, has been moving in the range of 610-730 after making its low of 571.90, making higher lows and lower highs, one of the characteristics of ending diagonal pattern.

Besides, the stock looks to be taking its support @623.60. The MACD oscillator, on daily time scale, has given positive histogram with MACD line crossing above the signal line. Any price move below 623.60 may be deterrent for the long side position, as the stock might start heading towards making its new low below 571.90.

Disclamer:

All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.

Undertake proper research and advice of your investment consultant before taking any trade.

Trade at your own risk.

Twitter: @beta_trade

CUMMINSIND : Sell/Short @ 910-911 Target 880-860-840 SL 918

Dear Readers, If you see the long term chart of CUMMINSIND, you would find that the stock has been witnessing a sideways movement making higher lows and lower highs. The internal built of the first leg from the low of 746.15 to the high of 947 and third leg from the low of 747.55 to 921 looks like impulsive movements, please refer to the chart for the reference. Let us name those impulsive movements wave 'a' and 'c' for time being Now, if you see the chart, whereby a resistance line has been drawn conjoining the two tops of these two impulsive movements, 947 and 921, end point of 'a' and 'c', the stock has reached/ touched the resistance line and may find a strong resistance over this point. This is a suitable point where the traders can sell or go short on this stock at current price of 910 for an immediate targets of 880, 860 and 840 with the stop loss of 918 on upper side. Disclamer : All views, charts, comments, post or ...

NIFTY: An Update

Fellow Readers, Few days back we have discussed about the Nifty, which was making new highs despite sluggishness witnessed in many leading stock. The question that arose in the mind was whether the current run to 'All Time New High' is a boost to a new bull run or it is a trap for positional and day traders? Though, the answer to this question is not as easy as it seems, and who know what is held beneath the future. Still, with genuine and continuous efforts we can get better result if not best. An hourly chart of Nifty showing its movement from its recent low of 7893.80 (26/12/2016) to its recent high of 9218.40 (17/03/2017). Beside, there has been shown possible wave counts, giving due consideration to EWT principles. Moreover, a parallel channel line drawn in connection with wave 5 of 'C' or '(iii). From the chart shared above and the parallel channel line shown, it shall be noted that Nifty is either reluctant to break below or taking support at...

DIVISLAB : Buy @ 645 Target 670, 695 and 710

Dear Readers, The stock of Divis Laboratories has witnessed a sharp fall in today's market. Looking at the current movement in the stock of DIVISLAB on 15 minutes time scale the stock looks good for the buying opportunity. Below is the 15 minute time bar chart of Divis Laboratories Ltd. Besides, giving due consideration to the internal wave count of the fall in the stock of DIVISLAB, this corrective movement seems to have got finished with the making of low of 632.55. Secondly, on the time-scale of 1 minute one may notice that from the low of 632.55 to the high of 669.95, was a sharp rise and shall be considered as an impulsive wave. On the same time-scale of 1 minute the movement after 669.95, looks like a diagonal triangle (a-b-c-d-e) movement. A sharp rise is expected in the stock on the finishing of the last leg, i.e., 'e', of the diagonal triangle. Moreover, if the stock breaches the low of 632.55, a probable low and strong support for the s...

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