TECHNICAL PREDICTIONS FOR 24TH NOV. November 22, 2014 by Ashok Goel·0 Comment NIFTY(8477.35) Nifty had made a breakout from Rectangle Pattern on 20th Nov., but the breakout was false for that day. However, the nifty closed within the rectangle pattern. Yesterday it made a triple bottom and the breakout from the triple bottom was confirmed yesterday and again gave a solid confirmation today, when it traded the whole day above the breakout with good volumes. Nifty made a life time high of 8489.60. All the Oscillators were positive. You may keep long on Nifty with a Stop Loss of 8440 and a target of 8520. ACC(1464.95) On Charts the stock has made a “Bullish Engulfing” Pattern. Consider a stock which has been steadily moving down. The investors in the stock are getting nervous when they see red on their screen day after day. After days of continued anguish, the investors cannot take it any more. They now convince themselves to get out of the stock. This creates the long dark candle of the first day. Because of the huge selling pressure, the stock gaps down on the open of the next day. The supply is absorbed by the demand. The stock finally closes above the open of the previous day, thus creating the white engulfing candle. The bulls have now taken over. The bulls have shown tremendous strength, which does not go unnoticed by the bears. The trend has a high probability of reversing at this point. BUY with a Stop Loss of 1446 and a target of ACC21STnOV. BAJAJ FINANCIAL SERVICES(1073) On Charts, the stock has made a “Piercing Line” Pattern”. Japanese call it “Kirikomi ” which means a cutback or a switchback. A long black body is formed on first day, which maintains the bearishness. A gap to the downside in the next day’s open further perperuates the bearishness. However, the market rallies all day and closes much higher. In fact the close is above the midpoint of the body of the long black day. This action causes concern to the bears and a potential bottom has been made. BUY with a Stop Loss of 1063 and a target of 1089. BAJAJFIN SERVICE 21ST nov. CIPLA(627.05) On Charts, the stock has made a “The Shooting Star” Pattern, which is a single line pattern that indicates an end to the upward move. It is not a major reversal signal. The Shooting Star line looks exactly the same as the Inverted Hammer. The difference , of course, is that the shooting star occurs at market tops. A rally attempt was completely aborted when the close occurred near the low of the day. The body of the Shooting Star does gap above the previous day’s body. This action, following a gap up, can only be considered as bearish. Certainly, it would cause some concern to any bulls who have profits. SELL with a Stop Loss of 639 and a target of 619 and 611, CIPLA21STNOV. L&T(1666.30) The momentum from below has crossed the Zero line, which is a positive signal. OBV is rising, giving an indication of more money flowing into the market. The 21 Day moving average has from below touched the price of the stock. On Charts, the stock has made a”Bullish Engulfing” Pattern, which is a positive sign for the scrip. The same pattern is made on ACC charts and is discussed their. BUY with a Stop Loss of 1656 and a target of 1683. RELIANCE(997.45) On Charts the stock has made a long white candle. The price of the stock has crossed its 14 Day moving average and 100 Day moving average from below. The Momentum also has crossed from below its Zero line on the above, which is a bullish signal. The long white candle made is called “One White Soldier” in Japanese Candlesticks. One White Soldier pattern starts with a Black day which adds to the bearishness already present. The second day is a long white day that opens at or above the previous day’s close and then closes near the highs of the day, ending above the high of the previous day. Emotionally, the down trend has been damaged. If the following day’s prices continue higher, a major reversal of the down trend has occurred. BUY with a Stop Loss of 989 and a target of 1004 and 1012. KOTAK MAHINDRA BANK(1199.15) The stock has made a ” Abandoned Baby” Pattern on the top. This pattern can reflect greater deterioration in the prior trend, depending on whether it gaps, is Doji, and so on . The Doji must completely (including shadows) gap above the surrounding days. Abandoned Baby pattern is just like a Doji on top, and the Japanese say that whenever you see a Doji at the top, be prepared to sell. The Abandoned Baby Pattern is a very rare pattern. SELL with a Stop Loss of 1214 and a target of 1166. kotakbanl21st nov. Read more a2analysts/
Posted on: Sun, 23 Nov 2014 07:19:09 +0000
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