WILL BEARS TAKE CHARGE ON SUN PHARMA AGAIN?

After a decent downtrend from 720 level to almost 490 level, Sunpharma has took some breath but seems like that breath will not last long.

There is a bear Flag Pattern made on Daily charts. If its breaks then next support levels are at 520-500. Below that it will start its prior trend and can fall till 380-400 levels.

I have used 3 point fib extension tool to see the possible downside levels.

Learning Here – Bear Flag Pattern

Charts are attached below for the reference.

Sun Pharma Daily Chart

Tech Mahindra Ready For “Take Off”

After a decent downtrend from 515 level to 380 level, Tech Mahindra has shown some strength. Price has made a double bottom at 380 level, following with a classical positive divergence seen on a line chart.

Expecting a move towards upper trendline which will act as a resistance at 410 level.

Learning here – Classic Positive Divergence RSI 14, Parallel Channel 5 wave movement.ย 

Below are the charts for the reference.

Tech Mahindra Daily Chart
Tech Mahindra Daily Line Chart

ITC Looking for 300 Levels

Price action on Daily chart of ITC showing Bears taking charge for very short term correction. Price has started consolidating between a descending Triangle. So one should look to short for Target 300.

Buy will only be above 317 levels as of now ๐Ÿ™‚ Will update for best Buy possibility ๐Ÿ™‚

Daily Chart of ITC is below for your reference.

ITC Daily Chart

S&P 500 INDEX “AN OPPORTUNITY TO SHORT”

S&P 500 Index after making a new high has now started showing some weakness. RSI 14 Negative Diversion is clearly seen on Daily Charts.

Price action at the top also suggesting that Bears are taking charge.

For Short term, I’m expecting that Price should retest the support zone of 2400-2360 levels. One can go short below 2430 with SL 2455

Below are the charts for your reference.

S&P 500 Line Chart Daily
S&P 500 Daily Chart

On Weekly Charts, There is a rising wedge and RSI 14 Negative Diversion too. A chart is below for the reference.

S&P 500 Weekly Chart

BANK NIFTY – MAKE OR BREAK TIME

Bank Nifty has started showing weakness after made a all time high.

On Daily Chart there is a Negative Diversion which played really well today. Bank Nifty spot closed atย  23542.75 -o.81%. Immediate support for bank nifty is at 23300 levels.

On weekly charts there is a Grave Stone Doji candlestick pattern made at the top. We can see more weakness next week if the rising wedge breaks.

For Positional Target we have to wait and see the next week price action.

 

Daily Vs Weekly Chart
Daily Line vs Candle Chart