Now the next setup is in Kopran Ltd. Price has moved really well from Rs 44 to Rs 100 levels Impulse wave 1. Nice correction has come in wave 2 and price retested the 61.8 fib retracement at Rs 60. There is a Double Bottom Confirmation too. Price has completed 2nd correction wave and entered impulse wave 3.
Here imp to see is Price is moving in 5:5:5:5:5 ratio.
Chart is attached below for your reference !
Trade Setup is Buy above 72 for Target 100-115 SL 55
Time has come again to look at PSU Banks. After the announcement of the recapitalization of PSU Banks by our respected Finance Minister, Mr. Arun Jaitely, PSU Banks has moved 30%-40% in 1 day. Now, the prices have filled those GAPS and look like ready to resume the uptrend.
My 1st Pick is “Oriental Bank of Commerce”.
On Daily Charts – Prices has made falling wedge pattern and prices perfectly filled the GAP created due to the news. Price has made a Higher High and Lower High, clear indication of an uptrend.
On Weekly Charts – Prices has made an Inverse Head & Shoulder Pattern and now the price has retested the trendline.
So OBC is a buy at 125.50 for Target 160-180-200!
Learning Here – Falling Wedge & Inverse Head & Shoulder Pattern.
It was an amazing last 2 weeks in markets. Nifty went up and then down and then started showing some strength upwards.
So, My 1st pick is Pharma Sector. Last week nifty pharma has moved 2.5%. There is a Positive Divergence also on daily charts.Price action suggests that positive move can continue.Though the bigger trend is still down, so it will be a contra buy here and in the sector, My 1st pick is “SUN PHARMA”.
Below are the Charts for pharma sector as well as Sun Pharma.
Sun Pharma also making Bearish Butterfly Pattern.The last leg CD has been started.
Sunpharma is a buy above 524, add more around 515 with SL 502 for possible Target of 545-565-590