How to trade Cairn for week starting 06/06/2016

Bullish Possibility: 

Not much update in Cairn as the trade is yet to trigger. 

Cairn Daily Chart

Last week in Deb Trades we discussed that,

As can be seen from the above chart that all 5 bearish waves looks like completed in Cairn and this stock is going to start a new bullish cycle now. Though I expect wave 1 of this bullish cycle already done at 158.4 and we are now in the wave 2 correction and almost about to break the down trendline. Hence it is a sure buy above 150. As can be seen from the above chart first target is the Fibonacci 38.6% i.e 213, 2nd target Fibonacci 50% i.e 246 and 3rd target is Fibonacci 61.8% i.e 279.

Bearish Possibility: 

Same as last week,

Bearish below 150 hence if you enter a long at 150 manage the trade with Rs 1.5 filter i.e short below 150-1.5=148.5 and go long above 150.Bearish 1st target 133.7 and 2nd target 113.45 and 3rd target is 106.5

Summary: 

1) Cairn is bullish above 150 aggressive traders can enter there and manage the trade with Rs 1.5 filter.  

Final Words: 

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Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column.

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How to trade Cairn for week starting 30/05/2016

Bullish possibilities: 

So far have been trading in Banknifty, Nifty, Tatamotors and Maruti but looks like a new bullish cycle is about to popup in Cairn. Below is the daily chart of Cairn.

Cairn Daily Chart

As can be seen from the above chart that all 5 bearish waves looks like completed in Cairn and this stock is going to start a new bullish cycle now. Though I expect wave 1 of this bullish cycle already done at 158.4 and we are now in the wave 2 correction and almost about to break the down trendline. Hence it is a sure buy above 150. As can be seen from the above chart first target is the Fibonacci 38.6% i.e 213, 2nd target Fibonacci 50% i.e 246 and 3rd target is Fibonacci 61.8% i.e 279.

Bearish Possibilities: 

Bearish below 150 hence if you enter a long at 150 manage the trade with Rs 1.5 filter i.e short below 150-1.5=148.5 and go long above 150.Bearish 1st target 133.7 and 2nd target 113.45 and 3rd target is 106.5

Summary:

1) Cairn is bullish above 150 aggressive traders can enter there and manage the trade with Rs 1.5 filter. 

Final Words:

If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.

Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!

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How to trade Banknifty for week starting 16/05/2016

15/05/2016 10:45 AM IST 

In Debtrades last week we mentioned:

Quote:
A slight bullish possibility exists only if Banknifty breaks the falling red trendline. But that can not be confirmed till Banknifty is below 16922 or the top line of the blue descending broadening wedge pattern. So a bullish attempt can be made but only above 16400 not below it while keeping a close key on the key resistance level 16922. 
Unquote:

Now let's see now Banknifty performed last week. Banknifty opened at 16357 which is also the low of the week and zoomed in a second above 16400. The week high was 16962 just few points below 16972 that we discussed several times in the past and finally closed at 16716.9. 
Let's now analyze what's there in Banknifty Store for this week.

Bullish Possibility:  

Banknifty Weekly Chart

As can be seen from the above Banknifty weekly chart last week Banknifty put on a green candle on the weekly chart which is bullish but still trading below the broadening falling wedge pattern (blue lines) which is not good. So for bullishness Banknifty needs to trade above this blue resistance line which for next week lies at 16652 as can be seen from the above chart.

Bearish Possibility: 

Banknifty Daily Chart

 As can be seen from the above Banknifty daily chart, Banknifty has just closed at the resistance level (upper blue line) hence unable to float above the blue line at 16652 will result a down move initially to the green line at 16200 which will also be the Wolfe wave target as well and then to 15944 and finally 15673, the 38.2% Fibonacci retracement of the entire rise as can be seen from the below Banknifty Daily Zoomed chart.

Banknifty Daily Chart Zoomed

Summary: 
1) Play long with 16652 as SAR with 50 points filter.
2) Banknifty in consolidation move for the last 1 month, decisive move ahead.

Final words: 
If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.

Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!

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How to trade Banknifty for week starting 09/05/2016

Bullish Possibility:
We will start with what we discussed last week:

Quote:
last week we achieved 16922 moved pass up to 17029 and whipsaw 16922 and fall below it. Hence a Breakout failure at 16922 level. Hence no bullish possibility till we are below 16922. Bank Nifty will be bullish only above 16922. As mentioned earlier post *IF* we have a successful breakout above 16922 then next set of resistances will come at around 17302, 17442, 18234 and 18890 respectively as marked in the chart. Above all these said resistances will come the ultimate all time high of Bank Nifty at 20907.
Unquote:

Now let's explore what is there for us in Banknifty Store for this week.

Banknifty Daily Chart

As can be seen from the above charts bullish possibilities are now muted as Banknifty has broken down the ascending wedge pattern which is bearish. A slight bullish possibility exists only if Banknifty breaks the falling red trendline. But that can not be confirmed till Banknifty is below 16922 or the top line of the blue descending broadening wedge pattern. So a bullish attempt can be made but only above 16400 not below it while keeping a close key on the key resistance level 16922.

Banknifty Hourly Chart

Bearish Possibility: 
Banknifty is bearish below 16400 (the red down trendline + filter) particularly since this has broken down the rising wedge pattern (yellow and black raising resistance and support lines respectively). The initial target could be the green line in the chart, at around 15944. The next targets are 15673 and 15437 respectively as marked on the chart. If 15437 also broken then the ultimate target would be the bottom blue line of the descending broadening wedge pattern which come around 13350 currently.

Summary: 
1) Below 16400 Banknifty is bearish.
2) Above 16400 Bullish attempt can be made but with cautious as 16922 will be the target or next resistance level.
3) Hence if short manage your shorts with 16400 as SAR (stop and reverse) with 50 points filter.

Final words: 
If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.

Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!! 

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