Nifty 50: 600EMA poses as major resistance on hourly chart

Hello Readers!

Here is a quick analysis of the hourly chart of Nifty. I'm being honest when I say the short covering rally witnessed in the index in the past three days was nothing less than a shocker. I has been short on Nifty from the 10950 level having spotted the end of Wave B just in time. However (call it complacency) I did not atall look out for a potential support on the chart when the index started falling from 10950 and wiped out nearly 600 points. Having patiently seated out this rally I can see a resistance on the chart. RSI has also has the chance to breath and climb up to the 60 level. The only worrying factor is that RSI crossed the level of 60 yesterday, which is something I was hoping would not happen. 

Irrespective of that I will look at the bigger picture and bet on Nifty going ahead and finishing the Wave C. The chart analysis is attached below.

Please feel free to share your views. You can revert in the comment section of email me kchamaria1993@gmail.com

Nifty50 breaking the floor! Follow up on the successful bear call

Hello Readers!

I previously posted an article  on Nifty50 titled- The Doji is here, and its bear-ly a good news (posted on 30th Nov 2018) wherein I wrote about the reasons why Nifty could turn lower (technical based) and it did!

Therefore, I would like to follow-up on the analysis. 

The below mentioned chart details out the probably support areas, the first one can confidently be said as achieved even before the market opens in the face of the RBI governor's resignation. 

One way the above analysis differs from the previous analysis is the level of the 600EMA. Previously the 600EMA stated a level of around 9754, however it has changed and now stands at 9950. Despite of the support level moving higher we cannot completely discredit the importance of moving averages as important support and resistance zones. 
I would like to go ahead and emphasize that the 600EMA in my opinion is only a potential target level and not the bottom. I strongly believe the correction will go deeper irrespective of the events like election results, President Trump's trade war inflicting policies, OPEC issues getting resolved, currency an interest rate. Interconnected as they all are, the signals of weakness and deep correction have already been given long ago. 

I will not elaborate on this right away. It is better to take one step at a time and go from one level to the next rather than factoring in extreme levels before hand and taking up ill judged positions in the market. 

Few stocks that I have posted about in the past that look good are as follows:

YesBank- https://kavitatechnicalanalyst.blogspot.com/2018/12/yes-bank-giving-strong-technical-signal.html
KPIT- https://kavitatechnicalanalyst.blogspot.com/2018/12/keep-it-moving-kpit-is-set-to-roll.html
Balrampurchini- https://kavitatechnicalanalyst.blogspot.com/2018/11/balramurchini-and-bata-india-stock.html ( I am very eagerly waiting for price to fall to 90 levels so I can reenter) 
Britannia-https://kavitatechnicalanalyst.blogspot.com/2018/10/look-at-britannias-shares-your-evening.html (already run up 15% since the post)

There are a few more names that you will find when you browse through my blog Wishing you luck!

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Yes Bank giving a strong technical signal despite of a weak market!

Hello Readers!

Yes Bank has been victimised enough for its governance issues. The correction that has happened has brought it to levels which make it a very attractive investment. A bottom in sentimentally impacted stocks occurs suddenly and Yes Bank has just signalled a potential bottom at 150. 

Refer to the below attached analysis and chart of Yes Bank. The occurrence of positive divergence in RSI, Rsi taking support on exactly 30 and the morning star pattern are all super positives especially since they overlap.

I believe a long here would be beneficial with a stop of 150 and a target of 280 (till its 600EMA which will be strong resistance to take out)

Yes Bank daily captured on 06/12/2018

This is all for now!

Please feel free to revert with your opinions and feedback!

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Read this analysis on NIFTY50 which stated the correction before it started.

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KeeP IT moving: KPIT is set to roll!

Hello Readers!

Here's a super quick update for you!

With Nifty 50 falling again it only makes sense to look out for defensive stocks. The IT sector is perfect place to look out for such opportunities.

KPIT is presenting a marvelous opportunity for investment. The analysis along with the chart is mentioned below!

Please feel free to reach out to me for additional discussion on the same!