Technical Predictions for 20th Nov. November 19, 2014 by Ashok Goel·0 Comment NIFTY(8382) After many days of consolidation, nifty today went for some correction. The bulls were today looking uncomfortable, as profit booking took place. However the Oscillators are not showing any signs of weakness, except Momentum which has come near Zero level.The nifty is trading above all its moving averages. MACD is above its signal line. RSI is above 70 levels and Stochastics are stable at 80 levels. The Nifty after the breakout , has gone back into Rectangle trading range.So, keep your positions intact with a Stop Loss of 8350. BUY above 8390, if trades with good volumes with a target of 8460. Remember, do not short sell. Keep away or BUY above 8390. ULTRATECH CEMENT(2494) The stock has made a “Three Black Crows” Pattern on the charts. Occurring during an uptrend, three long black days are stair stepping downward. “Bad news has wings” an old Japanese expression, easily fits this pattern. Each days open slightly higher than the previous day’s close, but then drops to a new closing low. When this occurs three times, a clear message of trend reversal has been sent. But, be careful that this downward progression does not get overextended. That would surely cause some bottom picking from the eternall bulls. Normally, this type of price actions has to take its toll on the bullish mentality. So, SELL with a Stop Loss of 2507 with a target of 2468. 2014Nov-ULTRATECH CEMENT LIMITED-800x600 HCL TECH(1631.15) The 14 Day moving average today touched the price of the stock from below. The momentum price of the stock from below. The momentum which felt below Zero rose above the Zero level. RSI also touched its 70 level from below. The Stochastics K line also touched its 80 level from below. All these are positive signals. On charts it has made a Bullish Engulfing Pattern. A dark candle is made. Because of this selling pressure, the stock gaps down on the open of the second day, below the close of the previous day. But nw smart money moves in. The supply is absorbed by the demand. The stock finally closes above theopen 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 1619 and a target of 1651, hcltech19thnov. ITC(367.85) The stock has made a “Pennant” formation on charts. The pennant represent brief pause in a dynamic market move. In fact, one of the requirement for pennant formation is that it is preceded by a sharp and almost straight line move. It represent a situation where a steep advance or decline has gotten ahead of itself, and where the market pauses briefly to “catch its breath” before running off again in the same direction. It is one of the most reliable continuation pattern and only rarely produce a trend reversal. This is a short term pattern and should be completed within one to three weeks. Its breakout is above 372. If breakout is with good volumes, BUY above 372 with a Stop Loss of 362 and a target of 382 and 400. itc19thnov. Read more a2analysts/
Posted on: Thu, 20 Nov 2014 02:23:35 +0000
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