Nifty Fut tumbles as anticipated as it has broken its descending triangular pattern on the lower side. The minimum target of the pattern comes to 5900 levels and below those 5770 levels. On the upside, 6210 levels are a crucial resistance and till that are not taken off the short to medium term bias remains down. Nifty is currently trading in its wave C down of wave (2).The impetus pointer Moving Average Convergence Divergence has gone into sell form on the daily as well as weekly charts
Bank nifty we were expecting this fall in since more than one month i.e. ever since it was in its final stages of completing the wedge pattern. The fall came as anticipated and it has come in W-X-Y-X-Z fashion. Now, we got a positive close in its Friday’s session which indicates that there can be a bounce in its wave B of wave z which can take the prices till 10600 levels. However, this bounce should be utilized as a shorting opportunity as our target of 9900 to 9600 levels remains intact i.e. its 61.8 percent of the rising wedge pattern. The momentum indicator Moving Average Convergence Divergence has gone into sell mode on the daily as well as weekly charts.
Ultratech Cement Fut The stock has formed a base near 1660 levels and till those levels are held it has a high probability of breaking on the upside. The previous rise appears to be a five wave rise, so another five wave rise is expected which will take prices to 1790 to 1830 levels. However, one should initiate longs only above 1730 levels as above that it will also provide a breakout from the double bottom pattern. The daily MACD is well into buy mode, however the weekly Moving Average Convergence Divergence remains into sell mode. Candlestick pattern Double Bottom has formed
Larsen Toubro Fut the stock has formed a head and shoulders pattern which will confirm its breakdown below 965 levels. The minimum target below 965 levels comes to 915 levels, whereas, the resistance on the upside comes to 986 levels, so the risk to reward ratio is quite favorable for the bears. Below 915 levels, it enters into a free fall area and it can slide till 881 to 830 levels. The daily Moving Average Convergence Divergence has gone into sell mode and it has formed a hinge which is quite dangerous. The weekly Moving Average Convergence Divergence is about to provide a sell signal. Candlestick pattern Head and shoulders formed
Gail Fut the stock has formed an inverse head and shoulders pattern; however, the breakout of the same will be confirmed above 359 levels. The minimum target above 359 levels comes to 390 levels and above that it will provide a breakout of a long term downward sloping trend line. So, above 390 levels we can see the levels of 402. The support on the lower side is pegged at 339 levels i.e. its forty DEMA. The daily Moving Average Convergence Divergence has come into buy mode, whereas, the weekly is already is buy mode. Candlestick pattern Inverse head and shoulders formed
SELL NIFTY FUT BELOW 6175 SL 6210 TGT 5900-5775
BUY GAIL FEB FUT ABOVE 360 SL 340 TGT 380-400
BUY ULTRATECH CEM FEN FUT ABOVE 1730 SL 1660 TGT 1790-1825
SELL LT FUEB FUT BELOW 965 SL 986 TGT 940-915