Intraday Trades For 19th Aug

RELCAP Fut Buy above 752 SL 745 Target 765-772

TATA STEEL Fut Buy above 532 SL 525 Target 545-555-565

AXIS BANK Fut Sell below 1350 SL 1362 Target 1330-15-05

HDFC Fut Sell below 623 sl 635 Target 610-600-590 (can be carried for positional)

Icici Cup With handle

Looks like a Cup with Handle formation breakout above 1010 will lead to major rally toeards 1400-1700 mark .... But only if sustains above 1010 . If doesnt, it may see profit booking till 930-900 levels ...

Sesagoa

As we can see 263 will now act as the pivot for Sesagoa ...short if stays below for target 257-254...Go long if sustains above for trgt 267-272 ...SL would be 3 points

Major hurdle at 5180-5200 range

I had posted a short- long term view on 3rd feb , In that post I had mentioned about the significance of the 4700-4538 support range with help of weekly chart . Nifty did manage to breach the first support of 4700 and made low at 4675 but couldnt able to close below 4700 for a single day ,Nifty reversed the direction from that level and now trading at 5080 odd level .

I did mention about entering longs for a mega bull wave in the same post also with target 5800-6300 and above .

Here are some concerns regarding the bullish move :

1) Nifty have formed a small RHS pattern during this move and fortunately we were able to pick the pattern before time and accordingly . This pattern has trgts of 5000-5060-5175 and may be above 5310 . Price wise and timewise this is a very small pattern which might not hold above 5310 and weaken Nifty.

2) 5180 has been acting as major hurdle , Thrice Nifty has reversed from 5180 level and have fallen remarkably for 700,350 and 250 . Though the second reversal was from 5138 level . so 5138 also can block the move .

So stay cautious as this would (as I hope) last chance for bears to take control for major correction .We wil even find for resistance above this level also such as 5310-5450 . Res and Supp do creep in but we have to spot the important ones .

I will surely post if find anything interesting

Happy Trading

RHS on Nifty

RHS at work - As we can see from above chart , a distinct RHS is in formation .Neckline comes around 4920-40 range . above neckline Nifty can shoot to 5000-5060-5175 and possibly making a new high above 5310 . I would advise to go long above 4920-40 range . The buy signal is not yet formed convincingly on 3-13 ema also , so wait for 4920-40 for buying

Renuka - due for major correction

Tata Steel

Its breakdown, breakout counter ...pivot point is 515-525.....watch out :)