Analyzing India

Milan Vaishnav
About the author: , CMT, MSTA is an Independent Technical Research Analyst at his Research Firm, Gemstone Equity Research & Advisory Services in Vadodara, India. With his experience in the Indian Capital Markets of over 15 years, he has been delivering premium India-focused Independent Technical Research and presently contributes on a daily basis to ET Markets and The Economic Times of India. He also authors India-focused "Daily / Weekly Market Outlook" - A Daily / Weekly Newsletter, currently in its 15th year of publication. Learn More

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Analyzing India

Greater Possibilities Of A Breakout In This Stock

by Milan Vaishnav

With the session that ended on Tuesday, February 19, 2019, the Indian headline index NIFTY50 ended in the red for the eighth consecutive day. Amid such weak environment, there are certain stocks which are showing great Relative Strength and are strongly out-performing the broader markets. Once such stock that deserves attention is PFC.IN Power Finance Corp. Ltd (PFC.IN) PFC.IN presently remain under a bullish Ascending Triangle formation. This formation has resulted out of a price action where the stock formed near similar tops at 108.55 and 110.30 Read More 

Analyzing India

Week Ahead: Stable Start To The Week Expected; Cracks Might Appear If These Levels Are Not Defended

by Milan Vaishnav

The past week remained quite dismal for the market, which ended in the negative on all five days. After a failed breakout on the daily charts, the NIFTY returned inside the broad trading range and subsequently drifted even lower. The index has been defending the 50-Week Moving Average for over eight weeks now but, following the previous week’s decline, it has ended marginally below this important level. It ultimately ended the week with a net loss of 219.20 points (-2.00%) on a weekly basis. The coming days are likely to define the texture of the markets for the next couple Read More 

Analyzing India

MINDTREE.IN: Good Up-Move In The Offing If This Level Is Crossed

by Milan Vaishnav

While the markets have been suffering from fractured breadth and the NIFTY moved below 10950 (its breakout level) following a strong throwback, the CNXIT index has crawled back into the leading quadrant of the Relative Rotation Graph (RRG). This means that the IT pack is likely to relatively out-perform the broader markets.  With that in mind, the IT pack stock MINDTREE.IN deserves a look. MindTree Ltd. (MINDTREE.IN) After peaking near 1175, the stock saw a corrective move that took down near 749. During this corrective decline, the Read More 

Analyzing India

This Stock May Out-Perform The Broader Markets

by Milan Vaishnav

The Indian market suffered a severe throwback, having broken out above the 10950 mark on Wednesday but returning all those gains by end of the week. The market breadth has not been healthy at all and remains a matter of concern. Amid such turbulence, this stock deserves some attention, as it is showing some signs of an up-move and likely relative out-performance against the broader markets. Jubilant Life Sciences Ltd (JUBILANT.IN) JUBILANT.IN is presently in a symmetrical triangle formation, which it has attempted to break out from Read More 

Analyzing India

Week Ahead: Staying Afloat 50-Week MA Crucial; Market Breadth Remains A Concern

by Milan Vaishnav

With the last day of the trading week remaining a drag, the NIFTY returned all its weekly gains and ended on a negative note. If we look at the daily charts, we can see the NIFTY achieved a breakout by moving past the 10950 level, but had returned all those gains again by end of the week. The headline index went nowhere and ended the week with a net loss of 125.80 points (-1.14%) on a week-to-week basis. On the weekly charts, the index has continued to remain above the 50-Week MA, which is 10775 at present. For the 12th week Read More 

Analyzing India

A Look At Broader Market Charts As Market Breadth Remains A Concern

by Milan Vaishnav

After experiencing a brutal decline that began in September 2018, the NIFTY found support just below the 10000 mark and witnessed a technical pullback. This technical pullback halted near the 10950 level in early December 2018. Over the following two months, the index hit resistance multiple times and has remained unsuccessful in its efforts to move past this level. As the market attempts to reach this level once again and potentially take out this immediate and important resistance area, we need to take a hard look at what it will Read More 

Analyzing India

Week Ahead: NIFTY Set To React On These Lines Post Interim Budget

by Milan Vaishnav

We mentioned in our previous weekly note that, due to expiry of the January series and interim budget, the markets would remain more volatile than usual over the past week. While the expiry day did not bring in any volatility, the last session of the week remained immensely volatile on expected lines. The NIFTY experienced some volatile swings before wrapping up the week with net weekly gains of 113 points (+1.05%).We had also projected that the week would have a wider trading range than usual. While looking at the finer details, we observe that, over the past week, the Read More 

Analyzing India

This Pharma Stock Is Set For A Good Move

by Milan Vaishnav

Lupin Limited (LUPIN.IN) LUPIN.IN marked a double top at the 2070-2092 level in October 2016 and has since remained in a corrective downtrend. After trading in a falling channel during this corrective phase and wiping out over 50% of its value, the stock has attempted to find a base in 780-860 range as part of an effort to reverse its multi-month downtrend. The RS Line, when compared against the broader CNX500 index, reflects a similar action, having ended its multi-year under-performance, flattened itself and begun moving up. As a confirmation of the Read More 

Analyzing India

These Charts Show Some Likely Up-Moves Ahead

by Milan Vaishnav

Bharat Petroleum Ltd. (BPCL.IN) Having formed a bottom at 238.55 following a steep fall from 383.80, the stock has since formed gradual higher bottoms. Presently it remains in an Ascending Triangle pattern, which is a bullish formation. The RS Line, when compared against broader CNX500 is rising; it is above 50-DMA and this acts as an confirmation. The PPO has turned positive. The daily MACD has shown positive crossover and is now bullish while trading above its signal line. On the weekly charts, MACD remains in continuing buy mode. The price on both the daily Read More 

Analyzing India

Week Ahead: With F&O Expiry and Interim Budget In The Tow, Markets Set To Remain Volatile

by Milan Vaishnav

In spite of all expectations, NIFTY remained volatile and did not make any directional call over the previous week, oscillating in a defined 230-point range throughout. However, on the weekly charts, the NIFTY has been able to keep its head above the 50-Week MA, which is 10757. Additionally, the market returned all of its gains from the prior week as it ended down 126.40 points (-1.16%). The coming week is set to remain eventful, with the expiry of the current derivative series on Thursday, followed by the presentation of the Interim Budget on Friday Read More 

Analyzing India

NIFTY Energy Sector Looks Up

by Milan Vaishnav

As the Indian equity markets remain under under an area formation, a clear breakout will continue to elude the NIFTY unless it can move past the 10950 level. With the markets still trapped in a range, the NIFTY Energy Index ($CNXNIFTY) provides some interesting observations. The NIFTY Energy Index formed a large double top formation between 2014-2017, breaking out on the upside as it moved past the 10350 level. If we examine the performance of the past several quarters, it can be seen that the index has remained in a sideways trajectory for nearly one and half years Read More 

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