In case of Torrent Power, momentum oscillator RSI (14) has shown a strong rebound on the daily chart from the oversold values and currently has closed above 50 levels with bullish crossover.
RohanPatil
June 02, 2022 / 07:02 AM IST
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); 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Rohan Patil, Technical Analyst at Bonanza Portfolio
After breakout of the flag pattern, the Nifty50 is consolidating above its trendline resistance and has successfully tested its 21-day exponential moving average (EMA) on the daily time frame.
The benchmark is trading within the band between 21 and 50 DEMA, which is placed at 16,400 and 16,680 levels. On June 1, the index witnessed a selloff and registered an intraday low of 16,439 and reversed sharply in the final 30 minutes of the trade and closed above 16,500 levels.
The prices have found support near its 21 – exponential moving average and other than that index continued to trade above it’s all the important averages on the monthly chart. Prices have formed Bullish Hammer candlestick pattern on the monthly chart and it will be interesting to watch its next month’s candle for the confirmation.
The momentum oscillator RSI (relative strength index – 14) on the monthly has made a top near 80 levels and since then it declined below 65 levels. The oscillator on the monthly scale has made a toping formation and indicates a momentum can drift lower.
The immediate support for the Nifty is placed near 16,370 and below that 16,250 will act as a major support for the Nifty. The immediate resistance for the Nifty is placed at 16,800 levels and above those 17,000 levels.
Here are two buy calls for next 2-3 weeks:
Union Bank of India: Buy | LTP: Rs 38.75 | Stop-Loss: Rs 37.20 | Target: Rs 41.30 | Return: 6.60 percent
Union Bank of India consolidated for more than three weeks within the range of Rs 35 – 37.50 levels and formed a basing formation and created an accumulation pattern. The prices witnessed a consolidation range breakout on May 30 and closed above its trend line resistance.
Momentum oscillator RSI (14) witnessed a sharp reversal from the oversold levels and since then was hovering within Rs 35 – 45 levels. Recently the RSI has also witnessed a range breakout above 50 levels with positive crossover on the daily time frame.
The MACD (moving average convergence divergence) indicator has shown an early reversal by crossing above its signal line which is below its line of polarity. The prices are also sustained above its 21-day exponential moving average.
The counter is also trading near the upper band of the Bollinger band indicates a possible continuation of the uptrend after the recent consolidation.
Torrent Power: Buy | LTP: Rs 479.25 | Stop-Loss: Rs 458 | Target: Rs 514 | Return: 7.30 percent
Prices have formed a smaller degree rounding bottom formation on the daily chart and prices have also given a breakout of a trend line resistance on the daily time frame.
In the recent correction, prices have taken a strong support near the 100 – week exponential moving average which is placed near Rs 442 levels. On the daily chart also prices have closed above its 21 DEMA which is positive for the prices in the short term.
Momentum oscillator RSI (14) has shown a strong rebound on the daily chart from the oversold values and currently has closed above 50 levels with bullish crossover.
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