Sun TV Network is expected to be giving a breakdown of a wedge like pattern on the daily timeframe after seven months with decent volumes and the supertrend indicator is also indicating a downwards move which can be used as a confluence towards the bearish view.
Mitesh Karwa
January 05, 2023 / 07:10 AM IST
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The Nifty opened flattish and selling was seen throughout the day on January 4 as it closed below the lows of last three days and broke down from an upwards sloping parallel channel pattern on the weekly timeframe, whereas on the daily timeframe, the benchmark index has formed a bearish engulfing candle. It would be interesting to see how it performs in the coming sessions as it will impact the trend.
Technical indicator Ichimoku Cloud suggests that prices are trading below the base line which will act as a resistance in the coming sessions. The momentum oscillator RSI (relative strength index – 14) on the daily chart is at around 43, while India VIX increased by 5.65 percent from 14.68 to 15.20 levels.
Maximum pain for the Nifty is now 18,100. Important support levels are around 18,000, 17,900 and 17,775, whereas the resistance levels are at 18,100, 18,200 and 18,350.
On the Option front, Call writing has significantly increased in, in-the-money (ITM) Calls whereas Put unwinding was seen in out-of-the-money (OTM) Puts which indicates a negative market. Options data suggests a broader trading range in between 17,850 and 18,350 zones due to higher volatility while immediate trading ranges in between 17,900 to 18,100 levels.
Here is one buy call and one sell call for short term:
Gujarat Narmada Valley Fertilizers & Chemicals: Buy | LTP: Rs 585.5 | Stop-Loss: Rs 540 | Target: Rs 640 | Return: 9 percent
GNFC is expected to be retesting its rounding bottom pattern on the weekly timeframe after breakout with above average volumes and the supertrend indicator is also suggesting continuation of the bullish trend on the hourly timeframe which can be used as a confluence towards the bullish view.
The 200 EMA (exponential moving average) is at Rs 440 on the weekly timeframe and the stock is comfortably sustaining above it which is a positive sign.
Momentum oscillator RSI (14) is at around 52 on the daily time frame indicating strength by sustaining above 50 and the ichimoku cloud is also suggesting a bullish move as the price is trading above conversion and base line on the daily timeframe.
Observation of the above factors indicates that a bullish move in GNFC is possible for targets upto Rs 640. One can initiate a buy trade in between the range of Rs 577-580 with stop-loss of Rs 540 on daily closing basis.
Sun TV Network: Sell | LTP: Rs 478.45 | Stop-Loss: Rs 494 | Target: Rs 450 | Return: 6 percent
The stock is expected to be giving a breakdown of a wedge like pattern on the daily timeframe after seven months with decent volumes and the supertrend indicator is also indicating a downwards move which can be used as a confluence towards the bearish view.
The 200 EMA is at around Rs 493 on the daily timeframe and the stock is expected to be trading below it.
The momentum oscillator RSI (14) is at around 38 showing weakness by rejecting higher levels and the ichimoku cloud is also suggesting a bearish move as the price is trading below conversion and base line on the daily timeframe.
Observation of the above factors indicates that a bearish move is possible in Sun TV Networth for targets upto Rs 450. One can initiate sell on rise in the range of Rs 480-478 with stop-loss above Rs 494 on daily closing basis.
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