CNX Pharma can correct in near term

                                                   CNX Pharma Daily chart

After being resilient and outperformer, there is a descending triangle breakdown in CNX Pharma neckline around 7522.80 witnessing a correction CMP 7435 on daily charts. The corrective targets for the index can be around 7200 odd levels and the next support for the index is around 7000. 

The index has also broken 20 EMA indicating bearishness for near term.

It is advisable for long traders to avoid long positions in the pharma stocks in near term and short traders can short on rise.

Trade objectively and wisely with the consideration of own risk with amid volatility. The strategy would be to wait patiently for the right opportunity to unfold to probable profitable trade setups.

Raju V Angadi

Equity Research Analyst

 To know more about probable counts analysis on NIFTY, BANK NIFTY and CNX IT along with 5 stocks for the month check out our newsletters and advisory services contact us back on rvangadi@googlemail.com or swing research5@gmail.com or +91 78291 55900

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Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets

Canara Bank charts suggests Bullish in near term

Canara Bank Daily Chart

·     Canara Bank after a long down trend (454 - 190) from May ‘ 13 has broken out of the downward trendline and building a base for the move on the upside.

·         Technically has crossed 50 DMA of 223 is indicating the positive trend for short term in the counter

·         The stock might test upto 250 from current levels  above 278 odd levels (100 EMA)

·         It is advisable to accumulate the stock from current levels and on dips up to 225

View           :    Bullish for short term

CMP            :   Rs. 232

Target         :   250 above 275/290

Stop Loss    :   216 on closing basis

Trade objectively and wisely with the consideration of own risk with amid volatility. The strategy would be to wait patiently for the right opportunity to unfold to probable profitable trade setups.

Raju V Angadi

Equity Research Analyst

 To know more about probable counts analysis on NIFTY, BANK NIFTY and CNX IT along with 5 stocks for the month check out our newsletters and advisory services contact us back on rvangadi@googlemail.com or swing research5@gmail.com or +91 78291 55900

.

To swing your fortune higher join us and be ahead to track market turns ....

Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets

Is Sintex Industries set for a rally after good results ?

Sintex Industries has broken out from the inverted H & S pattern above 25. The counter posted good results for the quarter is well.

                                                   Sintex Industries Daily Charts

Dips can be used to accumulate the entity for higher targets 30/33.40/40 with stop loss of 23.50.

Trade objectively and wisely with the consideration of own risk with amid volatility. The strategy would be to wait patiently for the right opportunity to unfold to probable profitable trade setups.

Raju V Angadi

Equity Research Analyst

 To know more about probable counts analysis on NIFTY, BANK NIFTY and CNX IT along with 5 stocks for the month check out our newsletters and advisory services contact us back on rvangadi@googlemail.com or swing research5@gmail.com or +91 78291 55900

.

To swing your fortune higher join us and be ahead to track market turns ....

Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.