TVS Motors

TVS Motors finally gave a closing above 78-79 levels with good volumes,it was finding it tough to cross this levels for nine trading sessions, so it can be a good buy with stop loss of 77 0n closing basis.Targets given in the post here .

Negative Divergence

Today nifty made new 52 week high but i dont think it would go much higher as broader market continues showing weakness, above is the chart showing value of stocks making 52 week high minus stocks making 52 week lows compared to nifty and one could see clear negative divergence between the two.

Update : Rising Wedge in Nifty

Nothing new as market has been trading in narrow range, Market were already in extremely overbought conditions but were not correcting so now the RBI action of increasing repo rate and reverse repo rate would work as a trigger for overdue correction to come. Breaking of lower trend line(which as of now stands at 5220) with good volumes would take nifty to sub 4900 levels but 5100 area could provide strong support.

Nifty : Rising Wedge???

It looks like nifty is forming rising wedge on hourly chart, any fall below 5170 with volumes could take nifty to 4850 level.

Update :Reliance

Today reliance moved above neckline on decent volumes and could now target 1121, it being a heavy weight will also keep nifty up as it did today.

NSE Advance Decline Line

One could clearly see in the chart above that even though nifty is staying flat for last few trading sessions but advance decline line is deteriorating consistently, indicating weakness in broader market.

Reliance

Reliance is forming an inverse head and shoulder pattern ,if neckline @ 1042-1045 is taken out with good volumes it could target 1121.

Chemplast

Chemplast moved up on good volumes, it could now target 12.75-13 in coming sessions.
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Update at EOD on12th March
Chemplast made high of 12.70 and closed at 11.70.

Bata India

Bata India stock has been buzzing for last few trading sessions and now it is around it's resistance area of 250-255 so one could cover longs around these levels and if the stock manages to give closing above these levels for one-two trading sessions then one can buy it again for target of around 290-295.
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Update at EOD
Bata India made a high of 255.85 and closed at 249.

Zzzzzzzzz.........

This is what market participants feel like doing these days...........another narrow ranged day today.

Nifty

Nifty is showing tiredness coupled with negative divergence on hourly scale so we could see some correction now.

Nifty Weekly Chart

We are once again approaching 5180 level (which has proved to be quite a stiff resistance earlier)
coupled with overbought condition on daily scale , one could cover longs around 5150-5180.

Nifty : In Tight Range

Nifty

One could see negative divergence on nifty 5 day chart hence we could see some correction tomorrow.

Intraday Post

5061 in nifty(spot) is turning out to be stiff resistance.
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Update at 12:30 pm
As the resistance has been taken out nifty could target 5088.
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Update at 3:15 pm
Nifty hit 5088

TVS Motors

TVS Motors has been facing stiff resistance at 78-79 levels, if the stock is able to close above these levels for one or two days then it could target 93 >> 120 levels.
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Today nifty got resisted exactly at upper trend line (nifty made a high of 5029) as mentioned in previous post here .

Nifty : Move in Channel

Nifty has been moving in an upward moving channel , with upper trend line at 5028 and lower trend line at 4860 for tomorrow.