Few Scrips of interest - 07 sep 09

List of the scrips which took support from the Fibonacci levels on last Friday. Posting this for study purpose.

• RelCap took support from 61.8% it may move up to 944.
• Relinfra took support from 61.8% it may move up to 1215.
• DLF took support from 50%, it has a good chances of moving up to 455/488/518 levels.
• GMR Infra took support from 61.8% and it may move up to 152 levels.
• HDIL took support from 61.8% and it may move up to 349 levels.
• HCC took support from 78.6% and it may move up to 117 levels.

Theory is after formation of "ABC" one can trade towards the target "D" in ABCD pattern. But here the levels are involved with only one Fibonacci level, the probability of reaching the targets is less.

Most of them showed bullishness from the Fibonacci levels, and volumes after the reversal are also good.

Bearish Flag and Pole in Nifty/RelInfra - 02 Sept 09

Nifty Intraday chart - 5 mins:

RelInfra Intraday Chart - 5 mins:

Watch out for the clear cut breakdown with volumes, Nifty is trying to be in range bound trade would be of high risk. 4600 may act as a good support in between any short trade can be taken below the support level only.

Update: Bullish AB=CD pattern in Relinfra 28th Aug 09

Update at 1st Sept 09 2:52PM:

Exited remaining 50% at 1135.

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Rel Infra Chart - 15 mins:

Bullish AB=CD pattern in Relinfra, it reached the 1st target, booking here 25% profits. Still holding 25%

PS: All the triggered calls Reliance, Rel Infra, Grasim and GMR Infra reached the targets

I didn't trade Ranbaxy because it was high risky one but it too zoomed up!!!

Update: Bullish AB=CD pattern in Relinfra 25th Aug 09

Update at 2:13 PM :

Booking 50% profits here at 1149, keeping stoploss at today's low for remaining 50%. As relinfra showed bullishness with out breaking day's low with confirmation(with filter), want to hold it till it trigger stop loss.

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Relinfra Intraday chart:

Exiting relinfra 50% with minor loss if it breaks days's low with confirmation. It is not at all showing strength, will exit remaining if it moves up little bit.

Update: Bullish AB=CD pattern in Relinfra 23th Aug 09

Rel Infra Chart - 30 min:

Update on Bullish AB=CD pattern, Rel Infra broken the high of 1112 which is formed on 20th Aug - Thursday and triggered longs. But it didn't sustain above this level by end of the day same like Reliance. Also there is a possibility of Nifty forming Bearish ABCD pattern, need to be a bit cautious with this.

Update: Bullish AB=CD pattern in Relinfra 20th Aug 09

Relinfra Intraday Chart - Hourly:

Update on Bullish AB=CD pattern in Relinfra, it didn't trigger long entry today. Will update when it triggers long trade.

Bullish AB=CD pattern in Relinfra 19th Aug 09

Relinfra Chart - Hourly:

Relinfra formed Bullish AB=CD pattern, watch out for the entry signal above 1100 levels. If entry triggers then targets may be 1166 and 1193.

Update: Bearish Wolfe Waves in Reliance Infrastructure and Reliance Capital

Short below 2-4 line - filter for the target of acqa line. Below is the relcap chart follow the same for relinfra, Watch out for risk reward ratio to take the trade.

Update @12:40:

Both the patterns got stopped out badly.

Points to consider for this: (1) pattern formed at yesterday's EOD and I mentioned that successratio is low for such patterns (2) Stop-Risk was unusually high for trading these Wolfe Wave.

Bearish Wolfe Waves in Reliance Infrastructure and Reliance Capital

Reliance Infrastructure and Reliance Capital formed Bearish Wolfe waves towards the end of day today. But the success ratio of the intraday wolfe waves that form towards end of the day is low when compared with the rest! These patterns consists of good symmetry and volumes at 5, lets see whether they work for tomorrow or not. Will post when trade triggers. Below are the charts of relinfra and relcap in 5 min time frame:

Reliance Infrastructure

Reliance Capital