Date: 22nd March 2015
Figure 1: Axis Bank
Price at support. Breach would indicate possibility of 10%+ downside from here.
Figure 2: Bank Nifty
Bearish setup unless price closes above 19190. Trading around support levels at the moment. Breach would indicate possibility of 16500 - 16600.
Figure 3: ITC
Chart has produced maximum O's in 1% Box value in last 10 years. Meaning 19% downside without 3% upside close first time in its uptrend. Some short term bounce is possible but I don't find this bullish and expect follow through. 270 possible if it remains below 364.
Figure 1: Axis Bank
Price at support. Breach would indicate possibility of 10%+ downside from here.
Figure 2: Bank Nifty
Bearish setup unless price closes above 19190. Trading around support levels at the moment. Breach would indicate possibility of 16500 - 16600.
Figure 3: ITC
Chart has produced maximum O's in 1% Box value in last 10 years. Meaning 19% downside without 3% upside close first time in its uptrend. Some short term bounce is possible but I don't find this bullish and expect follow through. 270 possible if it remains below 364.
Figure 4: Sail
Price consolidation has taken it above average line. Betting on Support is possible.
Price consolidation has taken it above average line. Betting on Support is possible.
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| Figure 1: Axis bank dly 0.25% x 3 cl Point & Figure Chart |
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| Figure 3 : ITC dly 0.25% x 3 cl Point & Figure Chart |
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- Prashant Shah, CMT, CFTe
Disclaimer:
All information provided above is for general information purposes only and does not constitute any investment advice. Company or Author shall not be liable for loss or damage that may arise from use of information provided above. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The readers of this material should take their own professional advice before acting on this information.
Disclaimer:
All information provided above is for general information purposes only and does not constitute any investment advice. Company or Author shall not be liable for loss or damage that may arise from use of information provided above. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The readers of this material should take their own professional advice before acting on this information.
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