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TRADE SETUP – NSE HAL, WIPRO, PNB & More

NSE WIPRO – breakout setup

NSE Wipro has exhibited a cup and handle pattern on its daily timeframe chart, suggesting a potential breakout scenario. The stock is currently trading above its 10/35/50 Simple Moving Average band, indicating bullish momentum. Additionally, the Average Directional Index (ADX) reading is above 33, indicating significant strength in the prevailing trend.

Should the price successfully breach and maintain levels above 501, traders may consider initiating positions with target prices set at 510 – 527 – 538+. It is prudent for free traders to use the previous day’s low as a reference point for invalidation of the setup.

We will update further information for premium subscribers only.

NSE PNB – Bearish setup

Based on the daily chart analysis of NSE PNB, there is observable weakness in its price movement. After reaching an all-time high of 128, the stock has entered a consolidation phase, establishing a price range between 125 and 121. This consolidation indicates a potential loss of momentum.

The Average Directional Index (ADX) currently stands at 40.71, suggesting a strong trend in place. Additionally, the Average True Range (ATR) has surged to 4.87, indicating increased volatility.

Recently, the security breached the lower band of the price range and experienced a decline of 5%. This decline signifies a bearish sentiment in the market. If the price continues to sustain below 121.25, it presents an opportunity for traders to initiate short positions with the following downside targets: 118.35 – 115.15 – 112.20+. Free subscribers can take previous day’s high as invalidation level.

Further information is available for premium subscribers only.

NSE HAL – Value Area Construction

HAL is currently undergoing preparations for a significant market reversal. The Average Directional Index (ADX) of the price has decreased to 21.33, indicating diminishing trend strength, while the Average True Range (ATR) has peaked at 101.94, reflecting heightened volatility.

Notably, the price has established a value area range between 3040 and 2850. Presently, the price is hovering around the lower boundary of this value area, a pivotal level. Should the price breach the 2850 mark and maintain below it, traders may consider initiating positions with the following target levels in mind: 2760 – 2680 –  2625+.

No trading activity will be recommended if the price manages to sustain itself within the confines of the value area.

Further updates on this market situation will be provided in due course.

NSE AARTIDRUGS – Trade Setup

NSE BALKRISIND – BULLISH SETUP

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