Research

Nifty breaches a weekly trend line

In yesterday’s market action, India’s Nifty breached an important trendline in a convincing fashion. All the corrections since Nov 2009 stopped right at this trend-line (see chart below) and kept the up trend intact. The weight behind this breach was ONGC, which also happened to complete a Head and Shoulders top on its weekly chart. […]

Keep these stock on your watchlist

The first one is the heavy weight ONGC IMO, this is not a perfect H&S top, as the volumes have not been supportive of the dip below the neckline. Nevertheless, due to its high weightage in Nifty and fact that the stock is clocking lower highs and lower lows, it deserves our close attention. Next […]