unichem - continues its fourth wave correction in the form of rangebound consolidation and currently sitting close to the lower range. 200 dma at 169 currently is closeby and should provide some support. 162 is the top of wave 1 and should provide some support is 200 dma is broken. but as an investor i would have a strict stoploss at 162 for any long position because once that is broken, the stock could test 100 again. once the current consolidation is over, the stock should make a move towards 250.
wockhardt - this is a chartistās dream stock. stock is now in the fifth and final wave up before a sizable correction takes place. previous upmove found support at 50 dma many times and should do that in this upmove as well. the chart is extremely strong with the stock making new highs everyday. i would continue to hold it if invested and if not, would wait for the stock to come back to 50 dma for some margin of safety.
gruh - one of the leaders of 2011-12 bull move and currently taking a breather and testing 100 dma and is in oversold condition. should find support at current levels or if not then at 200 dma at 185.one could make staggered purchases in 185-215 region. once the correction is over, the stock should move to 250+
titan is currently testing 200 dma and is in oversold region. 250-256 is a good support with many previous tops in this region. if thats broken it could test 215-220. it seems a good region to start staggered purchases. stock would only gain strength on a close above 290.
if you have been holding for very long from very low levels, 150 should be a strict stoploss as below that the stock would enter a long term bear market.
Just wanted to say Thanks.I have seen, you answer each and every question directed to you; whatever be the question, on whatever stock, it might be. A wonderful trait to have.
Thanks Hemant and Tony for yr views on BKT. It helped me to firm up my views and shake off my endowment bias. Iāve sold my last token lot at 263 today. Exiting a long-held stock is so painful (even when Iāve already gained much more than I expected from it). Will relook again when cycle improves but itās quite clear there is atleast 1-2 more qtrs of pain left and the last leg of the fall can be merciless. Will relook if price overcorrects to around 210-230 levels and I think thereās a good chance of that happening. Letās see.
And +1 with what Atul said. You and Tony have been consistent answerers on this forum. Thanks for that.
I must thank you and the forum for giving me this opportunity. I am still learning from Point and Figure charts. Writing here and seeing others analyse has given me more confidence. So in a way I am test marketing my analysis. However, no one can predict the Market. The final say can only be from the market.
Thank you one and all for your kind words and appreciation. Will try to give my best.
it seems like the level i identified as end of major 2 was not correct and the stock has corrected below that which means the major 2 correction is still underway. i would wait for the stock to either stabilise here(trade in a range) or show a significant rally before we can comment on the end of this correction as the stock is trading below all its dmaās(50/100/200). on the positive side, the stock has been forming multiple positive divergences on the RSI and hence could be readying for a bounce.
Indeed Hitesh bhai. Well said. One hand sittings gains are lost due to endowment bias. On the other hand, stocks which we want to buy fresh and if the price shoots up after first buy, then price anchoring bias kicks in preventing from building a good position and creating that left-out feeling.
Cutting investors from both sides - Behavioural finance for the win!
Can one look at entering into Atul Auto and Aurobindo Pharma now. In one of the earlier posts, you have mentioned 187 would provide support for Atul auto. Given that Atul auto has closed below that level, do you see further correction in the stock?
yes, atul auto has broken the 50 dma but is consolidating just below that and is in oversold condition. i wouldnāt be surprised to see a strong recovery if the broader markets bounceback. the next level of support comes at 100 dma at 164(100 dma) and then 157(50% of retracement of the entrie previous uptrend). i am personally accumulating some in small quantities every day since it broke below 190.
aurobindo pharma - it seems to be in wave 4 correction since the uptrend began in dec-11 so i would expect another upmove to 200+ to follow after this correction is over. this view holds until the 200 dma at 147 which is also the top of wave 1 holds. if that breaks we could see 100 in a hurry.
i do not follow the three banks you mentioned and given time constraints canāt give you a technical view there at the moment. on cera please see below:
cera - this stock has been in a long term bull market since 2009 which means its a buy on any dip and nothing has changed in the chart to suggest otherwise. it has help up well during the recent butchering of smallcaps which means it remains in strong hands. currently, the stock is holding up above 100 dma and going through time correction for the previous sharp rally. current range is 390-450. close above 450 should indicate the correction is over and the next uptrend to 600+ is underway.
tata sponge doesnāt have a great chart. the stock rallied in early 2009 to 400 by the beginning of 2010 and has been in a sideways range of 250-400 since then. there is nothing that seems to suggest that the sideways range is aboutto break. i would wait for a close above 400 to buy it. if i was long i would use 250 as a strict stoploss for any long term investment.
