Chart Busters: Top trading set-ups to watch on June 14
The Nifty breached the level of 15830 decisively and tested its previous low, breaking its May 12 low, while the low of March 8 is just at an arm's length distance.
The Nifty opened with a 320-point gap down and continued to trade lower. A close below 15671 will trigger further selling pressure in the market. The MACD has given a fresh sell signal. The 14-period daily RSI has sharply declined to 35 zones. The current fall may test below 15600 levels. Furthermore, there is a possibility of testing level 15323, after a brief sideways consolidation. Though the current price structure looks like triple bottom, it may not hold. On the upside, a move above 15885 will attempt to fill the gap, and it may take longer than expected time to fill this gap. Avoid trading sharp bounces. The market is in a confirmed downtrend.
The stock has closed at a new 52-week low and the prior low. The 20DMA acted as a resistance for the past few weeks. The MACD is about to give a sell signal. It is also below the moving average ribbon, and the MACD is below the zero line. The RSI is in a strong bearish zone. -DMI moved above the ADX, and +DMI. The Elder impulse system has formed a series of bearish bars with TSI giving a fresh sell signal. It is also below the Anchored VWAP support. In short, the stock broke all the key support and closed at a new low. A move below Rs 991 is negative, and it can test Rs 955. Maintain a stop loss at Rs 1000. Below Rs 955, continue with a trailing stop loss.
The stock has retraced more the 60% of the prior swing. The fall with higher volume shows the massive distribution. It has decisively broken below the key short and medium-term moving averages. It is below the moving ribbon. The MACD has given a fresh sell signal. The RSI declined below the 50 zone sharply below the Anchored VWAP support and the TSI has given a fresh sell signal. The Elder impulse system has formed a strong bearish bar. In short, the stock closed below the key supports. A move below Rs 2071 is negative, and it can test Rs 2025. Below this level, it can test the prior swing low of Rs 1903.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 7199.00 | 4.1 (0.06%) |
| CAC 40 | 7555.27 | 13.35 (0.18%) |
| DAX | 16791.13 | 20.36 (0.12%) |
| Dow Jones | 36358.59 | 110.72 (0.31%) |
| FTSE 100 | 7550.71 | -20.45 (-0.27%) |
| Hang Seng | 16192.71 | -128.32 (-0.79%) |
| US Tech 100 | 14405.70 | -1.94 (-0.01%) |
| Nikkei 225 | 32791.80 | 483.94 (1.5%) |
| S&P 500 | 4613.77 | 9.4 (0.2%) |
| Gift Nifty | 21125.00 | 56 (0.27%) |
| Shanghai Composite | 2991.44 | 21.88 (0.74%) |
| Taiwan Weighted | 17418.34 | 34.35 (0.2%) |
| US 30 | 36351.40 | 85.4 (0.24%) |
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