Chart Busters: Top trading set-ups to watch on June 14

Chart Busters: Top trading set-ups to watch on June 14

by 5paisa Research Team Last Updated: Dec 16, 2022 - 03:23 am 24.9k Views

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.

TATA STEEL

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.

ADANI ENT  

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.


How do you rate this article?

or

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.

Disclaimer

Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

Open Free Demat Account

Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number