Disclaimer-
Mr. Chartist is dedicated solely to improving financial literacy and expanding knowledge of the financial market. Our objective is to provide educational resources and promote learning through Technical Analysis on a personal level. As part of this effort, we will be providing chart-based studies in our weekly Chartbook, which are intended for educational purposes only. Users of this website are expected to use our content for educational purposes only and not misinterpret it as buy/sell recommendations or financial advice of any kind.
Please note that we are not a SEBI Registered Investment Advisor & Research Analyst and do not offer any PMS services or financial recommendations (direct or indirect) for any product. If you are looking for trades and tips, this website is not for you. Our focus is solely on chart learning through our blog and chart discussion.
We rely on charts sourced from Tradingview.com for our analysis. However, it is important to conduct your own research and consult with a financial advisor before making any investment decisions. Trading in the financial market carries risk, and Mr. Chartist will not be held responsible for any losses incurred by users who rely on the information provided on this website.
Indices Charts
NIFTY-
Nifty’s daily chart shows it’s been moving in an upward pattern called an ascending channel. Recently, on Wednesday (March 20, 2024), there was a bit of uncertainty as Nifty formed a long-legged doji pattern, suggesting traders weren’t sure which way the market would go. But on Friday, things started looking up with a strong bullish candlestick, hinting at a possible turnaround.
Looking at the 120-minute (2H) chart, we see a similar story with the ascending channel pattern. Recently, there was an interesting formation called an inverted head and shoulders pattern. This usually indicates a potential upward movement, with a resistance level around 22190-22200. If Nifty manages to break past this resistance, we might see it go higher, possibly reaching levels between 22400-22600 in the coming days.
However, there are a few scenarios to consider. If Nifty successfully breaks the resistance level at 22190-22200 and stays above it, we could see a strong bullish trend. On the other hand, if it fails to break through, we might see it consolidate within a range of 22200 to 21800. And if Nifty drops below the support level at 21800, it could indicate a breakdown, possibly leading to a decline towards levels around 21600-21400.
In conclusion, while there’s potential for Nifty to move higher, it’s essential to keep an eye on these key support and resistance levels to navigate the market effectively.
NIFTY BANK-
Nifty Bank’s weekly chart shows a strong and well-defined rising wedge pattern, indicating an upward trend. Notably, during March 2023, the index formed a robust morning star pattern, suggesting a potential reversal from a downtrend. Additionally, the recurring formation of piercing patterns further supports the notion of a bullish outlook. In the recent week, Nifty Bank once again formed a piercing pattern, signaling a likely continuation of the upward movement.
On the daily chart, Nifty Bank’s upward trajectory continues, with the index displaying some indecisive candlestick patterns in recent sessions. Despite this uncertainty, there’s a prevailing sentiment favoring further upside. If the index manages to surpass the crucial 47000 level and maintain its position above it, we could witness a significant upward movement towards the 48600 to 50000 levels in the coming days.
Conversely, failure to sustain above the 47000 level and a subsequent decline below 46000 would indicate a potential breakdown in the chart. In such a scenario, Nifty Bank could experience a major downturn, possibly dropping to levels around 44000 to 42000 in the near future.
NIFTY FINANCIAL SERVICES-
Nifty Financial Services’ daily chart shows a consolidation phase within an ascending triangle pattern, which has been unfolding over the past two months. This consolidation range is also contained within a broader rectangle pattern. Recently, the index exhibited some upward movement within this range, characterized by a bounce accompanied by a doji pattern. Currently, the index is consolidating within this range, awaiting a potential breakout.
A crucial level to watch is the 21000/50 level. If the index manages to surpass this level and sustain its position above it, we could witness a breakout in the chart, possibly accompanied by a gap zone entry. Following this breakout, the index may aim for the 21650 levels in the coming days. Sustained trading above this level could pave the way for further significant upside movement in the chart.
Conversely, failure to move above the resistance level at 21000/50 and subsequent trading below the 20500 level would indicate weakness in the chart. In such a scenario, we might see a notable downturn, potentially leading to a strong fall in the index.
NIFTY IT-
Nifty IT’s daily chart depicts an uptrend, with recent price action indicating some significant developments. The index recently formed a strong dragonfly doji pattern, particularly notable as it occurred near a robust horizontal support line within a potential pole and flag pattern. This pattern suggests a period of consolidation followed by a potential continuation of the uptrend.
A key level to monitor is the 35500 mark. Should the index successfully breach this level and sustain its position above it, we could anticipate further upside movement in the chart. Potential targets for this upward trajectory lie around the 37000 to 39000 levels in the coming days.
Conversely, if Nifty IT’s daily chart fails to breach the breakout level at 35500 and instead trades below this threshold, we may witness a period of consolidation between the 35500 resistance and the 34300 support level on the chart. This scenario could indicate a temporary pause in the uptrend.
It’s crucial for traders to remain vigilant, as a failure to sustain above the 34300 support level could lead to a more significant downturn in the chart. Monitoring price action around these critical levels will be essential for making informed trading decisions.
NIFTY SMALLCAP 100-
Nifty Smallcap’s daily chart illustrates a robust uptrend, characterized by a prominent diagonal support line. Recently, the price action exhibited a notable occurrence of the Dragonfly doji pattern in November 2024. Following this pattern, the index experienced a strong upside movement, reinforcing the significance of this technical signal. Presently, the price is hovering near a similar support line, indicating a potential continuation of the upward trajectory.
Further supporting the bullish outlook, the index has demonstrated upward momentum with piercing patterns and multiple occurrences of marubozu patterns in recent sessions. These bullish patterns suggest a strong buying interest and potential upward pressure on prices.
Looking ahead, if Nifty Smallcap’s daily chart manages to sustain its upward momentum and breach the 14000 level, we could anticipate further gains in the chart. Potential upside targets lie around the 16400 to 17000 levels in the coming days, reflecting the strength of the current uptrend.
However, failure to sustain above the 14000 level and a subsequent decline below this support could signal a reversal in sentiment. In such a scenario, we might witness a significant downturn in the chart, with the index potentially retreating towards the 13000 to 11600 levels following a breakdown.
NIFTY FMCG INDEX-
Nifty FMCG’s daily chart reveals a trading range confined within a small rectangle pattern, spanning from the 52500 to 55000 levels over a period of approximately 1.5 months. Recently, the price found robust support at the lower boundary of this pattern and subsequently rebounded, characterized by the emergence of marubozu patterns. However, it’s noteworthy that the size of these candlesticks has been relatively small, indicating a lack of strong momentum conducive to sustained upside movement.
For a bullish confirmation, it’s essential for the index to surpass the resistance level situated at 55000. A successful breach of this level would signify a strong breakout from the pattern, paving the way for a significant upward move. Conversely, if the price fails to overcome the resistance at 55000, we may anticipate further consolidation within the confines of the rectangle pattern.
Should the price struggle to breach the resistance and subsequently decline below the support level at 52500, with sustained trading below this level, it could signal a bearish reversal. In such a scenario, we might witness a notable downturn in the chart, potentially leading the index towards the 51000 to 50000 levels.
NIFTY MIDCAP 100-
Nifty Midcap’s daily chart depicts a robust horizontal rectangle pattern, reflecting a sturdy consolidation phase spanning approximately three months. Recently, the price found substantial support at the lower horizontal boundary, evident by the formation of a hammer pattern. Following this, the price exhibited a strong upside movement, characterized by consecutive marubozu patterns over the course of two days. Presently, the price hovers near the 47400 level, poised for further potential upside.
A sustained trading above the 47400 level would likely pave the way for a significant upward trajectory, potentially propelling the index towards the 49750 to 50000 levels in the near future. Conversely, a failure to maintain upward momentum and a subsequent decline below the 47000 level might result in a period of consolidation within the range of 45500 to 50000 levels. Further consolidation within this range could ensue thereafter.
However, should the index fail to muster upward momentum and instead decline below the critical support level at 45000, it may signal a bearish reversal. Such a scenario could precipitate a notable downturn, potentially leading the index towards the 43000 to 41000 levels in the ensuing days.
NIFTY PSU BANK-
Nifty PSU Bank’s daily chart displays a distinct ascending channel pattern, characterized by a narrow consolidation phase spanning seven months. Recently, the price found robust support at the lower diagonal support line, marking a significant bounce-back illustrated by the formation of a dragonfly doji pattern. Following this, the index surged upwards, accompanied by bullish marubozu candlesticks, indicating a bullish sentiment in the market.
Currently, the price appears poised for further potential movement, with indications pointing towards a bullish trajectory. Should the price manage to sustain above the 7000 level, it could pave the way for a substantial upside towards the 7400 to 7600 levels in the near future.
Conversely, a failure to sustain upward momentum and a subsequent decline below the critical support level at 6600 might signal a bearish reversal. Such a scenario could precipitate a notable downturn, potentially leading the index towards the 6300 to 6000 levels. It’s noteworthy that the 6800 level may act as a resistance during any potential downward movement.
F&O Breakout Charts
INDUSINDBK (Indusind Bank Limited)-
Indusind Bank Limited’s daily chart reveals a robust presence of multiple horizontal support zones, underscoring the resilience of its price action. Recently, the price found substantial support at the crucial 1425 level, a point accentuated by the formation of a long-legged doji pattern. This pattern was further validated by the subsequent emergence of two bullish marubozu candlesticks, signaling a bullish sentiment in the market.
Notably, the price managed to surmount the significant hurdle presented by the 1500 level, supported by a notable uptick in volume. This development suggests a potential upside movement in the chart. In the days ahead, the price may encounter minor resistance around the 1570 level, although this is expected to be a manageable obstacle. Following a breakout above this level and sustaining the upward momentum, the price could aim for the 1640 to 1700 levels.
Crucially, the support zone spanning from 1450 to 1475 is likely to bolster the price during any potential pullbacks, serving as a foundation for further upward movement.
Conversely, a failure to sustain the upward trajectory and a breach below the support level at 1400 might trigger a bearish reversal. In such a scenario, the price could retreat towards the 1320 to 1280 levels in the near term.
M&MFIN (Mahindra and Mahindra Finance Limited)-
Mahindra and Mahindra Finance Limited (M&MFIN) daily chart portrays a resilient trendline, serving as a strong diagonal support line, which the stock has upheld for the fourth consecutive time. Notably, the recent bounce off this support was facilitated by a tweezer bottom pattern, complemented by the formation of a hammer candlestick, subsequently confirmed by a bullish marubozu pattern. However, it’s worth noting that volume support is currently lacking, although other indicators suggest bullish momentum.
In the event that the price manages to ascend and maintains its position above the 275 level, we may anticipate a potential uptrend towards the 290 to 300 levels in the near term. Further bullish confirmation could propel the stock towards the 330 to 350 levels in subsequent trading sessions.
Conversely, failure to breach the 275 level may lead to a consolidation phase within the range of 255 to 275 levels, with the potential for a breakdown looming if the stock breaches the 255 level. In such a scenario, a substantial decline towards the 230 to 210 levels could ensue in the days ahead.
EICHERMOT (Eicher Motors Limited)-
Eicher Motors Limited (EICHERMOT) daily chart exhibits a potential symmetrical triangle pattern, unfolding over a span of five months. Recently, the stock has witnessed significant movements accompanied by robust volume and bullish candlestick formations.
Should the stock manage to surpass the critical 4000 level and maintain its position above it, we may anticipate a potential upward trajectory towards the 4200 to 4400 levels in the forthcoming sessions. This bullish outlook is further supported by the presence of a crucial support level around 3800 on the chart.
Conversely, if Eicher Motors fails to breach the 4000 resistance level and sustains below it, we might witness a period of consolidation within the range of 4000 resistance to 3650 support levels. Traders are advised to closely monitor price movements around these key levels to gauge the direction of the stock’s next move.
INDUSTOWER (Indus Towers Limited)-
Indus Towers Limited (INDUSTOWER) is currently exhibiting movements aligned with an inverted head and shoulders pattern on its daily chart. Notably, the price action has adhered closely to this pattern, with substantial volume supporting the move from 230 to 270 levels.
Recently, there has been a significant breakout above the horizontal resistance line, accompanied by robust volume. However, the price has encountered resistance around the 275 level. If INDUSTOWER manages to surpass this resistance and maintains its position above it, we can anticipate a fresh breakout in the chart. Subsequently, the stock may ascend towards the 300 to 315 levels in the upcoming trading sessions, bolstered by the presence of support around the 260-255 level.
Conversely, if INDUSTOWER fails to sustain its upward momentum and trades below the 260 level, we may witness a phase of consolidation within the range of 260 to 230 levels. Traders should closely monitor price movements around these critical levels to gauge the stock’s next directional move.
HEROMOTOCO (Hero Motorcorp Limited)-
Hero MotoCorp Limited (HEROMOTOCO) exhibits a strong bullish trend on its daily chart, exemplified by its recent price movements. The chart displays a small rectangle pattern spanning over two months, followed by the formation of a pole and flag pattern. Currently, the price is trading within this pattern and attempting to move upwards, supported by robust volume and bullish candlestick patterns.
A potential bullish breakout could occur if HEROMOTOCO manages to surpass the 4850 level and maintains its position above it. In such a scenario, we anticipate significant upside momentum towards the 5200-5500 levels in the coming days, aided by the presence of support around the 4500 level.
Conversely, if HEROMOTOCO fails to sustain its upward trajectory and trades below the 4400-4300 level, we may witness a downturn in the price. Should this support zone be breached and sustained, the stock could experience a decline towards the 4000 to 3800 levels. It’s essential for traders to monitor price movements around these critical levels to ascertain the stock’s future direction.
Pidilite Industries Limited (PIDILITIND)-
Pidilite Industries Limited (PIDILITIND) demonstrates a significant price pattern on its daily chart, characterized by a long-standing rectangle formation spanning approximately 2.7 years. This pattern encompasses a price range of 2000 to 2900 levels, indicating a prolonged period of consolidation. Recently, the price has experienced a breakout above the resistance level at 2850, following a period of consolidation.
A potential bullish scenario may unfold if PIDILITIND manages to sustain its position above the crucial 3000 level. In such an event, we anticipate further upside movement towards the 3300-3500 levels in the coming days, with support expected around the 2800 level.
Conversely, should PIDILITIND fail to sustain its upward momentum and trade below the 2800 level, we may witness additional consolidation within the range of 2800 to 2500 levels. Traders are advised to closely monitor price movements around these critical levels to assess the stock’s future trajectory.
F&O Breakdown Charts
Polycab (Polycab India Limited)-
Polycab India’s daily chart depicts the presence of an Ascending Triangle Pattern over the past 3 months. Presently, the stock is consolidating within a robust range of 5000 to 4700 levels. Notably, the price action has formed a dark cloud pattern near the resistance level, which coincides with a gap in the chart, indicating a potential reversal signal.
A breakout above the 4775 level, if sustained, could signify a fresh bullish momentum, leading to an upward movement in the price trajectory. This breakout may pave the way for further upside potential, targeting levels between 5400 to 5700.
Conversely, a failure to surpass the 4775 level and a subsequent sustainment below it could trigger a fresh breakdown in the chart. This scenario might lead to a downward movement towards the 4500 to 4300 levels in the upcoming trading sessions.
TRENT (Trent Limited)-
Trent’s daily chart exhibits a strong upside trend, albeit recently experiencing consolidation within the range of 4150 resistance level and 3700 support level. A crucial juncture is currently unfolding.
Should the stock breach the support level and sustain below it, a significant downturn in the chart is anticipated. Below this level, TRENT could potentially descend towards the 3400 to 3200 levels in the near future.
Conversely, failure to move downward, coupled with a breakthrough above the 4100 level and sustained trading above it, may herald a substantial upward movement in the chart. In such a scenario, the price trajectory could aim towards the 4300-4500 levels, supported by the 3800 level.
Godrej Consumer Products Limited (Godrejcp)-
Godrej Consumer Products’ daily chart depicts a robust diagonal support, resembling an Ascending Channel pattern, indicating a favorable outlook. However, a recent formation of the piercing pattern suggests potential downside movement in the near term.
Should the stock breach the 1200 level and sustain below it, a significant decline towards the 1140 to 1100 levels is anticipated. This downward trajectory could be supported by the 1240 resistance level.
Conversely, if Godrej Consumer Products’ daily chart maintains its diagonal support without breaking the support level, we may witness a consolidation phase within the current range of 1180 to 1280 levels.
Cash Breakout Charts:-
SKIPPER (Skipper Limited)-
Skipper Limited’s daily chart indicates trading within a Rising Broadening Wedge Pattern. Recently, the stock found support at the diagonal support line, marked by the formation of a dragonfly doji. Although the preceding candlesticks lacked volume, the subsequent two candlesticks exhibited strong volume and formed bullish marubozu candlesticks, indicating a robust upward movement. Currently, the price is hovering near the 300 level, and if sustained, it could pave the way for further upward movement.
Should Skipper manage to maintain its position above this level, it could potentially ascend towards the 340 to 400 levels in the coming days, with the 260 support level offering significant backing.
Conversely, failure to sustain upward movement and a breach below the 240 level could signal a fresh breakdown in the chart. In such a scenario, the price may undergo a significant decline towards the 180 to 160 levels.
DEEPINDS (Deep Industries Limited)-
On Deep Industries’ daily chart, the stock is currently trading within a strong rectangle pattern near its all-time high, spanning over an 8-month timeframe. Despite this consolidation, a notable price spike occurred during Friday’s trading session, accompanied by strong volume. While the price is attempting to move higher, it remains confined within the boundaries of the rectangle pattern.
A significant breakout confirmation is awaited if Deep Industries’ daily chart manages to surpass the 300 level and sustain its position above it. Such a breakout could propel the price towards the 340 to 400 levels in the forthcoming days, supported by the 270 level acting as a crucial support.
Conversely, if the stock fails to move higher and trades below the 300 level, we may witness further consolidation within the current range depicted on the chart.
Amer Enterprises Limited (AMBER):-
On Amber’s daily chart, a robust diagonal support line is evident, with recent price action showcasing a strong rebound from this support line. A perfect Hammer pattern has formed at the 3000 support level, supported by substantial volume and price activity. Consequently, the stock has commenced an upward trajectory with notable momentum.
A significant breakout confirmation is anticipated if the stock crosses the 3600 level. Following this breakout, further upside movement is expected, with the price targeting the 4200 to 4600 levels in the forthcoming days. The 3200 support level is expected to provide crucial backing to this upward movement.
Conversely, if the price fails to sustain its upward momentum and trades below the 3200 level, a substantial decline in the chart is envisaged. This could lead to a downward movement towards the 2600 to 2400 levels in the near future.
Avenue Supermarts Limited (DMART)-
Avenue Supermarts’ daily chart has recently experienced a significant breakout in the symmetrical triangle pattern, spanning over a period of 2.3 years. This breakout is characterized by strong volume and price action, further reinforced by a breakaway gap, indicating a robust upward momentum.
With these bullish indicators in place, we anticipate potential upside movement towards the 4800 to 5400 levels in the upcoming days, supported by the 4100 level serving as a crucial support on the chart.
However, should DMart’s daily chart fail to sustain its upward trajectory and trades below the 4100 level, we may witness a potential consolidation phase within the range of 3600 support to 4100 levels.
Sudarshan Chemical Limited (SUDARSCHEM):-
Sudarshan Chemical’s daily chart has impeccably followed a recent breakout in the cup and handle pattern, formed over a 1.5-year timeframe. The breakout occurred at the 540 level, propelling the stock to reach the 600 level. Currently, the price has experienced a fresh breakout in the inverted head and shoulder pattern, which has been developing over a 2.5-year period. This breakout, occurring at the crucial 600 resistance level, is supported by robust volume and price action.
With the current bullish momentum, the price is expected to ascend towards the 680 to 761 levels in the forthcoming days, with the 560 support level acting as a significant anchor on the chart.
However, if Sudarshan Chemical’s daily chart fails to sustain its upward movement and trades below the 600 level, we may observe a potential consolidation phase within the range of 520 to 600 levels.
Cigniti Technologies Limited (CIGNITITEC):-
CIGNITITEC’s daily chart displays a promising breakout in the pole and flag pattern, spanning over a 4-month timeframe. The stock has recently broken out at the 1200 level, accompanied by bullish marubozu patterns and robust volume, signaling a bullish momentum.
With this breakout, the price trajectory is anticipated to ascend towards the 1500 to 1700 levels in the coming days, supported by the recent breakout level of 1200 and the 1100 support level.
Conversely, failure to sustain upward movement and a decline below the 1100 levels could lead to potential consolidation within the range of 930 to 1200 levels in the chart.
Charts to Watch:-
The Hi-Tech Gears Limited (HITECHGEAR)-
On Hi-Tech Gears’ daily chart, we identified a breakout at the 600 level, and currently, the stock is exhibiting upward movement with significant volume and price momentum. The chart pattern resembles a rounding bottom pattern, which has developed over a span of 6.5 years, indicating a strong bullish trend. With these bullish indicators in place, the stock is poised to ascend towards the 750-800 levels in the upcoming days, supported by the 500 level acting as a crucial support on the chart.
However, if Hi-Tech Gears’ daily chart fails to sustain its upward momentum and trades below the 575 level, we may witness a potential consolidation phase within the range of 450 to 600 levels in the coming days.
Info Edge Limited (NAUKRI):–
Naukri’s daily chart reflects a recent breakout in the rectangle pattern, spanning over a 2-year timeframe. Presently, the stock is trading within a pennant pattern, which signifies a continuation of the rectangle pattern movement. Notably, Friday’s candlestick exhibited a hammer pattern, indicating potential bullish momentum.
A significant breakout confirmation is anticipated if the stock crosses the 5300 level and sustains its position above it. In such a scenario, we may witness potential upside towards the 6000 to 6600 levels in the forthcoming days, with the 5100 level serving as a crucial support on the chart.
Conversely, failure to move higher and a decline below the 5100 level could lead to further consolidation within the current range of 5100 to 5300 levels on the chart.
Allcargo Logistics Limited (ALLCARGO):-
Allcargo Logistics’ daily chart trading inside the rectangle pattern with the rangeof the 50 to 94 levels but currently stock has formed fresh lower support level near the 63 level and stock took strong support here and bounced with the bullish marubozu pattern with strong volume. If stock is able to hold the 73-74 level and sustains above this we can see some possible upside towards the 84 to 94 levels in coming days wit the help of the 63 support level on the chart.
If Allcargo Logistics’ daily chart is not abelt o move upside and traded below the 63 level we can see some huge consolidation between the range of the 50 to 63 levels in the chart.