TCS, the tech giant closed at Rs. 3334.35, up by 0.17% on January 12, 2023. 

Looking at the support and resistance levels, we can conclude that there is a strong resistance at Rs. 3418.75 which the stock has not broken since July 2022 and the next resistance could be found at Rs. 3837.30 on a higher level. On the contrary, the stock has taken its support at Rs. 2980.70 several times in the last year.

Talking about the patterns formed, the stock is trying to form an ascending triangle pattern which is considered to be a bullish pattern. The volume level has also seen a surge in the last 3 trading days. However, a bullish trend can be only confirmed after it breaks the resistance level at Rs. 3418.75.

On plotting the 50-ema and 200-ema lines, we can see a golden crossover happening very recently i.e the 50-ema line (orange line) has cut the 200-ema line (red line) with good volumes. The golden crossover represents an initiation of uptrend.

However, the Stochastic RSI is at 89.90 which is in the highly overbought position. A short recovery is possible on the selling side.

The stock of Infosys closed at Rs 1471.25 on 11th January, 2023. The stock has fallen through three support levels in the past one month, which have now become its resistance (marked in yellow). 

As evident by the black line, the stock is in a downtrend as it has been making lower highs and lower lows. Buying seems to be picking up as the stock is moving upwards as it recently challenged its support (marked in blue) at 1448.15. Soon, the stock could end up challenging its resistance at Rs 1528.25 if buying picks up.

After plotting the Fibonacci Retracement, we can see that the stock recently hit the 0 level, which was its lowest level in the current trend and is climbing up towards the 23.6% or 1502.25 level. If the buying momentum sustains, the stock could rise even further to challenge the resistance at 38.2% or 1534.75 level.

After plotting the Stochastic RSI indicator to the daily frame chart, we see two lines, one blue and one orange line. The blue line is the K% while the orange line is the 3-day EMA of the stochastic RSI represented by D%.

With the RSI being at 41.69, the stock is neither overbought nor oversold. The K% line is currently below the D% line but is moving upwards. The same will continue to move higher as the buying momentum continues.

The stock of Titan Company closed at Rs 2437.40 on 11th January, 2023. The stock breached its support (marked in blue) at Rs 2466.55 on 11th January, a day after it temporarily breached the level but climbed back up.

The stock is currently moving in a downtrend as is clearly shown by the black lines displaying the stock making lower lows and lower highs. If the stock witnesses further selling pressure, it might breach its next support at Rs 2405.50, but if buying pressure picks up again, it could challenge the support it recently broke at Rs 2466.55 once again.

After we plot the Fibonacci Retracement on the chart, it is visible that the stock has currently hit the lowest price in the downtrend. The stock could hit fresh lows if selling pressure continues to plague the stock, but might reverse to the 23.6% or 2514.80 level if buyers take an interest in the stock.

After plotting the Stochastic RSI indicator to the daily frame chart, we see two lines, one blue and one orange line. The blue line is the K% while the orange line is the 3-day EMA of the stochastic RSI represented by D%.

At 32.46, the stock is neither overbought or oversold, so it can move either way. The K% line is currently over the D% line. But since the stock is in a downtrend, any further weakness in the stock will end up plunging the stock’s Stochastic RSI below 20, which is an Oversold zone.

Dabur India closed at Rs 544.95 on January 12, 2023, down by 0.62%.

Talking about support and resistance levels, we can observe that the stock has taken support at Rs. 490.65 and Rs. 522.30 in the last year. While, the resistance has been the same throughout the year at Rs. 596.20.

The stock has been in the uptrend on a larger time frame and it has not breached the trendline since 2018. This indicates a positive note on the investors front and this trendline could be used as a supportive zone for the investors to exit their positions.

Talking about pattern, the stock is in the formation of a rising wedge pattern. This pattern is generally considered to be a bearish signal for the investors. Investors/traders can lookout for shorting incase selling on rise is confirmed.

On the ema-front, the stock looks in a testing phase as the stock price is near its 200-ema line(red line) and it is trading below the 50-ema line (orange line).

The Stochastic RSI is at 11.39 which is highly in oversold position. A short recovery can be expected before the stock finalizes its trend.

Kalyan Jewellers closed at Rs 118.80 on January 12, 2023, down by 0.42%.Talking about support and resistance levels, we can see that the stock has its support at Rs. 107.90 which kind of looks strong while the other supports can be seen at Rs. 90.30 and a slight support at Rs. 85.85. On the other hand, the resistance faced by the stock is at Rs. 131.60.

The 50-ema line acts as a support for the stock and since the price is trading above both the 50-ema and 200-ema lines, the stock is in uptrend and there are no major signs of reversal yet seen from the charts.

The Stochastic RSI is at 22.45, which is near to the oversold position. This means selling on this stock is on the rise.

On plotting the fibonacci indicator, we can identify the support levels at each retracement level of 38.2%, 50%, 61.8%, 78.6% and at 100% retracement level. Currently, the stock is taking support at 38.2% level and it has already taken support at 61.8% after forming a big red candlestick.

The stock of Spicejet closed at Rs 38.20 per share on 4th January, 2023. The stock recently breached through its support (marked in blue) at 36.95 but climbed back up as it saw buying pressure below that level which drove the market price back up. The stock was moving in a downtrend from August 2022 until November 2022 as the stock made a ‘descending triangle pattern’, which is normally a bearish trend pattern, but the stock moved over the black line, which was signifying its downtrend (as evident by its lower highs and lower lows).

Shortly after, the stock rose to challenge its resistance (marked in yellow) at Rs 42. It broke out briefly but faced rejection and declined once again.The stock currently appears range bound between its resistance at 42 and support at 36.95. If buying picks up, it could challenge its resistance at 42 once again or go even higher to its other resistance points at 44, 47.55, 50.40 and 54.

Stochastic & Fibonacci

Upon plotting the Fibonacci Retracement, we can see that the stock recently reversed from the 23.6% level which has proven to be an important support for the stock. If the stock finds buyers in the coming session, the stock could go beyond its 23.6% level to the 38.2% level at 41.45.

In the chart shown above, the two lines placed at the bottom are the lines for the Stochastic RSI. The blue line is the K% line while the orange line is the D% 3-day EMA. The Stochastic RSI was at 60.15 on 4th January, 2023, meaning that the stock is neither overbought nor oversold. However, the stock is nearing the overbought zone at 80.

Considering the Stochastic RSI, the stock could climb up to its resistance 42, but would be overbought by the time it challenges the same and declines. Therefore, the stock is expected to be range bound between 42 and 36.95 for the time being.

The stock of Paytm closed at Rs 540.30 per share on 4th January, 2023. The stock had recently hit a lifetime low of Rs 438.35 per share after which the stock climbed back up. The stock had been moving in a downtrend all this time as shown by the black line (lower lows and lower highs).

However, after hitting the all time low, the stock climbed back up as it breached 2 resistance levels and challenged a third. However, the third resistance (marked in yellow) at Rs 545.55 proved to be too difficult for the stock as it faced rejection and fell back down. It breached its support at Rs 522.20 (marked in blue) but climbed back up once again.

In 2023, the stock has remained above the support level of 522.20 so far.

Using the Fibonacci Retracement, we can see that the stock is currently at the 23.6% level as the next level for the stock is at 593.90 or 38.2% if the stock is able to maintain its momentum and continue climbing up.

The Stochastic RSI displayed at the bottom of the chart consists of 2 lines: the orange line which is the K% line & the blue line, which is the D% 3-day EMA. According to standard rules, a stock is considered overbought if the Stochastic RSI score goes above 80 & undersold if the same score goes below 20.

Paytm’s Stochastic score was at 95.55 on 4th January, 2023, indicating that the stock is very overbought. In such a scenario, the stock could face harsh selling pressure in the coming sessions as the stock might breach through one or more of its resistance levels.

The share of Balrampur Chini Mills closed at Rs 386.75 per share on 4th January, 2023. The stock reached its lifetime high of Rs 525.90 per share in April 2022, but has seen significant decline since then. After that high, the stock was in a downtrend, but recently reversed in November 2022. 

It made the Morning Star pattern, which is a bullish reversal pattern. The reversal was evident after a few sessions as the stock made higher highs and higher lows. It breached through its resistance at Rs 355.35 per share as it maintained the momentum and challenged its next resistance at Rs 403.50. Late in December 2022, the stock briefly spiked above the level but couldn’t maintain its momentum as it fell back down.

On 4th January’s session, the stock was nearing its resistance once again, but declined once again.

After plotting the Stochastic RSI indicator, we can see 2 lines: a blue line and an orange line. The blue line indicates the K% while the orange represents the D%, a 3-day EMA of the Stochastic RSI. The Stochastic RSI was at 37.04, as on 4th January, 2023, indicating that the stock is neither overbought nor oversold.

Upon plotting the FIbonacci Retracement, we can see that the stock has fell below the 23.6% level after the session on 4th January, 2023. Should the selling pressure continue, the stock could decline to its support at 38.2% or 374.05. However, if bulls gain power, the stock could climb back to its support at 23.6% or 389.35.

If the stock faces buying pressure, the stock could challenge the resistance (marked in yellow) at Rs 403.50. However, if the selling pressure takes over the scrip, it could decline back to its resistance at Rs 355.35 per share (marked in blue).

The stock closed at Rs 53.60 per share on 2nd January, 2023. It recently breached through its immediate support at Rs 54.25 per share after breaking through it only 2 sessions earlier. It fell through the support on 21st December, 2022, and saw sharp declines as it tested its next support at Rs 45, but saw enough buying pressure to prevent a further decline.

The stock had recently touched a lifetime high of Rs 73.50 per share but has been consistently declining ever since then. As shown by the black line, the stock appears to be in a down trend.

If buying picks up in the stock, the stock could retest its (now) resistance (marked in blue) at Rs 54.25 per share. However, if selling pressure continues to dominate the stock, it would fall even further to its support (marked in yellow) at Rs 45. Its next support points would be Rs 42.40 and Rs 38.

The stock of NMDC closed at Rs 126.05 per share on 2nd January, 2023. The stock was reaching close to its previous 52-week high of Rs 126.75 during the day, but couldn’t withstand the selling pressure as it made a high of Rs 126.40 per share during the day and fell back down.

As shown in the chart, the stock appears to be moving in an uptrend as it broke out of its latest resistance level (marked in blue) at Rs 125.40 per share after today’s session. The stock had tested the same level on 15th December, 2022, but faced rejection from the market and fell back down. After facing the rejection, it had briefly breached through its support (marked in yellow) at Rs 115 per share, but recovered in the next session.

However, ever since the recovery, the stock has shown continuous growth as it breached through its resistance today, registering a growth of 12.8% in 6 trading sessions. If buying pressure sustains in the upcoming trading sessions, the stock could test its next resistance level at Rs 132 per share.

The stock of Castrol India appears to have fallen into a downtrend as the stock recently breached through its trend line. The stock began climbing on 10th October and appeared to be in an uptrend (Higher highs & Higher lows) till the last week of November. However, after that the stock stopped moving higher and began moving sideways.

It moved within the range of its immediate resistance at 135.05 and immediate support at 123.75 until the second week of December. However, in accordance with the Stochastic indicator, the stock was ‘Overbought’. The D line (3 days) of the indicator had breached the 80 mark and that was a sign that the stock was overbought.

A selling pressure took over the stock the very next day as the stock broke its trend line soon thereafter and fell significantly over the next few trading sessions. The stock had made a ‘Double Top’ Pattern shortly before declining which is a chart pattern which indicates a trend reversal.

After declining 13% in 8 trading sessions, the stock’s D Line Stochastic is currently at 22.77, indicating that the stock is nearing the oversold zone.

According to the Fibonacci Retracement levels placed along the chart here, the stock broke through the 61.8% mark in the latest trading session and the next key level for the stock is at the 78.6% mark. 

The stochastic indicator is yet to fall below the 20 mark. Moreover, the stock is nearing a resistance level and the 78.6% mark. This could serve as a key level from which the stock could bounce back in the next week.

The share price of the United Spirits’ stock closed at Rs 874.25 on December 23, 2022. The stock has reached an all time high of Rs. 1,019.95 on November 9, 2021. On December 9, 2022 the stock was on its way to breach its 52 - week high of Rs. 958 but due the selling pressure the stock reversed its direction after making a high of Rs. 951.80 on the same day.

The stock was moving in an uptrend as shown by the black line. Placing the support and resistance levels,  we can see that Rs. 875.20, Rs. 903.20, Rs. 939.60 and at Rs. 958.10.

After breaking the first resistance level, the stock headed towards the second and after facing rejection at the second resistance level, it fell down to take support at the previous resistance level i.e at Rs. 875.20.

The same continued until, the stock faced a greater selling pressure at a resistance level of Rs. 939.60 tried to take support at Rs 903.20 but couldn’t resist and gave a breakout.

The support levels for the stock are marked by a red line at Rs. 874.25 and at Rs. 843.05.

On plotting the fibonacci retracement levels, we can see that the stock is in its retracement and heading towards its 38.2% retracement level of Rs. 801.15. Also, there is a support at Rs, 861.50. If the stock is unable to take its support at the above mentioned level we can further see a downward movement to its 50% (Rs 833.10) and 61.8% (Rs. 805.10)  retracement levels.

On plotting the Stochastic RSI indicator to the daily frame chart, we can see two lines, one blue and one orange marked line. While the former denotes the Stochastic RSI represented by K% and the latter denotes the 3-EMA of the stochastic RSI represented by D%. The overbought position and oversold position are at 80 and 20 levels respectively.

The stochastic RSI  was at 0 as on December 24, 2022. That means the stock has been highly oversold. 

Can we expect a bull run since it's been oversold??

Here is the catch, firstly Stochastic RSI always follows the trend since Nifty is in bloodbath for the past 3 consecutive days and most of the stocks are down by 30%-50%. Secondly, to get a bullish confirmation, the K% line should crossover the D% line commonly known as bullish crossover supported by good levels of volume.

The stock price of the company closed at Rs. 76.95 as on December 16, 2022. The support and resistances are marked by the red and blue lines respectively. The stock has a support range of Rs. 68.40 to Rs. 70.90 indicated by a rectangular box. The resistance levels for the stock are at Rs. 77.55.

In April 2021, after the stock had given a breakout from the resistance level of Rs. 77.55 it moved towards to make a new high of Rs. 94.35 on November 9, 2021. Post which, the stock faced a selling pressure and fell down to take support at Rs. 77.55. Due to higher pressure on the global economy side, the stock fell down to make a support range of Rs. 68.40 to Rs. 70.90.

The 50-ema line is trading below the 200-ema line and we can expect a golden crossover in the coming days. A golden crossover is when a short term moving average line (let's say 50-ema line) crosses the long term moving average line. (lets say 200-ema line). However, such crossover should be supported by a good chunk of volume levels so as to confirm a bullish signal on the stock.

With the RSI level being at 61.96 on December 16, 2022, we can still see a slight up move in the stock until it reaches a level of “Overbought” position in the market. After which, we can see selling pressure accompanied by profit booking.

The stocks of UPL Ltd are trading at Rs. 771.35 as on December 19, 2022. The nearest support zone faced by the stock is at Rs. 769.45. Besides that the next immediate support faced by the stock is at Rs. 701.15, Rs. 659.85 and at Rs. 612.10. At Rs. 794.50 we can see a strong resistance to which the stock has tested twice since July 2022. A possible breakout from this range could take the stock to its second resistance level at Rs. 846.65. Breaking which, we could see new all time high for the stock.

Over a longer time period, the stock has formed a bullish pennant pattern. However, the volume levels do not look promising as volume traded has been in the decreasing order over the year.

The 14-day length RSI level as on December 16 ,2022 was at 51.68 i.e at a position neutral to both the buying or the selling side. 

On plotting the moving average indicator, we can observe that the stock price is above both the 50-ema and 200-ema levels marked by light blue and red lines respectively. When the stock price trades above the moving average lines it confirms a bullish signal or trend. However, we can also see a slight support at Rs. 734.15 marked by a black line where the stock has seen a slighter support around the months of July and August before heading towards Rs. 800.