HPCL - Reversal on Cards

HPCL - Bearish Shark Pattern

GMR Infra - Smooth Roads Ahead...!!!

GMR Infra - Retesting of Breakout levels in weekly chart

GMR Infra - Pre-emptive Shark Pattern in daily chart

Stock price of GMR INFRA was moving in sideways direction for two years ending March 2014. The consolidation phase has resulted into formation of ‘Inverse Head and Shoulder’ in weekly chart. Stock has given breakout from the same in the month of April 2014. Before achieving the full target of the mentioned pattern; stock has corrected and reached back to the breakout levels, which is the natural tendency of the pattern. Last week counter has retested breakout neckline, which also coincides with 89-week EMA and started bouncing back after formation of ‘Hammer’ in daily chart. 

On Momentum Indicator front, RSI is moving well above the trendline in weekly chart, whereas we are observing series of positive divergence by RSI in daily chart; indicating reversal on cards.

If we meticulously observe the prices in daily chart, we are witnessing emergence of a beautiful harmonic pattern in daily chart, named as ‘Shark Pattern’. Here, we are projecting the completion of ‘Bearish Shark Pattern’ in daily chart of GMR Infra, the completion of this pattern will be around 36.50 - 37 levels.

As all other indicators and oscillators are moving resiliently in favour of buy side on the counter along with the harmonic pattern, I'm advising traders to go long in the stock at current market price and on dips to 23.75 for the upside targets of 33/36/42. Stop loss for the trade should be placed below 22.85 on closing basis. 

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Bearish Deep Crab Pattern in weekly chart of Glenmark Pharma

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Bullish Shark Pattern in Daily chart of Zee Entertainment