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Cipla Ltd

• CIPLA on the weekly chart has decisively broken out above the “Multiple resistance zone” placed between 1080-1070 level on 30th Sep, 2022.

• Stock had given a throwback till breakout area and forms a bullish candle at a breakout zone indicating reversal after a profit booking, 23 December, 2022reversal after a profit booking,

• Stock is forming a higher high-low on the daily chart. This formation indicates a positive uptrend.

• The weekly strength indicator RSI is holding above a reading of 50 mark indicates positive momentum.

• The above analysis indicates an upside of 1185-1230 levels

• Holding period is 3 to 4 weeks.

Buy Cipla Ltd CMP: 1126 Buy Range: 1120-1098 Stop loss: 1070 Upside: 7% –11%

Ashok Leyland (Jan Future) Ltd

• ASHOKLEY on the weekly time frame has decisively broken down below the “Head and Shoulder” pattern. Neckline for the same was placed at 142 level.

• Stock is forming Lower high-low on weekly chart. This formation indicates a negative downtrend.

• The daily “Bollinger band” generated a 23 December, 2022• The daily “Bollinger band” generated a sell signal as stock closed below the lower Bollinger Band.

• The daily and weekly strength indicator RSI is in bearish mode and weekly RSI holding below its reference line which indicate negative momentum

• The above analysis indicates a downside of 130-122 levels.

• Holding period is 3 to 4 weeks.

Sell Ashok Leyland Ltd CMP: 138 Sell Range: 140-144 Stop loss: 148 Downside: (-8%)-(-14%)

Tata Steel Ltd (Jan Future)

* Stock on the weekly time frame has decisively broken down below the “Ascending Triangle” pattern with strong bearish candle indicating negative trend.

* It is facing a resistance at 61.8% Fibonacci retracement of a fall from 139-83 placed at 117, forming a resistance for a short term.

* The weekly strength indicator RSI crosses below its reference line which generated a sell signal

* The above analysis indicates a downside of 95-85 levels.

* Holding period is 3 to 4 weeks.

Sell Tata Steel Ltd  (Jan Future) CMP: 103 Sell Range: 105-109 Stop loss: 113 Downside: (-11%)-(-21%

ITC Ltd (Jan Future)

• ITC on the weekly time frame has decisively broken down below the “Range bound” consolidation pattern.

• Stock was consolidating between 330- 360 range. And in this week it had broken down below the lower band of consolidation indicating a down trend.

• Stock is well placed below 20, 50 and 23 December, 2022• Stock is well placed below 20, 50 and 100 key averages indicating negative momentum.

• The daily and weekly strength indicator RSI is in bearish mode and weekly RSI holding below its reference line which indicate negative momentum

• The above analysis indicates a downside of 305-295 levels.

* Holding period is 3 to 4 weeks.

Sell ITC Ltd (Jan Future) CMP: 329 Sell Range: 332-338 Stop loss: 349 Downside: (-9%)-(-12%)

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