Cipla Ltd.

This chart is the classic example of big patterns are launch with the formation of  small patterns. Cipla is in a 13 months rectangle pattern, between 426 to 364. And 8 month Head and Shoulders Top with neckline at 378. It has close to consecutive weeks below 378. Trade short if close below 364 with stop loss of 378 for target of 300. 

GAIL

It has form 13 months Head and Shoulders bottom. Friday close above Neckline of 356 as confirmed the pattern. In daily chart the right shoulder is 3 months Ascending Triangle. Trade long for target of 395 to 430.

Reliance

The daily chart of Reliance Industries ltd. is forming a textbook H&S Top pattern. Note the symmetry between the two shoulders in both duration and depth. A decisive close below 836 would complete this pattern and establish an initial downside target of 800 to 765. 

Indian Rupee begins new period of depreciation against US Dollar

The longest term chart shows that the Rupee has been in an historical trend of depreciation against the USD. The Rupee is coiling within a 5-months Descending triangle on the daily chart. The daily chart shows that the jump today has resolved a 5-month trading range. If this move in the USDINR holds, it will prove to be the blast off in the next phase of Rupee depreciation. Very possibly a target to 64 to 65.75.

ACC Double Top

ACC has Breakdown of classic textbook Double Top pattern after 5 months of consolidation. Trade short with stop loss of 1040 for target of 880 in coming months.