Nifty View: As I have been saying for past few days that 4800 is an important level to watch out for ( see previous posts ) , Nifty third time took support from the green trendline which is placed around 4800 shown by 3 small red circles.
Now the question everyone would ask is till where this bounce back can last??
The answer is the levels given below will act as strong resistances
1) 4940-4960 ( 38% retracement + last support which was held by Nifty
2) 5030-5040 ( 50 % retracement + high made on 25th Jan)
3) 5090 ( 62% retracement + high made on 22th jan )
Plus watchout for the purple trendline in the charts it would be difficult to crossover.
Stock View: Bank Baroda
This Friday the Bank Baroda stock has given a multi-month breakout on the charts. The stock did outperform the markets in the last few days and also didn't break its green support line while index was correcting 10%. The stock can be bought in dips to 565-570 levels for targets for 590-620 and the stop loss should be placed at 525 for this trade.
Stock View: BHEL
The stock is witnessing a converging triangle pattern on Daily charts which if broken can give 100-120 points either side very easily. The stock has overhead resistances placed at 2430-2450. If the stock crosses this resistance with volumes then it can be headed to 2550. So Buy BHEL above 2430-2450 for short term targets of 2520-2550 .
Stock View: Allahbad Bank
Allahabad bank is also witnessing a bullish pattern on the charts and is about to cross the three month old red coloured resistance line on the charts. The stock is a buy if it crosses and closes above 145 or wait on dips to 135 to buy this stock. The targets for stock in short term are 145-160. The stop loss for all the trades should be placed at 130 on closing basis.
Have a nice trading day
Regards
Ankit
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