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 )
Dow Jones view:
DowJones has bounced back sharply from the green trendline (starting from August) and around psychological support level of 10000. This bounce back can face strong hurdles around 10320-10350 because of the following reasons:
1) Red line which was earlier a support now will act as a barrier and is placed around 10350.
2)38% of the entire fall from 10770 to low of 10045 come out to be 10320
3) There is 50 EMA at around 10350 which will act as a hurdle for Dow Jones.
Stocks to watch out for:
Buy BHEL above 2430-2450 for short term targets of 2520-2550 .
Buy ALBK 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.
Buy Gtl Infra above 46 for targets for 48/49.5 in extreme short term ( chart posted some days back)
Stock View: HINDUNILVR
After HINDUNILVR stock broke the purple support line it fell very sharply as the stock was holding this purple support line since last 6 months and had a strong support at that level. Now the stock is getting a bit oversold and can bounce back sharply from its next strong support zone of 220-225. This sharp fall is due to cut in prices of its products which can lead to reduced margins. As it is a defensive pick so investors can start accumulating this stock from 230-220 and buying should be done in a pyramid manner so that when markets fall from here there should be some defensive pick in the portfolio which gives positive returns at that point of time.
Have a nice trading day
Regards
Ankit
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