It would be a herculean task for Bulls to cross 4940-4960 level now. But it would be a very easy task for Bears to break Friday's low of 4760-4780 because momentum has turned down since Nifty broke the purple momentum line on the charts. The last hope for Bulls is that there are cluster of supports between 4830 & 4760 and Nifty might take support at any of them and give bounce back. The support levels are :
4827, 4814, 4802, 4785, 4765
There would be a gap up opening but on the downside these will act as some kind of supports on the falling knife.
Stock View: TIL
The TIL stock has been facing lot of resistance at the red trendline and has reversed back 4 times( four circles ) from it but stock is also taking support and holding the blue support line since June 2009. Since volumes are so high there could be some actvity going on. Buy TIL above 410 or buy on dips to 340-350 for short term target of 500 with a strict stoploss of 290.
Have a nice trading day
Regards
Ankit
No comments:
Post a Comment