At least we have stopped falling and Nifty bounces back from around my level of 4660 i.e 630 points fall from the high, exactly same that took place in the month of October ( see previous post ).
Now that the bounce back has started it can take Nifty up to 4860( the red line which will act as resistance around these levels ) and 4920 ( which is around the recent top & 38% retracement of the entire fall of 630 points.
Nifty has good support at 4770/ 4730. Below these Nifty will again become weak and may head for the previous low of 4675.
Stock View: NagarFert
Budget favourite stock- NagarFert, Since March 2009 is taking support from the green trendline and is not closing below that as a result of which green line is a strong support line.
Stock can be included in your portfolio for short term at around current levels of 35 with a stop loss of 30 on closing basis for targets of 50-55.
Stock will gain momentum only after sustaining above 40-42 levels as there are many overhead resistances in the stock at that level ( see chart, the red lines act as resistances )
Stock View: STC India
STCindia - Trader's favourite stock has given breakout from its pennant like chart pattern and the volumes of the last move were also huge so its the price-volume breakout.
Stock is a buy on dips to 530-532 for very short term targets of 560.
If the stock has to be included in the portfolio for short term then it can be bought at around 520 for targets of 650 and stop loss would be 475
Sorry for not posting for last 2 days as i was busy with some work.
Have a nice trading day
Regards
Ankit
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