We have retraced 38% (4950) of the entire downfall from 5310 to 4770, now to go beyond this we need to cross 4965 for a move upto psychological level of 5000 & then 50% retracement level i.e 5040. The moving average crossover is also taking place 5035-5050 which would be difficult for Nifty to break. As we are going up the participation is getting low, we recorded the lowest volumes in last 6 trading sessions when Nifty was up 100 points. The supports for the Nifty are placed at 4900/4860.
Stock View:Chennai Petro
Since Novemeber 2009 CHENNPETRO stock is not closing below the Green support line which is a good sign as this stock is making higher lows. There is also a Red Line which will act as a resistance for any upmove. Buy this stock at current levels around 240 and add more above 253 for short term targets of 265 and 280. Keep a stop of 220 on closing basis.
Have a nice trading day
Regards
Ankit
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