Nifty cracks as was expecting... Now 5345-5355 will act as huge resistance for any attempt of bounce back, Below 5280 expect more weakness

Stock View: Essar Oil

Essar oil is trading in a 6- month triangle formation and it is now trying to breakout of that. Yesterday it did breakout but could not close above the red resistance line. For short term players Buy Essaroil at current levels of 150 with a stop loss of 145 and look for 159/162. For medium term players Buy Essar oil at 150 for medium term targets of 174/190 with a stop loss of 135 on closing basis.






Stock View: Vipind

A perfect triangle formation for Vipind. Now break of this triangle upwards can take the stock to much higher levels but the stock is a high beta stock and is a risky pick so trade in small qty. Buy Vipind above 284 with a stop loss of 273 with quick targets of 300/310.




Have a nice trading day

Regards

Ankit