This is almost a 2 year chart for Nifty and it is observed there are many overhead resistances at around 5500 and it would be a herculean task for Nifty to overcome them. Three reasons why this level should stop the ongoing party for bulls:
1) The level for Parallel channel resistance formed in the chart comes out to be 5470-5500.
2) Highest closing for Nifty since Jan 2008 is 5463 on 4th Feb.
3) Highest intraday level achieved since Jan2008 is 5545.
So all these observations lead me to a conclusion that at 5450-5550 levels one should be overtly cautious and trade SAFE.
Stock View: Idea
As you see in the chart this red trendline is acting as a strong resistance for stock for the past one and a half years and recently it made the 6th attempt to cross this line but failed. Plus there is a green support line which is acting as a good short term support for the stock. The stock can be bought if it sustains above 69-70 zone for short term targets of 75/82 with a strict stoploss of 64. Look for higher vols in the stock while the stock is breaking out from the resistance zone.
Stock View: GSPL
Gspl stock bounced back with volumes from the important support of green supportline.Triangle breakout is likely to be seen in this stock. The stock can be bought at current levels of93 with a strict stoploss of 90 with targets of 99-101 in short term.
Stock View: Aarti Drugs
Over head red resistance line needs to be crossed for a quick short term upmove plus there is a green support line placed also which will act as a good support. Buy Aarti Drugs above 115-116 for a quick move till 125/130 with a stop loss of 108. Watch out for the high volumes when there is a move above 115.
Have a nice trading day
Regards
Ankit
No comments:
Post a Comment