Nifty larger degree trend likely to turn negative
Nifty (4970↓116): As seen from the appended chart Nifty reacted exactly from the 50% retracement level of its previous rise. The pull back following the completion of an “Expanding Triangle” pattern formation was expected to be weak.
Whether, yesterday’s sharp down ward move would be able to sustain the crucial 4786 the support level so far its larger degree trend is concerned.
Nifty broad support level is placed at 4897-4786, it failure to sustain the support or its move below 4786 would turn the larger degree trend to be negative.
On the contrary, Nifty if able to maintain 4897-4786 then the trend would remain in a broader range for next few weeks, the support for the range would be at 4897-4786 and resistance at 5100.
As the Nifty trend is having a negative bias, avoid fresh long position, fresh long position should be initiated only above 5100 levels, until then remain cautious.
SAIL
Strategy Sell Previous Closing Price Rs.198 Target Price Rs.191 Stop loss Rs.202.60
Tata Motors
Strategy Sell Previous Closing Price Rs.721 Target Price RS.705 Stop loss Rs.732
Lupin Strategy Buy Previous Closing Price Rs.1853 Target Price Rs.1900 Stop loss Rs.1820
No comments:
Post a Comment