Must Read: Three stocks that you can buy today
Last close: 5279
Benchmark nifty closed at two month high on Friday as global markets rallied quite sharply and on hopes of some reforms and policy decision coming by in near term as PM took charge of Finance Ministry. Technically, 5200 was the 50% Fibonacci retracement level of entire downside move from 5630 to 4770 which was acted as key resistance for the Nifty. The next and major 78.6% Fibonacci retracement comes at 5445 which would consider as resistance for near term. “Bias remains positive for the market till 5050, so make long on every dips for the target of 5445". Nifty is likely to face some resistance around 5300-5340 and the Support seems to be 5230 for next session.
Last close: Rs 232.45
Target: Rs 242
Stock melted down sharply from 330 to 197 levels in a one way downside rally resultant to make fresh 52-week low of 197 on 18th May and then after started moving higher. The recovery pattern leads to form the “Ascending Triangle" on daily charts which is bullish in nature. On Friday, stock has given the pattern breakout accompanied by above rising volume so buying momentum can continue for coming days for the target of 242 with SL of 226.
Last close: Rs 121.20
Target: Rs 128
It is apparent from chart that the stock facing vertical resistance around 125 with higher support line on daily charts. It is comfortable trading above short term and medium term moving averages while the volume is also increasing. RSI is also featuring bullish for this stock so one can make long for the upside target of 128 with SL of 118.
Last close: Rs 101.40
Target: Rs 106
Medium term bias remains positive for the stock & now it is in congestion zone resulting to form the lower highs and higher lows sort of “Continuation Triangle" on daily charts which indicating that bullish trend is intact and now on verge of breakout. So buy this stock for the upside target of 105 with SL of 99.
Source: Mudit Goyal, technical analyst, SMC Global
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