Bulls unlikely to lose grip; downside supports seen at 9090-9050 zone: MOSL
Nifty index negated its formation of making lower lows of last nine trading sessions and formed a Bullish candle on the daily chart. Candlestick pattern for last two days resembles a bullish engulfing pattern. Recently it made a short-term bottom of 9,075 with the occurrence of Bullish Hammer and now a hold above 9,135 could continue to attract support-based buying interest towards 9,218 and 9,250 zone while on the downside supports are seen at 9,090, and then 9,050 zone. However, short-term bullish reversal on chart with stock specific buying interest indicates that bulls are not ready to lose their grip by looking at major market trend.
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Last Close: Rs 915
Stop Loss: Rs 902
Target: Rs 945
'Price forms a Bullish Harami cross pattern at the support of Rising trend line. The trend line is sloping upwards, which means the trend is bullish. Price has seen a meaningful correction. The decline from the high is on low volumes suggesting that there is minimal selling pressure in the stock. At current levels, the price is offering a good reward to risk ratio and hence a trade on the long side is recommended.
Last Close: Rs 454
Stop Loss: Rs 442
Target: Rs 470
The stock has taken a support at previous hurdle of Rs 442 and given a Bullish reversal on daily chart after forming the lower lows in the last seven trading sessions. It is giving the buy signal after the correction from Rs 506 to Rs 442, thus it looks attractive in terms of risk-reward ratio.