Short term Stock: Grasim is trading at support, Buy on dips

Grasim industries is another stock that is trading at a strong support level and is ready for up move, Stocks on weekly chart shows a up trend hence we only focus on buying opportunities. Recently slow stochastic has given a crossover on weekly chart so we are expecting strong buying here.
Also the chart shows that there is support at 2929, which was a resistance previously. But as price action is firmly above the resistance, so it has become a support.

Trade setup:

Trading opportunity is to look for buying this stock around 3000 for target of 3131 is few trading sessions. Stop loss for this trade must be below 2929. For medium term, stock has target of 3500 with stop loss below 2850 level. See below video for more detailed technical analysis.

About Bhaveek Patel

Bhaveek Patel is a technical analyst and investor, his areas of interest includes stock market, forex, gold.

Comments

  1. murty says

    Hello Sir,
    Your video on GRASIM is impressive….Time frame ? Please also put the date of posting a new article.. so that it can be reviewed.
    Thanks n regards
    murty

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