Today's trade setup is purely technical analysis on Reliance Industries. Looking at Reliance daily chart we see stock has previously taken support near 700 level, However this support may not give immediate rebound, but consolidate first and then rebound. Chart suggest we are already in consolidation near 700 level, if we switch to weekly chart we see current price action is just taking support at ... [Continue Reading]
IGL Stock is Supported by Rising Trendline, Strong Buy Recommended near 357 Level
IGL is our short term recommendation, this stock has been continuously trending up, Which is supported by rising trend line. Since the stock is in long term uptrend we will focus only on buying signals generated by slow stochastic indicator. If we look at weekly chart we see, IGL has faced resistance at 355 to 365 zone. So this zone for now will act as support level for stock, hence bounce in ... [Continue Reading]
Stock Trading at Strong Support: Buy MCDOWELL-N Future near 694, Target 719
United Spirits Ltd, is trading near the strong support zone and we are expecting MCDOWELLS-N stock to bounce towards 719 level in 2 or 3 days. Stock is extremely oversold looking at 15 days RSI we see it at 27 level, hence a bounce at this support level is more likely to come out of oversold region and we have target for MCDOWELLS-N stock at 719 and then 726 levels. We will advice traders to buy ... [Continue Reading]
Right Time to Buy HDIL December Series Future, Price Action Testing Support of 62.65 Level
Today we have another trade setup for a stock that was in downtrend, its HDIL. We have seen this stock making the series of lower tops and lower bottom, Today what we have seen is it was trading at 62.65 level which is very strong support for this stock (Low that was made on 3 March 2009). So we expect this stock to bounce from that support level towards 71 zone. Our advice is to accumulate HDIL ... [Continue Reading]
M&M is Supported by a Rising Trendline, Support Seen at 681 Level, Buy M&M
M&M is one of our best performing stock in even bad markets. Today after strong selling in nifty futures we have seen this stock testing its support of 681 level which is a rising trend line support. The stock has earlier taken 5 times support at this rising trend line so we believe this time stock will again bounce after testing this support level. Hence we recommend traders to Buy M&M futures ... [Continue Reading]
