5950 hurdle was broken but on a closing basis closed below the level.
Weekly Analysis:
Daily Analysis:
Summary:
Weekly resisted, Daily down. Weekly hitting the BrRL, daily BlSL around 5900 level, however the pullback can retrace different Fib levels - most promising as of now looks 5800 level (minor VPO also lies in this zone).
Technically the Bearish scenario that we talked about last time with VPO 4940 is not there as there has been a double top buy signal. Still otherwise proved, we should be looking at buy in the support zones.
Dear Rajib,
ReplyDeleteNifty is at 6050 given close above 5950 any upside analysis?
Regards,
Pinakin
@pinakin,
ReplyDeleteUpside - first double top resistance @6100 level, next channel resistance 6180-6220 level.
However, as I said the rule of swing trade is simple - buy in dip & sell in rise. There is no right formula for the dip / rise; if you follow certain technicals you will have to abide by that.
Regards,
Rajib
Dear Rajib,
DeleteLooking today's moment market took resistance around 6100 but sir the VPO 5800 is still valid or different level are you seeing.it ride was like crazy.
Regards,
Pinakin
@ pinakin,
DeleteYes it's near the resistance zone & looks like it has already hit. We should see it fall today itself, if not early next week. Next 1/2 weeks we should be looking to buy somewhere.
This week it goes with 5800 level, however next week, depending upon price action the level might go up.
Regards,
Rajib
Thanks a lot for expressing a positive opinion on a manufacturing stock after a long time....nifty levels
ReplyDelete