Most stocks find key resistance, nifty finds support

Hello all!!


As mentioned in the last day's post, the bourses closed with a negative bias. While Sensex closed at 15666 losing 255 points, nifty closed at 4662 losing 70 points.

The nifty has closed very close to its vital support of 4658, which might give a push to the nifty or at least may not let it fall as hard as yesterday. At the same time, there are many stocks which are currently quoting at their resistance levels.
All I am waiting for is a decisive break above 4739 on any day on nifty.

At the same time, Sensex's support is seen in the zone of 15470-15370.

Almost all the stocks discussed yesterday are approaching their targets. Rest will soon follow the suit.

Aban offshore (targets of Rs1418/- and Rs1632/- were given in earlier posts) quotes a price of Rs1630/-. Now, there are factors that suggest a consolidation to correction mode on Aban Offshore. As said yesterday, any dip in the stock is a wonderful opportunity to buy. Its current resistance is Rs1632/-.

Bhel - A decisive breakout above Rs2351 is awaited, which will generate a buy signal with a target of Rs2741/-. (breakout can come anytime in the next 7 days.)

Carry a positive outlook on Bajaj Auto Ltd. and Hero Honda.
The former positioned at Rs1215/- is not too far from its minor resistance of Rs1224/-, while in the case of latter, a breakout above Rs1533/- is awaited to trigger a buy signal again. Rs1476/- is the support for Hero Honda.


Disclaimer:-
1) Predictions of movement of Stocks are purely based on thorough technical analysis by the writer.
2) Writer bears no responsibility for any decisions made by any individual or firm based on analysis given in this page.
3) Writer shall not be liable for any damages or gains incurred due to recommendations presented on this blog.