TITAN has been trading within 940-1030 zone for almost one and a half months, taking a pause after a sharp rebound
The momentum indicators and oscillators are very well in the buy mode on the weekly scale which hints that bulls are making a comeback and the current pullback is likely to extend further
The stock of ICICI Bank has made a good support base near Rs 340 levels and is currently indicating a trend reversal
One step at a time is the strategy to follow and better to timely book profits in the rally. Traders are advised to keep following stock specific moves and the base now remains at 10,660 - 10,560
We might witness weakness only if Nifty breaks level of 10,700
The stock of Divis Labs has witnessed some correction and has showed signs of bottoming out near 2140 levels. The RSI is showing a trend reversal from the oversold zone to signal a buy
The stock price is also placed above all important moving average parameters
The volatility index, IndiaVIX, fell by 5 per cent and ended at a 4-month low of 24.75 levels on Thursday
Nifty is continuing its uptrend and looks set to achieve 76.4% retracement of the entire fall seen from 12,430 to 7,511.
The current chart formation, along with the positioning of the confirmation indicators, are all pointing towards a fresh breakout ahead in Axis Bank's stock
The stock of Time Technoplast has made a higher bottom formation pattern and is currently picking up momentum
Traders should try to create long position keeping close eye on 10,500, as it might act as crucial support for weekly expiry
The NIFTY index completed its 61.8 per cent Fibonacci retracement of the entire recent fall from the top, which is coming around 10,552 levels.
It would be advisable to protect long positions in the Nifty with 10,200 stoploss. Above 10,410, Nifty could move towards 10,600 odd levels.
The stock of HDFC Bank has moved past the barrier of 1,050 levels and has come into a new territory with positive bias
As per monthly option data, handful of call writing on higher strikes ranging from 10,400 to 10,600 is seen which shows Nifty might witness resistance in sub-zone of 10,500.
The support for Bank Nifty is seen at 21,500, while Nifty has got support at 10,300.
As per monthly option data, a handful of put writing on higher strikes ranging from 9,900 to 10,200 is seen which shows Nifty might witness support in subzone of 10,000
The stock of ABB has made a higher bottom formation pattern taking support near 776 levels and has picked up with momentum to improve the bias
Nifty likely to face stiff resistance at 10,000 as maximum call OI is placed here. We might witness strength only if Nifty breaks level of 10,000.