Nifty index opened positive but failed to cross its life-time high of 9,928 and witnessed a decline towards 9,863. It formed a bearish candle similar to a Bearish Belt Hold on the daily chart and almost nullified and engulfed the previous day’s bullish candle. It seems that bulls and bears both are fighting hard to make or break 9,900 zone to get a decisive move. Now it has to cross and hold above 9,900 zone to witness an up move towards 9,928 then 10,000 mark while on the downside supports are seen at 9,850 then 9,820 levels.
It has given a consolidation breakout and holding well above its rising support trend line on the daily chart. Major trend of the stock is positive and recent price set up provides a fresh buying opportunity. It formed a strong bullish candle and a hold above Rs 120 could start the sharp up move and fresh life time high territory.
It has given the breakout from its Pole and Flag pattern on the Daily chart. However it witnessed a small declines from Rs 760 but major pattern is intact which could drive the up move to respect the price pattern.
Made a highest daily close and given the breakout from its symmetric triangular pattern on the daily chart. It is having a strong price set-up and could support to Bank Nifty index as well to head to new high territory.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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