On Thursday Nifty daily chart has formed “White Opening Marubozu” and fresh buying and bit of short covering seen in later part of the day. Daily momentum indicators are featuring bullish outcome but sustainability is a still question as market is more affected by macro factor rather than technical at this point of time. Short term major support placed at 4700 level and major Resistance placed at 4940 breakout /down will give us continuation of trend.
Stock is making higher highs since last five trading days with decent volume on each day. On candlestick front, Thursday stock has formed “Long White Candle” suggest bullish outcome. Daily Momentum indicators are also featuring bullish outcome. Looking at all above technical parameters trader with moderate risk appetite can consider buy above Rs.274 with tight Stop Loss of Rs. 270 for a Target of Rs.284-287 in 5 Trading Days.
Sesa Goa (383)
After making low of 340 on 5 February, stock is forming higher highs on daily charts with rising volume. On Thursday stock has given strong breakout of 20 days SMA, which depicts short term trend turns positive. More over daily momentum indicators are also featuring bullish outcome. Looking at all above parameters trader with moderate risk appetite can consider buy above Rs.383 with tight stop loss of 378 on closing basis for a Target of Rs.396 in 5 Trading Days.