Yesterday buying seen in later part of the day in market and Nifty ended with “Small White Candle” a relatively bullish candlestick pattern. 5 days RSI entered in bullish zone and MACDh has given signal of strong up move. Major trend decided resistance placed at 20 days EMA which is at 4893 level and Major support placed at 5 days EMA at 4817 level, either side breakout/down will provide more power in continuation in trend.
Century Textiles (498)After a making recent low of Rs 449 Stock was in accumulation zone and yesterday stock has formed a ”Long White Candle” with a upturn volume breakout. Also 3DEMA has given positive crossover to 8DEMA and stock is well trading above its 20DEMA. Momentum indicators RSI, MACDh and Stochastic has given positive crossover which imbibes that current trend is likely to continue . Looking at all above implications high risk trader can be buy above Rs. 497 with a stop loss of Rs487 and target of Rs.519
Stock has formed “Long White Candle” with a polite volume from last some days. 3 DEMA has given positive crossover to 8 DEMA more over price is also close above 20 days EMA. Momentum indicator RSI, MACDh and Stochastic has given positive crossover in daily charts which supports positivity in the stock. Also a major trend direction indicator ADX is at 34 which provides strength to current trend. Looking at all above implications stock can be bought above Rs. 323 with a stop loss of Rs318 and target of Rs.334.