Nifty daily chart has formed “Gravestone Doji” bearish candlestick pattern, although this pattern occurred in consolidation zone and where macro factors are going to influence more rather than technical alone. As said earlier 4675 will work as strong support for the market and as long as this level sustains there should not be panic in market. Next important resistance to watch out is 4918 level, two closes above this level, invite bull to take charge. Trader should remain cautious and avoid spike on either side.
Hind Dorr Oliver (186.60)
Stock was trading in the range of 160-184 levels since last one and half month, yesterday stock has formed “White Opening Marubozu” bullish candlestick pattern and given breakout to trading range as well in volume on daily chart. Daily momentum indicators are featuring in bullish zone. Looking at all above technical evidence trader with moderate risk appetite can consider Buy above Rs.187 with tight stop loss of Rs.182 for a Target of Rs.198.
Stock was in continuous uptrend since mid December and yesterday Stock has formed “Bearish Engulf” bearish candlestick pattern, which may be the first bearish reversal signal for the stock, more over in last three days stock has faced strong resistance at 1850 levels with triple top formation. Daily RSI and Stochastic has given negative crossover to signal line. Looking at all above evidence trader can Sell below Rs.1760 with tight stop loss of Rs.1782 for a Target of Rs.1700-1692.