Yesterday Nifty has formed “small white Candle” with open and low of same rate, Yesterday was second day where Nifty has given close below two and half month old trend line support with dead crossover of 5 days EMA to 20 days EMA. Near term major support placed at 50 days EMA which is placed at 5170 level. Daily momentum indicators are showing sign of weakness but Stochastic is hovering in over sold zone which may give some amount of bounce back in market. Major resistance placed at 5280 level where we may see some supply. Overall market will remain volatile avoid spike on either side.
BGR Energy (575)
Yesterday stock has given three month old downward sloping trend line breakout with “White Opening Marubozu and strong volume breakout on daily chart. Daily momentum indicators are hovering in bullish zone especially MACDh has given strong buy signal. Short term moving averages are favoring upward movement. Weekly RSI also generating buy signal in bullish zone. Looking at all above parameters traders with high risk appetite can consider Buy above Rs.579 with stop loss of Rs.571 for a Target of Rs.594.