Nifty has formed “DOJI” an indecisive pattern on daily chart but lower shadow of the DOJI is almost four times of Body which depicts buying seen at lower level. Daily momentum indicators are generating mix signal at this point of time. Next immediate support placed at 5035 levels and immediate resistance placed at 5120 level, either side breakout will provide us continuation of trend. 200 days EMA placed at 5003 level and as long as this level survives on closing basis trend is likely to remain up.
Mundra Port (696.45)
Yesterday stock has formed “Long White Candle” with decent volume breakout on daily chart. 3 days EMA has given positive crossover to 8 days EMA and also stock has given strong close above 20 days EMA. Daily momentum indicators RSI and Stochastic are featuring in bullish zone. Looking at all above technical parameters traders with moderate risk appetite can consider Buy in range of Rs697-694 with tight stop loss of Rs.683 for a Target of Rs.724.
Neyveli lignite (148.40)
After making low of 138 on 27 May 2010, since then stock is making higher highs and higher lows and it seems stock is bottomed out. 3 days EMA has given positive crossover to 8 days EMA and also stock has given strong close above 20 & 50 days EMA. Four and half month old downward slopping trend line breakout placed at 149 levels. Looking at all above technical parameters traders with moderate risk appetite can consider Buy above Rs.149 with tight stop loss of Rs.145 for a Target of Rs.156.
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