Nifty (5156.65) – Small White Candle
Yesterday was a second day, where nifty has sustained important support of 5122 level. On candlestick front Nifty has formed “Small White candle” with long lower shadow which suggests some sort of buying at lower level. Daily momentum indicators are showing some sign of tiredness on either side movement. Important intraday Resistance placed in the range of 5172-5192 levels and intraday support placed in between 5122-5098 levels. Still avoid spike on either side.
Tech mahindra (734) – Long White Candle
After making high of Rs.1130 in January end, stock was in continuous downtrend and yesterday stock has formed a “Long White Candle” with decent volume breakout, which technically suggests initial stage of trend reversal. From last four days stock is trading in accumulation phase. Daily momentum indicators like RSI, Stoch and MACDh after appearing in over sold zone given positive cross over to signal line. Looking at all above evidence traders with moderate risk appetite can consider Buy at current level of Rs. 734 with tight Stop Loss of Rs.712 for a Target of Rs. 774.
ALBK (164.30) – Long White Candle
After making low of 148 in early may, stock was in uptrend and yesterday stock has formed “Long White Candle” with rising volume on daily chart. 3 days EMA has given positive crossover to 8 days EMA. Daily momentum indicators have also given positive crossover to signal line. Weekly RSI also showing strength for up move. Looking at all above evidence traders with moderate risk appetite can consider Buy above Rs. 165 with tight Stop Loss of Rs.161 for a Target of Rs. 174.