Nifty Outlook
On the daily scale, a Head & Shoulder formation seems activated & the index registered consecutive firm close below its neckline. The pattern indicates a target upto 9,800 and a follow through move below 9,800 could amplify the bearish momentum. As we expect the seasonality effect to be witnessed in the current series, we advise participants to book profits wherever possible and await for the corrective wave to pass through. Therefore, we continue to remain bearish for the current series & to maintain shorts so far as 10,050 is not breached from hereon.
STOCK MARKET :
Stock Name: Indiabulls Housing Finance
Reco: SELL
CMP: Rs 1159
Stop Loss: Rs 1190.30
Target: Rs 1090
Ongoing negative divergence on the weekly scale coupled with the developing Bearish Engulfing formation augurs well for a sustained weakness in the coming days. Fresh shorts could be considered with a stop above 1190.30 for an initial move towards Rs 1090.
GET LIVE UPDATES ON MARKET
No comments:
Post a Comment