| Topic : Stock Picks |
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Sultans of NSE
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Activity:
0 comments
434 views
last activity : 07 06 2010 20:18:04 +0000
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One the stock that looks good on charts is IDEA.
Although, the attached chart speaks for itself, i'd point out a few obvious facts that's thrown out from the chart.
>Stock has formed a double bottom.
>Moving average crossover signals bullishness.
>Healthy volume signals accumulation.
>Fibonacci levels indicate that the stock is taking support at 23.60% level with slight resistance at 38.20% [Rs.62.25] level.
>Targets - Short to Medium term - Rs. 61.50; 65 and 71.
Disclaimer: No Funda-'mental' views or arguments taken into account. Strongly believe that ALL the fundamental news and factors are already factored in by the Charts. Purely a NIFTY trader, i personally do not go beyond NIFTY. This is just one of the stocks that i came across while browsing through my charting package. Best wishes.
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Previously i had posted an article arguing as why the undertone in NIFTY remains bullish. Now, NIFTY seems to have turned bearish [yes, despite today's upmove]. NIFTY is most likely to move upto 5050 [20EMA level] and then reverse. Today's... |
Update : Yesterday [21-12-2009] NIFTY managed to close around 4950 level. Today [22-12-2009] with the way Asian markets are performing [1-2% +ve] looks like we the mentioned level of 4950 will hold and in fact we should see 5000+. |
NIFTY daily charts - Support seen at 4950. - Oversold indication. - Overall trend may or may not have been formed. Bullish undercurrent still intact. - Any dip to 4950 levels should be used to go LONG. - Chances of breaking 5180/5200 level... |