Dec 02, 2013, 12.26 PM IST
The Nifty ruled distinctly positive last week and a look at the daily chart featured below indicates that the index has managed to hold ground above the key support at 5,970. As highlighted in the daily chart, the Nifty has taken support at the medianline of the red pitchfork, which is a positive sign.
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Chart: Nifty must hold 5970 support for rally to sustain
The Nifty ruled distinctly positive last week and a look at the daily chart featured below indicates that the index has managed to hold ground above the key support at 5,970. As highlighted in the daily chart, the Nifty has taken support at the medianline of the red pitchfork, which is a positive sign.
Like this story, share it with millions of investors on M3
Chart: Nifty must hold 5970 support for rally to sustain
The Nifty ruled distinctly positive last week and a look at the daily chart featured below indicates that the index has managed to hold ground above the key support at 5,970. As highlighted in the daily chart, the Nifty has taken support at the medianline of the red pitchfork, which is a positive sign.
For Nifty chart, Click here
The price now could rally to the upper parallel of this pitchfork at 6,750-6,800 or higher. This positive view would be under threat if the Nifty falls below the support level at 5,970. A fall below 5,970 would indicate that the downward correction off the recent high of 6,343 is still in progress. The Nifty could then slide to the major support at 5,750-5,800.
As long as the swing low at 5,970 is not breached, the path of least resistance would be on the way up for the Nifty. Turning the attention to short-term trading ideas, we recommend a buy on IDFC . From the daily chart of IDFC featured below, it I clear that the stock has been tracing out a bullish sequence of higher highs and higher lows.
For IDFC chart, Click here
The recent rally has also helped the stock move past the key resistance at Rs.101. Also of interest is that the prior resistance is now acting as support. The stock could now rally to the 100% swing projection target of Rs.127. The bullish view would be under threat if the stock falls below Rs.97.
(Disclosure/Disclaimer: The views featured in this column are based on the technical analysis of historical stock price movement. There is a risk of loss in trading. The author / www.FundsIndia.com do not have any exposure to the stocks / instruments featured in this column. We may have however discussed these instruments / trade ideas with our clients)
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