Stock Market Trading Outlook & Our Tips :
The Stock Market NIFTY opened on a positive note and traded sideways for initial hours of session. Stock Market index registered a profit booking from the highs of 5130, which lead stock market index to test the lows of 5048. Finally the end stock market index closed at 5055 levels with a loss of 66 points.
Today stock market index retested the weekly breakout level once again. On the daily chart the stock has witnessed support around near term moving average. Going forward stock market index has multiple supports on the downside (Since cluster of moving averages are placed) in the range of 5044—5000 level.
On the upside Nifty has immediate resistance at 5070 / 5092. Stock trading above 5100 stock index could head towards 5170 / 5200 levels.
TOP TRADES TO WATCH OUT FOR:-
Orchid Chem. Ltd.CMP—RS. 116.65
On the weekly basis the share price of Orchid Chem. Ltd. appears to have taken a form of a bearish head & shoulder pattern. The breakdown got confirmed in the last week. The stock is trading below its cluster of moving averages for past few days, indicating that the downward momentum to continue. The share price is likely to decline towards the levels of RS.110 / RS.106 / RS.100 levels in the near term.
Our tips or we recommend a sell now with a stop loss placed above RS.120.60
Sun Tv Limited CMP— RS. 262.20
After a sharp fall from the highs of RS.284.15 to the lows of RS.RS.219.40 the share price of Sun TV has been trading sideways for past few weeks. Today the stock has registered a breakout from this consolidation range. The stock has also managed to close above its cluster of moving averages. The momentum indicator is also rolling upward.
Our tips or we recommend buying now and again on dips up to RS.254--RS.257 with a stop loss placed below RS.250 for the targets of RS. 274 / RS.285.
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