The stock has already taken its move.
The stock is moving up-direction.
The value is moving higher and chances are it will continue move higher.
Yet the perception is that the market is perhaps at a point where investors should be buying.
Major support level is 1853.
RIL's results are out, and I'd suggest to compare it with YoY performance rather than QoQ. Jio results are beyond expectations and deal with FB is a booster. RIL holds the capacity to outbreak Nifty beyond 10000 for sure. If we consider the positive trend in RIL, I'm expecting it to hit 1640 target in the coming days.
Here's how I analyze...
In last to last week we have caught Head & Shoulder on the daily chart and it is worked well in the last two weeks. In this week bank nifty has traded in a range i.e. 31000 to 30500 and today bank nifty has broken down this range. Bank nifty is closed below its 200 DMA and this is the big negative sign. As per the chart, bank nifty is weaker than nifty.
Today I was expecting a bullish move and it was but in last hour we saw selling pressure from 11946 level and my resistance level was 11926.
Now on the daily chart it has formed long upper shadow with little body.
By looking at the daily candle of today, I am bit bearish because there is a resistance on weekly chart and 11926 is the weekly...
We can see a weekly chart of L&T Infotech, which took support around 1440. It has made the spinning top near support before last to last week and given confirmation of Double Bottom. Now the stock is showing the potential of gain in this weak market. We are looking positional target of 1620-1650-1700-1800. Keep stop-loss below 1435, add your own analysis too.