Royal Orchid HotelStock has broken out of a long downward sloping trendline with good volume. Currently volume contraction and consolidation is being seen.
Medium to long term outlook for the stock is 190, with intermediate resistance will be seen at 154 & 172.
View will be negated below 108 on closing basis.
Chartsetup
AUROPHARMA BULLISHAurobindo Pharma looks to breakout the trend. Currently there is a resistance at 1010 range and a strong support on volume profile near 940 range. The stock has tested its low and is currently in the phase of its second leg.
If the stock breaks out above 1010 range, buy it with a target of 1050-1100. Keep a stop of 980
Nifty: Important levels from a short term trade perspectiveNifty
CMP 11589
In the current setup, from short term trade perspective, any dips towards 11522 - 11465 zone needs to be watched carefully.
Holding the same will indicate unwillingness of our Market to accept a fall / correction. And probability of Market scaling new highs in coming days will improve.
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Inability to hold the same will signal warning bells but only a close below 11320 levels will open doors for further fall in Nifty up to 10800 levels
Plan your trade accordingly...!!!
Take care & safe trading...!!!