India Bulls Venture: Hit the resistance yesterday and closed lower. For the last four trading days attempts are being made to cross the 1/1 line, a sign of strong bullishness. It is hoped this week it will be able to cross the resistance on closing basis making it a candidate for a bull run up to 1350 in medium term, say 45-50 days.
At 16X multiple, the chart is extremely bullish for the 200 day chart. It ha a resistance at 5000 and may consolidate for a couple of days. Those who are holding can be rest assured to get more return in long term
The stock has to cross 2/1 descending line at ~702 to go out of the influence of the line. If it does so, we may expect 810, in short/ medium term. It is behaving like the way Goa Carbon had behaved prior to break out.Strong support at 625.
Long term support at 3601. Short term resistance is at 4162. Should close above that leve tomorrow. Else a level of 3650 also possible to be revisited.
Had crossed 1/1 three days ago but could not sustain it. Tomorrow closing is to be checked. If closes above 390.25, the stock may move up to 670 in this run up.
Consolidation likely to continue for the next week but the stock should find 2/1 support at around 117. Once it rebounds, we may even see a level of 200 in medium term
