Grasim is just near a weekly time frame resistance zone.
Short the stock, if the price break down below 1540.
Support :- 1541, 1500-05
Resistance zone:- 1572-1597
On daily closing basis the price has closed near the resistance zone.
Wait, watch and trade.
Grasim Industries has taken a good support on weekly time frame as well as daily and formed a triangle. This could be a good short term trade to buy at dips and with 8-10% profit. Make sure to put SL below trendline. Wait for bullish sign tomorrow and enter only if market is bullish else ignore..
Good for Intraday 07 Feb 2022 and Swing as Well. For intraday it is making a bullish flag pattern so we can look for long move depending upon the market trend and for Swing the Script has retraced from FIB Level.
We are expecting the price to reach 1880 which can be a potential resistance level for stock, while on the downside support is at 1700. We can build a trade at CMP with a stoploss at 1700 and 1880 as target.
As you can clearly see grasim gave a tringle pattern break out in daily chart . Now what further moves can be . According to me when these types of breakout comes market take a regression in upcoming candles . So on monday I will be waiting till 11:00 AM and than if market will be bearish I will not enter . But if market will be bullish i will take a swing...
NSE:GRASIM
As whole market took a good correction , Grasim took a correction of
16% from its ATH. it took a trending resistance while coming down and
Broke it recently as well as gave breakout to the consolidation of past few
Days and seems very bullish and shoes a great opportunity for buying.
Addition to this CNXINFRA(NIFTY INFRA) has also gave a sectoral...
Grasim on a weekly and daily time frame looks bullish once it crosses and closes above 1878 level.
It can test it's ATH and make new high in the coming week.
On Fibonacci retrenchment level target can be 197,2016 and 2077.
Wait for the breakout.
The stock is testing the resistance of falling wedge pattern.
1640-1630 which was previously a resistance should work as support and if stock bounce back from that level, then we can see a new rally for its ATH.
Final support can be considered at the double bottom formed at 1590 levels.
DISC: For educational purposes only.
Grasim staying below the trendline is looking weak. Keep an eye on the price action at the trendline, the level to watch is below 1590 -.
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