CMP coincides with downside of 200MA, 50% Fibonacci level and current RSI level at previous resistance level. Daily candle in the range of previous support now turned resistance. Short term selling could be seen.
Manappuram Fin is trading near a key trendline support. Stock has always become 2.5X to 3X after taking support on this trendline. Positive on the stock. Any further downside will be a good opportunity to add. SL below the trendline support (only on a close below the trendline on monthly candle)
Reliance after making big move & has reached to upside & formed ascending channel & showing some weakness on daily timeframe. I would definitely won't trade on this. Best time to stay away & wait to see further movement.
On Weekly Charts...
Closed above important support zone...
Lets hope...it bounces back.... to at least 52500 levels marked..
Any weekly close above 52516 will give a small positive bias to the market..
Important bounce back levels marked..
Happy investing.....
Nifty Trialing SL 16360/400/440 Zone Below that avoid longs
Till it holds above levels we are moving towards 16900/17100/200
Breakout Retest near 16360/16400 Zone
View is Positive Bias
The DXY chart shows the value of the Dollar against all assets, it is said that if the value of the dollar goes up the value of assets goes down and vice versa.
If this plays out we can expect some red days around all assets.
I hope it doesn't play out, else 2022 will be a bear market.
#MONDAY>
<#SHORT-TERM>
NSE:RENUKA
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Why SHREE RENUKA ???
VOLUME during this month is comparatively higher than past 4-5 years volume...(On Monthly candles);
its net profit has been increased drastically from quarters to quarters;
good news is being seen sugar industries;
it's earnings is going to be announced next month (May 28);
Be careful It's a PENNY...
Today, Banknifty opened gap down around 600 points and in the last hour it forms some green candles and close near 36700.
Flat opening - If it moves up and go near 36900 and 37000 will look for selling on any negative price action. Sell on 5 min red candle with high of the candle will be SL and target will be 1:2.
Gap up - Wait for negative price action...
Buy Deepak Fertilizers & Petrochemicals Corp. for Positional Trading as well as Investment.💸🔥💸
Comment your views‼️😄
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💡Market Position:
1) 2nd largest manufacturer of Nitric Acid in South East Asia & the largest in India.
2) Leading manufacturer and marketer of Isopropyl Alcohol ( IPA )(market share of 65% in FY 2019-20.) The only producer & merchant of IPA in...
Adani power may soon lost all its shine and crash to the levels of ₹ 165-170. Adani power is named as one of the manipulative stocks of 2022.
But if you are riding this bull then its time to book profit.
