Support and Resistance is one of the most used techniques in technical analysis based on a concept that's easy to understand but difficult to master. It identifies price levels where historically the price reacted either by reversing or at least by slowing down and prior price behavior at these levels can leave clues for future price behavior. There are many different ways to identify these levels and to apply them in trading. Support and Resistance levels can be identifiable turning points, areas of congestion or psychological levels (round numbers that traders attach significance to). The higher the timeframe, the more relevant the levels become.
Finding the most important ones can take many hours of practice. They exist due to an influx of buyers or sellers at key junctures. The fact that these levels flip roles between support and resistance can be used to determine the range of a market, trade reversals, bounces or breakouts. Each of these trades will have their own rules for entry and exit. TradingView has a smart drawing tool that allows users to visually identify these levels on a chart.
Support is seen at 26750 - 26800 level for the targets 27100, 27460 and 27860. Breaking the support will make the price to fall towards 26620, 26420, 26280 and 26000.
BHARATFORG has lost 8% of its ground with 10 times of its average volume on NSE signifying a greater amount of selling taking place in stock.
SELL BHARATFORG
SELL @ 540
SL @ 547
TGT @ 513
Looks like a flag formation in L&T FINANCE..........POLE IS 24-25 POINTS IN SIZE..........SO TARGET WILL BE 130+25=155
TRADE ONLY AFTER TUESDAY.......IT HAS A STRONG SUPPORT AT 130 LEVELS AND BUYING IS SEEN AT 130 LEVELS. AFTER ELECTIONS IF RESULTS ARE NEGATIVE AND IT HOLDS 130 LEVELS YOU CAN BUY IT WITH SL OF 128 TARGE OF 155.........IF RESULTS ARE POSITIVE FOR ...
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