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strong move above 163 can give upside of 5-6% in immediate short term use support of 158 to buy with sl of 153 tgt 168 and 173 or more
Daily chart shows strong support and exhaustation of selleres indicating upcoming bullish advance.
target - 152
stop loss- 158
as we can see the market is already over extended and the bearish kicker signal in overbought condition and there is bearish divergence there and i feel that the stock prices is over extended
It is been observed on hourly and daily chart that the price action breaks and closes above the important and strong resistance levels of 275-278, indicating a strong buyers dominance and further bullishness ahead. It may correct to 275 levels before it goes up again. Therefore, I would suggest to keep a good eye on price action in order to reduce risk.
It is been observed that the price action breaks and closes below the upward trending line on daily chart, indicating further weakness and bearishness. Now, it shall further move down to the next support level at around 252-250 levels. It is also important to note that it is facing a strong resistance at around 275-278 levels.
As seen Price has been contracting in narrow range making lower highs and higher lows in the daily chart. A breakout on the upside with volumes would resume the trend in the upward direction to 315-320 levels. Stop Loss- 247.
Engineers India has closed at its multiyear resistance of 251 levels with huge volumes today supported by news of good results. A breakout above this Resistance level should take this counter to 285 levels soon.