The stock has crossed major resistance today. If it sustains the current level, with an intermediate resistance around 375, the stock seems to be heading for a level of 560. But the interim resistance levels are required to be watched out for any weakness.
Sadhana Nitrochem has the strongest of the support of ascending angle 1/1 at 304, which will ensure that the stock will bounce back from this level, if it happens to fall to that level. It is hoped that the consolidation will be complete in next seven trading days, if not earlier.
Sadhana Nitrochem: With the current rate of downward movement the stock may find 1/3 support at around 900. This by no means implies that the stock will make such consistent down move. It may turn bullish anytime and cross ¼ resistance line and will remain above the line, where the chart’s activity belongs majority of the time.
₹1012 has been the support for the entire month. It has bounced back from this level in the past 3 trading sessions. Indicates strong support at this level in the short term.
