Based on fibonocci levels ... can fall towards 383 levels .. suggest buying put 390 for rs 8 with target of rs16. Stop loss of Rs 405.
Also, market is looking negative which will further support downward movement.
Nifty is expected to bounce back to above 12000 levels as budget movement get digested .... and short covering kicks in. Also, visible green shots in economy gets factored in. Plus, positive impact of DDT removal and new income tax regime.
See Nifty moving back to 12360 levels by end of feb.
Level to watch out stoploss at 11720... on upside first target...
The reliance is all set to move to 1400, a cruical upper resistance and expected to break within one week time frame. One can go long on the stock by buying reliance 1360 call currently priced at rs. 24 with expected price target of Rs 50. However, one should note their is reliance results coming up on 18th april and should keep strict stop loss of 1330.
Its continue to show resistance and will move towards 1300 levels over the next week or two.
1. Tehnical indicator: Fibonacci retracement level of 78.6% which is @1256, once this is taken out it will move back to its previous high of 1322.
2. Fundamental: Strong results posted by the company has boosted the stock price. Thus, entering a bull phase.
The generic construction has given a breakout and ready to test its 38.2% retrenchment level which is @ 160 and once above it will go for our second target of 173 and finally 183 level. Giving a good return of 10% to 20% from current level of 153.
This is based on Fibonacci retrenchment levels as shown in the chart. Good luck with your trade.
Please keep a...
On comparing nifty with three indicators, the result is as follow
1. Fibonacci retracement of 61.8% is at 11085, which should be our next target over one month period. Its testing 50% level of 10880, once taken out we should see sharp up move.
2. Trend lines - We have been in range with support at 10800 and since nifty already tested it multiple time should move...
Reliance will give a good move tomorrow by moving towards 1132 our first target and than our second target of 1140 and final target of 1168. Time to buy 1140 CE priced at 31 to benefit from the movement. Keep a stop loss at 1120.