CNXMNC index broke the triangle (height of 1775 points) on the downside opening its drop towards 10600 which is also the resistance-turned-support levels broken in early part of year 2017.
Expect major contribution from Consumer Goods stocks which constitute 40% of CNXMNC index weight.
CNXMIDCAP index broke below curcial support level of 16150 to continue its downward journey towards next support level of 14100. Trade on the short side.
Current level is 15700 with target of 14100 and stop above 16150 gives a risk:reward ratio of 1:3.55
Though we cannot directly trade midcap index similar to nifty and banknifty.. Point is to select midcap...
- After quaterly results price held above result day low.
- Consecutive red closing with dropping volume after the results.
- Break above 640 gives a good entry point with stop below result days low of 626.
- If price manages to break above 656, can expect move towards 680-682 level.
CNXPSUBANK breaks below range of 2655-2700
majorly contributed by SBIN which breaks below support of 256
next support for CNXPSUBANK would be around multi-year support level of 1900-2050
which would mean that SBIN expected to test support in 232-235 range
Head & Shoulder pattern forming.
Head of the current pattern also contains a minor H&S pattern.
Pattern would be complete when price reaches at around 110 - 105.
Better to trade on the short side...
Too early to speculate this but head & shoulder forming in Titan which would complete when price reaches at around 825-830 levels.
Once below 825, price can get support at 800 and below which targets would be 755 and 725.