Target : 2710
Sell Below : 2787
Stop loss : 2840
After panic in pharma sector today , more selling can be seen tomorrow .
DRREDDY has broken from a support and has formed an inside doji on hourly. Can sell below 2787 for targets of 2787 in coming days.
Can sell on rise as long as doesnt go over 2850 .
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Shared Bank nifty few days back as it might test support level of 28,400 . TGT about to achieve .
Sharp selling can be seen and it formed a head and shoulders pattern and broke the neckline , retested and now falling more .
If it falls below 28,400 , next target can be 27,700 which is next support level and measured move of approx height of the H & S pattern .
Last week shared reliance idea which moved as expected , now it has fallen much and after forming a double top has broken the line with good selling ,
one can go short on pullback to 1300- 1320 levels .
Might expect to test the weekly bullish trendline which is at 1200 levels.
Discussed last week as to how jet might be in accumulation stage on a 10 year support level .
If the business is shut down ,why is it not going to zero ? High chances of a bounce back if in talks with other airlines , only time will tell .
Can go long above 150+ with stop loss of 120 and for targets of 200 .
As discussed last week , when everybody saying out loud to short YES BANK, that's when the time is to introspect.
After sharp selling last week , accumulation can be seen this week on good volume and today has formed an engulfing pattern on 2015 support levels . Can buy above 173 and stop loss of 156 for target of 218 in coming 2 -3 months .
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Fundamentally zero RELINFRA has been going down and has formed a rounding top after and has formed an inside bar on daily.
Can go short at 108 for a target of 100 and stop loss of 116.
Once it breaks 100 , can go lower and finally in few months to zero .
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1. A fall was expected today after a bad result posted.
2.Heavy selling and closed at the support level.
3.When there are two very close support /resistance levels one after the another , price tends to fall below one support and support below usually holds.
BATAINDIA is moving in an upward channel and formed a small double top on hourly and broke down the neckline ,
expected to touch the bottom of the trendline .
Can go short at CMP with stop loss of 1475 and target of 1420 .
Bank Nifty has formed a double top on daily and with two days of sharp selling , high chances of going down further to test the 61.8 % pullback to the support zone . Can go short on rises or at CMP with stop loss of 30,800 .
Targets of 28,400.
WIPRO has formed a double top and a bearish engulfing followed by an inside bar on daily.
Can go short below the last candle for targets mentioned at neckline of double top and next target at long term support level .
Stop loss above the high of double top .
MANAPPURAM is moving in an upward channel and has been consolidating after a good bullish move with good volume , breakout from flag expected tomorrow . Can go long once it closes above the flag , Stop loss for 124.5 and targets for 130 and then expecting a new higher high .
RBL Bank broke out of a flag on 4hr timeframe , retested the flag and now moving strongly in an upward channel , can go long at CMP with stop loss of 650 for initial target of high of 690 and then expected to make a higher high in 720 - 725 zone .