Markets bounced back strongly from 4750 levels this week. The Sensex and the Nifty were up about 2.8% each. It remains to be seen how long will the relief rally last given the F&O expiry and the volatility.
On a broader level, the Nifty resistance is placed at around 5140-5150 levels
On the individual stocks, following look interesting set-ups on the daily charts:
TCS:
Ever since it broke the crucial support level of 1070, it has tried twice to break that level.
Support becomes resistance and vice versa. A breakout above this level can make a quick visit to 1120 levels.
Ing Vysya Bank
L&T:
A breakdown in L&T has provided opportunity to many investors in this blue-chip stock to get in at cheaper levels. As we can see in the chart, even this stock is near important support levels of 1380-1400.
In the last post, had mentioned on Amtek India, the breakout has happened as expected. (10% up today) Profits should be booked at the mentioned levels of 138-140.
On a broader level, the Nifty resistance is placed at around 5140-5150 levels
On the individual stocks, following look interesting set-ups on the daily charts:
TCS:
Ever since it broke the crucial support level of 1070, it has tried twice to break that level.
Support becomes resistance and vice versa. A breakout above this level can make a quick visit to 1120 levels.
Ing Vysya Bank
ING is another stock quite close to important support levels. Also there was some price-RSI divergence observed which is a positive for the stock. The stock can be added in small quantities with stoploss of 275.
Sintex Inds:
Sintex is another stock near crucial support levels (see chart). The indicators are also in the oversold levels.
On the other hand a breakdown from these level can take the stock down considerably. So a stoploss at 129-130 levels is a must.
L&T:
A breakdown in L&T has provided opportunity to many investors in this blue-chip stock to get in at cheaper levels. As we can see in the chart, even this stock is near important support levels of 1380-1400.
In the last post, had mentioned on Amtek India, the breakout has happened as expected. (10% up today) Profits should be booked at the mentioned levels of 138-140.
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