- NIFTY descending triangle broken at 5200
- immediate target for nifty should be 5130 and 5090.
- Short covering from oversold levels only possible if the global cues improve.
May 4, 2010
ACC DAILY CHART
- ACC moving up in a channel
- trading close to the lower part of the channel.
- 880 region is crucial a break and close below this means break of the channel line.
- as long as it hods the channel bottom line as support more high's are possible in the coming weeks.
ULTRATECH CEMENT DAILY CHART - 1
ULTRATECH CEMENT DAILY CHART - 2
- ULTRATECH CEMNT shows the effect of head and shoulders at the market top.
- for traders it might give a good short term trading opportunity.
- The stock might get support around 920 rupees
- the support also coincides with an important trend line.
- One can buy the trend line as stop loss.
- when buying one should be very careful as the stock is in free fall for the las 4 days.
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