- 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.
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
May 4, 2010
NIFTY line chart broke the descending triangle today
ACC moving up in a channel
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 head and shoulders at the top
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.
thank you
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