In the last so many updates have clearly mentioned that two important levels on upside resistance are 12570/12900
The levels correspond to 61.8% of the last downmove from 15580 to 7700 and 38.2% of the total downside from 21200 to 7700.
Also we had multiple bottoms earlier around 12300-12500 so it becomes a significant supply zone on upsides. The next strong technical resistance comes to the 14k zone so one needs to be very cautious at 12k-12.9k zones.
Nifty 3590 did not break as we saw a low of 3583 closer to the extreme short term support. Continue to keep a stop of 3570 to longs and 3740 for short for extreme short term or day trades.
Stocks to watchout for :
Nagarjuna,Electro Steel pulled back whereas Harrison did 20% freeze ( book out ) . Dr Reddy does 588 tgt area and then below stops.Cairn look to bookout.UCO does a small intra move.
Dishman doesnt give chance to dip but could move up sharply above 128 if stays. Aurion pro speculative call open. Blue Star pyramid view remains. Max India hold maintained.
The stock has broken out in short term. Buy on dips till 33 stop of 32 tgt 38/41.5 possible in a week or two.
Huge resistance around 74-76 with multiple tops in this range. If closes above 76 may also shoot up to 90 levels. A good bet for long term as well.
Weekly trading picks risky ones :
Orchid Chemicals stop 102 tgt 115/125 . GTC Inds stop 50 tgt 60/65.
A small column posted in the latest edition of - Money Today magazine.
Readers can pick up a copy from any news stand or check the e-magazine
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