Kya Bolta Market

Stocks Report 15th Nov 2017

Chart of the day:

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SCRIP/INDEX: M&MFIN

CMP: Only above 446

VIEW: BULLISH

TARGET: 460

VIEW CHANGES IF: CLOSES BELOW 438

TIMEFRAME: 4 WEEKS

THE LOGIC: M&MFIN IS LOOKING POSITIVE ON WEEKLY CHARTS AS THE STOCK HAS GIVEN A STRONG BREAKOUT AND THE PATTERN LOOKS VERY STRONG TO TEST NEW HIGHS, AND IF IT MANAGES TO HOLD ABOVE 446 LEVELS IN COMING DAYS, NEW HIGHS MAY BE SEEN. THE OVERALL STRUCTURE OF THE SCRIP IS IN BUY MODE NOW AND IS HINTING AT A FURTHER UPTREND TOAWRDS 460 AND HIGHER LEVELS IN VERY NEAR TERM. BUYING IS RECOMMENDED WITH A CLOSING BASIS STOP LOSS BELOW 438 FOR THE NEXT FEW WEEKS PERSPECTIVE.

RECOMMENDATIONS:

SCRIP           CMP Target SL
Buy      
ICICIBANK Above 317 328 311
Sell                    
HINDALCO Below 252 246 256

 

The nearest support levels for the Nifty futures are:

S1 = 10100, S2 = 10060, S3 = 10020

The nearest resistance levels for the Nifty futures are:

R1 = 10160, R2 = 10200, R3 = 10240

 

The nearest support levels for the BankNifty futures are:         

S1 = 25240, S2 = 25100, S3 = 25000

The nearest resistance levels for the BankNifty futures are:

R1 =25500, R2 = 25650, R3 = 25800

           

           

Supports or resistances written in bold indicate very important levels.