Kya Bolta Market

Stocks Report 8th Nov 2017

Chart of the day:

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SCRIP/INDEX: BIOCON

CMP: Only above 404

VIEW: BULLISH

TARGET: 430

VIEW CHANGES IF: CLOSES BELOW 390

TIMEFRAME: 4 WEEKS

THE LOGIC: BIOCON 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 404 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 430 AND HIGHER LEVELS IN VERY NEAR TERM. BUYING IS RECOMMENDED WITH A CLOSING BASIS STOP LOSS BELOW 390 FOR THE NEXT FEW WEEKS PERSPECTIVE.

RECOMMENDATIONS:

SCRIP           CMP Target SL
Buy      
TECHM Above 492 512 482
Sell                    
BHARTIARTL Below 494 475 504

 

The nearest support levels for the Nifty futures are:

S1 = 10300, S2 = 10260, S3 = 10220

The nearest resistance levels for the Nifty futures are:

R1 = 10400, R2 = 10450, R3 = 10480

 

The nearest support levels for the BankNifty futures are:         

S1 = 25250, S2 = 25100, S3 = 25000

The nearest resistance levels for the BankNifty futures are:

R1 =25450, R2 = 25600, R3 = 26800

           

           

Supports or resistances written in bold indicate very important levels.