TECHNICAL ANALYSIS OF AMARAJABAT

“BUY AMARAJABAT ABOVE 1052 TGT 1078/1100”

AMARAJABAT  Primary trend of the stock is bullish and is consolidating at the higher level after showing correction. It is expected to continue the bull run with the crossing of the resistance level of 1052, as the stock is sustaining above its 200 and 50 days moving averages. One may initiate the long position above the mentioned level for the targets of 1100/1130 and with the strict stop loss of 1020.

CANDLESTICK PATTERN: BULLISH TWO RABBITS

A downtrend has been in place, and the strong black candlestick adds to the bearishness that is already present. The following day opens lower with a gap down. Prices rise a little bit, and a short white candlestick is observed. The bears are not alarmed by this day, because even though a white body appears, prices fail to close above the close of the previous day. The third day opens at or below the close of the second day, but it rallies throughout the day and closes well within the body of the first day. The third day’s price action fills the gap of the second day, and shows that bearishness is eroding.
SENSEX ENDS RANGEBOUND SESSION HIGHER, NIFTY ABOVE 8750

Sensex ended with a gain of 41 points at 28,413. The Sensex opened at 28,398 touched an intra-day high of 28,444 and low of 28,311.The Nifty closed with a gain of 16 points at 8,743. The Nifty opened at 8,744 hitting a high of 8,752 and low of 8,704.35. The Indian equity market spent the entire day in a narrow range after the recent slide and ended marginally higher for the second consecutive session.

TOP GAINERS:  BHEL, ZEE, RIL, Maruti Suzuki, ITC, Hindalco, Cipla, HDFC, HDFC

TOP LOSERS: Yes Bank, Power Grid, Axis Bank, Bajaj Auto, NTPCand BPCL