Friday, December 30, 2016

WEEKLY TECHNICAL ANALYSIS OF UPL FOR 02-06 JAN 2017

“BUY UPL ABOVE 655 TGT 665/680 SL 640”
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After showing correction from the higher level, now stock is trading in short term recovery phase, it is likely to continue the upside move in near term with the crossing of the resistance level of 655 as the stock is managing to sustain above the level of 650. as the stock is sustaining above its 22&55 days moving averages with the RSI 50. "605" level act as a strong support on 200 EMA. One may get the targets of 680,700 in the stock with the stop loss of 640.
Markets end 2016 higher ;Nifty jumps to 8,186
Technically, Traders can go long at every dip in the market . Near-term outlook is bullish for the contract. Traders with a short-term perspective can make use of intra-day declines to initiate fresh long positions while maintaining a stop-loss at 8,150 levels. The contract can continue its up move and test resistance at 8,200. Strong rally beyond this level can take the contract higher to 8,250 and 8,330 levels. On the other hand, only an emphatic fall below the key support level of 8,100 will bring back selling pressure and drag the contract down to 8,075 and then to 8,000 levels. Next key supports below 8,150 are at 8,100 and 8,000 levels. And the resistance to the up move is at 8200-8250-8290-8330 levels.
TOP GAINERS:  Aurobindo Pharma, Bosch, GAIL, Sun Pharma, ITC, Power Grid
TOP LOSERS:  BPCL, Bajaj Auto, ONGC, Tata Steel, Dr. Reddy's, Tata Motors ,HDFC Bank


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