TRADE IDEA ON WOCKPHARMA FUTURE

“BUY wockpharma ABOVE 690 TGT 720/750 SL 650”

TECHNICAL BASIS FOR ABOVE CALL :

Primary trend of the stock is bearish., 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 700 as the stock is managing to sustain above the level of 700. One may get the targets of 730,750 in the stock with the stop loss of 650. 55 and 200 EMA act as a resistance breakout levels with RSI 50.

Market at over two-months high; Nifty close above 8450

Markets end on an extremely bullish note with the Sensex closing at 27375 levels up by 258.24 points or 0.90% and Nifty closing at 8475 levels up by 84.3 points or 1% and only 7 Nifty stocks closed in red.  Technically, The Nifty  opened with a gap-up at 8,421 and rose to an intraday high of 8,450. However, it is currently coming-off from the day’s high. Immediate support is at 8,422 which can be tested, but a break below it looks less probable.
The next supports are at 8,405 and 8,305. Today nifty  breaked above 8,450. Made high of 8488. Short-term traders can go long on dips at 8,425. Stop-loss can be placed at 8,410 for the target of 8,465.

The outlook for nifty will turn negative only if it declines below 8,395 decisively. But such a strong break looks unlikely in the near-term.So on upside first intra resistance are at 8490,8510,8530,8580. On downside first support is at 8380 level.Next support are at 8430,8405,8350,8305.