BUY 2 LOT WOCKPHARMA ABOVE 720 TGT 735/750 SL
700
READ MORE TO KNOW TECHNICAL BASIS :
Primary
trend of the stock is bullish and after giving breakout of its range bound
movement, it is forming continuation pattern in short term charts, it is likely
to continue the positive movement with the breakout of the pattern at the
levels of 700-730 ; as the stock is managing to trade above its 22 and 55 days
moving averages with the RSI of 60, one may expect the targets of 750/800 in
the stock if it manages to sustain above the immediate support level of 700.
200 EMA act as a resistance level of 825.
BREAKOUT NOT SIGNIFICANT
Sensex ended the day at 28,661, up 193 points, while the Nifty closed at 8,879, up 57 points. Before this, 8,896 – 8,969 would be seen as immediate levels for the forthcoming week. On the flip side, 8,783 – 8,712 is now likely to provide decent support in the near term.It was an interesting week where after
consolidating for the first four days of the week, the indices managed a close
above the trading range but the breakout took the form of a big black body
candle with a big gap-up opening. Despite the big black body candle, there
still remains a gap which implies that the breakout is not significant and
as a result the trading range has now undergone an expansion on the higher side
i.e. the range is 8700-8900 for the Nifty. One can thus expect the market to
spend more time in consolidating before attempting a breakout.
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