WEEKLY TRADING IDEA ON HINDPETRO

FOR LIVE MARKET CALLS PING ME

ON 09039542248
BUY HINDPETRO ABOVE 532 TGT 545/560 SL 515

The HINDPETRO is showing correction since past few sessions and also sustaining above lower trend line support level. Currently it has formed reversal pattern on the short term charts .Overall trend of the stock is, now the stock is accumulating below the resistance mark of 540, further the stock is sustaining below the downward sloping trend line and is likely to continue the northward journey with the crossing of the resistance level; as it is managing to sustain above its 22& 50 and 200 days moving averages with the RSI of 45. One may initiate the long position in the HINDPETRO with the crossing of the 532 and can expect the targets of 545 and 560 in the stock, Support of 515 can be placed as stop loss in it.

DAILY CHART FOR HINDPETRO

Hold Short Or Sell At Rally Until Nifty Breaches 9649

Technically, Nifty, has entered into negative zone. Market would remain weak until Nifty is below 9600 levels and hence traders can continue to hold short positions as of now. A short covering rally can’t be ruled out at this point of time but every positive rally would be an opportunity for traders to go short in the market until Nifty closes above 9649 levels. Nifty could see levels of 9550-9520 in upcoming sessions. Fresh long positions should be initiated only if Nifty managed to close above 9649 levels. Nifty would see new lifetime highs only if it closes above 9649 levels and until then either hold short positions or go short at every positive rally. The support for the Nifty is 9580-9550-9520-9500-9470 and the resistance to the up move is at 9622-9650-9685-9700-9725 levels.