“SELL SUNTV BELOW 450 TGT 445/440”
SUNTV is
showing correction since past few days and also sustaining above lower trend
line support level 450. is forming a bearish after top gap down candlestick
pattern in short term charts, it is likely to show correction with the breach
of the support level of 450, where one may initiate the short position in it
for the targets of 440, while stop loss can be placed at 465. On the other side
,short term charts showing the
resistance level of 480.Breakout of its resistance level may show recovery in
it where traders can expect targets of 490 and 500 while major support of 1500 can
be placed as technical stop loss 460.
CANDLESTICK :BEARISH AFTER TOP GAP DOWN
The first
two white days and the gapping up third white day create a market with an
extended bullishness. The fourth day is a strong black day that shows that
there might be some weakness finally in the uptrend. The fifth day gaps down
and closes near its lows creating a strong black candlestick. It now appears
that the market overextended itself to the upside and a reversal of the prior
trend has begun.
NIFTY DROPS OVER 151 POINTS ON FED RATE HIKE
Sensex
ended with a loss of 444 points at 28,354. The Sensex opened at 28,481 touched
an intra-day high of 28,481.11 and low of 28,251.The Nifty closed with a
loss of 151 points at 8,716. The Nifty opened at 8,733 hitting a high of 8,747
and low of 8,699. Indian stocks witnessed a sharp plunge on Monday on weak global cues. Besides,
investors engaged in profit booking in the recent gainers at attractive and
higher valuations. Stock market will remain closed tomorrow on account of on
account of Bakri Id.
TOP GAINERS: Infosys, Delta Corp,
Balkrishna Industries, ICRA
TOP LOSERS: ICICI Bank, Tata
Motors, Axis Bank, Tata Steel , M&M
