Charts for the Day

Reliance Industries looks very nice. Medium term longs can enter with a stop at 950. Short term stops can be built at 975. The stock if it sustains these levels can give a move to 1065 in short term and reclaim the highs of 1150 in medium term. Even if the moves are not as per our expectations the margin of safety seems high.
Hi All,

The analysis seems to have worked fine. Reliance is at 1002 now and formed a higher bottom. We are on right track in this one. First level of profit booking would be 1040 for short term.
 


IPCA labs one of best players right from 2011 end in uptrend, It breaks the uptrend channel at 600 so levels in 2013 june and after that formed a double top at 900 levels with poor relative strength, pointing to impending weakness and stock did reacted with violent selloff with volumes in july end 2014.

During course of correction it found support at lower channel support line at 645-650 zone and got a bounce. Unless stock captures the upper trendline and also 200 SMA daily situated same there, its a weak case.