Here's the result of today's scan –
WABCO India at 200 dma
As you can see in the chart above - WABCO India is at 200 dma and also at horizontal support, which earlier acted as minor resistance. Technically convergence of supports act as powerful base for strong upmove. The big question: Will that happen? In Bull market - one can always hope so with 5% stop loss below current levels.
Sector to keep an eye on - Midcap IT
USDINR now has a text Book Chart
Few weeks back I did cover USDINR chart when it was at 100 dma with a depreciation call. And in text book style - USDINR has depreciated and now stands at very important resistance point of 66.9. The big question: What lies ahead - another breakout...Well a difficult call
Better strategy: wait and watch.
Summary: Opportunity Sheet
The stocks in Nifty: Sun Pharma, TCS and Adani Ports...breaking support.
Please note success of stock highly depends on market structure.
Please share your comments on what you think of stock observations, market and trading in general. Please do your own due diligence before trading or investment. Do not treat the above as any recommendation.
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers