Crude OIl has been in a narrow range for almost 5-6 months. Watch out for the movement near the resistance again near 3250-60 levels. It corrects and further remains in consolidation or breaks out from there. Break out would give a 400-500 points swing (but need monitoring with inventories etc).
NSE:INFY Infosys has in a very time frame made three attempts to break the resistance line. With all IT stocks up and higher volumes likely to break out in short term. Buy above 1150 for a 100 points move.
NSE:DRREDDY has been in positive trend with a higher high and higher low. Once again it has taken support of the lows made last week and bounced back well. I personally pefer going long above 4900 for a target of 5300-5500. Use trailing stop loss once entered.
NSE:DHAMPURSUG can break out on either side and needs a close watch. Volumes also will be crucial to watch out for at the break out/down point. Good entry would be above 148 for a quick gain in short term.
NSE:SBIN is retesting break out levels of 230-231. Good to accumulate at current levels and on dips as the risk reward is very favourable. Exit if closes below 220 (giving a little more margin in the fall due to the SC hearing and market volatility). Upside looking at 300 for now.
DLF broke out of the rising channel on the 4th attempt today. But ended up giving up the gains with the profit booking in the broader market. Closing below yesterdays close of 191 at 184. Tomorrow if opens below todays low can be a good short option upto 166 with trailing stop loss.
The issue with rising channels is the entry at higher levels. Ideally break out...
Ashok Leyland has seen a good bounce back. All the mis conception of commerical vehicle sales slowing down seem to be negated. With the covid vaccine launch any time soon the demand for cold storage vehicles will drastically shoot up to make sure the vaccine reaches every corner of the country.
Buy with a target of 124 for now and watch out for more based on the trend.
Hindalco has been testing 221 for the past few quarters and has broken out of it today finally. A rally from 80-220 that is 160 points. I would consider a 160 points rally from here as well in the next few quarters. For short term looking at 260-280 range.
An inverted head and shoulder pattern formed over a span of one year. Stock fell to 320 levels and back to 600 odd levels. a perfect break out and entry point for a substantial upside of 300 points. consider buying for 950-1000 levels. Ideal risk reward ratio. Exit if 600 is broken and closes below it.
Reliance hourly has seen multiple support and resistance at 1960 levels. Break of this can give a quick short opportunity for 30-40 points. Reversals from this point can be a good look out point to build long for small upside. Over all good if breaks out of the range.