SBIN Gapped up on 4th Feb 21 and Rose all the way to 426. since the stock is declining and today's closing is at 367.10. with this price action, the Gap is totally filled. Stock is expected to take support on these levels.
The gap up opening on 2nd Feb is still holding and looks like nifty can consolidate in the range of 14300-14800 for few days. ITC and Bharti Airtel and IT stock will support the Index for rest of the month.
Tata motors are up uptrend on the daily chart, after touching high of 341.90 on 3rd Feb 21, the same is breached again on 3rd March 21, exactly after one month. this is generally good news for bulls.
however, the formation on Gravestone Doji on a daily chart may indicate that tata motors might cool off a bit here.
few more days of confirmation required before...
Britania is an FMCG Food processing company taking support on 200SMA. a strong fundamental, rising sales, and rising profit make this company a good long term investment bet. stock comfortably broke the resistance of 3360 on weekly chart in on 1st June 20 and retested again on 19th oct 20. this form a strong around these levels.
Page industries reached a peak of 36370 on the week ending 27-Aug-18 and since then the stock is in a downtrend. on 04th Nov 50 SMA and 200 SMA is very close and almost did the golden crossover.
The crossover is also clean and looks very good for upside.
After making a low of 864.15 on 23rd March 2020, the reliance started its dream journey and rose to the level of 2369.35. if we draw the Fibonacci retrenchment line from low to high and then we get two key reversal levels.
1795.45 - 38% reversal level
1617.60- 50% reversal level
since the rise was very sharp we can expect the correct to be little deep as well.
Reliance is correcting after dream run-in 2019. stock achieved its high price of 2368.50 on the eve of 16th Sep 20 since the stock heading downwards......... a simple analysis indicates. there is no support before 1600.
if the rise was phenomenal, the correction can be significant too.
This Stop is open GAP Down 11% after the Ethiopian Airlines Crash.
Just watch this stock for the next 1 month and see how it recovers or fall further based on news.
Such event throw traders out of the market. if they do not follow stop loss.
