Market seems to test its previous highs i.e. 18455. It has done very well today by opening in green. Both NIFTY and Sensex has bounced back from its 50 DMA and now well above than its 21 DMA which can be said as short term support. According to Japanese candlestick approach the Sensex and Nifty has formed Inverted Hammer pattern which is very bullish sign for the next day’s trading. But as I mentioned earlier nothing can be predicted about Indian Market.
Ranbaxy has broken up today and it may do well in upcoming days. One can enter Ranbaxy at the current levels with the Stop Loss of 495 and target of 525 to 530.
Keep a close watch on Hotel Leela.
Please note that this is not trading recommendation. It is just a view from my side.
Thanks Rohit n Pratik for sharing Graphs and views. :-)
Cheers
Chirag CM
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