Ascending Triangle Breakout (Hotel Leela Venture)

Market has proved that it will do whatever it likes. Many TV analysts were talking about 5000 levels few days before but market has proven them wrong. It’s not like it won’t come down but you can’t predict the market and that is for sure. We have seen that market has sustained above its 50 DMA. Even our first post of the blog about the stock ONGC has also done significantly well today. ONGC is good investment opportunity till the time it is being above 1320.

 

Let me share a graph for NIFTY.

·         NIFTY has made a big Green candle which is good sign of short term bullishness. Possible short term target for NIFTY is 5510 is it surpasses the next crucial short term resistance of 5485. Still it has very good medium term support @ its 50 DMA which is around 5400, nothing looks like till the time NIFTY is being above that level.        

       HOTEL LEELA VENTURE stock has something cooking in it. Ofcourse it is of Hotel industry so Cooking of something will be there. Technically speaking stock is making ascending triangle on the graph and possibility of breakout is very high.

Volume activity has significantly increased on daily as well as weekly basis. One can take position in Hotel Leela above 53 with the stop loss of 51. Possible target may be somewhere around 58-60.

Please not that this is not a Trading recommendation; this is just a view from my side.

I would like to thank Mr. Rohit for sharing Hotel Leela research with us and Mr. Pratik for the levels of NIFTY.

Have a happy Trading..

Cheers
Chirag CM