Nifty: Nifty remains locked inside a narrow trading range with 10840 as resistance and 10700 as support. Inside this range , a bearish pattern is visible. A bearish head and shoulder pattern was confirmed on the nifty hourly chart when prices gap down below the neckline.

On the hourly chart, the index is approaching its multiple resistance zone at 10,800 levels. Any decisive breakout above it will give Nifty further strength towards 10,830 -10,860 levels. On the downside support is placed around the 10,700 level and its violation will cause weakness ….

Unless a resolution to this pattern is achieved, investors should remain moderate on overall exposures and continue to vigilantly guard profits at higher levels.

Stock of the Day: (Technical Pick)

COMPANY NAME

CMP B/S

RATIONALE

             GODREJIND 608.40

BUY

The  trend of the script is bullish. On the intraday chart ,there is a positive cross-over of the moving averages and there is a trend line breakout on the daily chart therefore, it can be bought above 610 with a stop-loss of 606 and target of 616

 

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