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Though Nifty spot managed to sustain my resistance line of 5362 through out the day, we witnessed selling during the day.
The momentum indicators like Slow stockastic and Fast stockastic surely suggest the slowing down of the on going pace.
Below 5362, selling would be seen up to 5280 for the day.
Remember, for every short position, the stoploss of 5405 is must.
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Weekly chart of TCS (NSE - Eq)
The daily chart of TCS surely suggests an over-bought zone for the stock and one can expect the stock to show some weakness for a session or two.
But, the weekly chart indicates strong buying in the counter. Also, the momentum indicators suggest a sharp movement on weekly basis.
The last hurdle for the stock is closing above 1215.
So, every dip is a buying opportunity for the stock. Remember, above 1220, it will rocket to new scales, new highs.
Remember, for every short position, the stoploss of 5405 is must.
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The daily chart of TCS surely suggests an over-bought zone for the stock and one can expect the stock to show some weakness for a session or two.
But, the weekly chart indicates strong buying in the counter. Also, the momentum indicators suggest a sharp movement on weekly basis.
The last hurdle for the stock is closing above 1215.
So, every dip is a buying opportunity for the stock. Remember, above 1220, it will rocket to new scales, new highs.
Sheetalpuri Goswami
+919879028295
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