(1) ICICI Bank:
The stock has witnessed a strong gap up opening and follows through buying in the last session. A strong open Interest roll over of 18.4% indicates that the momentum is not over yet. The stock is also trading at fresh highs indicating fresh demand in the counter. Prices traversing into uncharted territory often dictates strong buyers in action. Trading such a stock requires precise entry and exit strategies. The immediate resistance for the stock stands at 381.85 above which fresh longs may be initiated.
(2) Canara Bank:
Hourly charts of stock display alternating higher highs and higher lows and a strong trend in place. It has also closed near the highs of the day and display a Bullish Engulfing Pattern on daily charts, too. The intraday Pivot resistance for the stock stands at 290/- and any break above this level may trigger fresh demand in the stock.
(3) Gruh Finance:
The stock has given a strong Breakaway gap from the existing trading range in the last session indicating a shift in underlying momentum.
A breakaway gap displays a major move out of a range or other chart pattern. This type of gaps are also signified with heavy volume as witnessed in this case also. The stock has already dropped 16.60% but still looks overtly weak! Strong support for the stock is placed at 252.90 and any break down below this level may again initiate a panic sell-off in this counter. Fresh shorts may be initiated below 252.90, which is also the immediate support for the stock.
*All levels mentioned are of cash segment.
Disclaimer: All views expressed in this site are for reference only. Trading involves substantial risk which may include partial or complete loss of capital. Readers must consult their own investment adviser before taking any investment/trading decision. We hold no financial liability to any user on account of use of information provided on this website.
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