In any particular trade you never really know how far prices will travel from any given point. If you never really know where the market may stop, it is very easy to believe there are no limits to how much you can make on any given trade. From a psychological perspective this characteristic will allow you to indulge yourself in the illusion that each trade has the potential of fulfilling your wildest dream of financial independence. Based on the consistency of market participants and their potential to act as a force great enough to move prices in your direction, the possibility of having your dreams fulfilled may not even remotely exist. However, if you believe it does, then you will have the tendency to gather only the kind of market information that will confirm and reinforce your belief, all the while denying vital information that may be telling you the best opportunity may be in the opposite direction.
IGL tanked 33% today due to new government regulation which came into effect. For the investor who are rushing in to buy the company refresh your memory for GTL Infra and GTL limited. Both these stocks lost 80% of market cap in matter of days. Well fundamentals of IGL are quiet strong but market has its own mind and never try to catch a falling knife. Let the dust gets settled lets some sanity come in and than commit your money.
As Per technical charts 190 is a good support for stock and stock bounced back from this level. Breaking 190 can see the stock tanking till 150-160 odd levels. Book value of IGL is Rs 125
Buy above 231 Tgt 239,244 and 258
Sell below 214 Tgt 204,188 and 177
ICICI Bank is doing range bound trades between 900-850 levels. Support at 843-848 is very crucial break of same will lead to gap filling from 797-814 odd levels.
Sell below 854 Tgt 845,834 and 829
Buy above 866 Tgt 873,882 and 894
BGR energy is hitting its line of resistance at 370. Stock will retrace back as its a difficult resistance to cross.
Sell below 361 Tgt 356,352 and 345
Buy above 370 Tgt 377 and 385
Sell below 159.5 Tgt 156.9,153.8 and 152.55