Technical analysis reflects the voice of the entire marketplace and, therefore, does pick up unusual behavior. By definition, anything that creates a new chart pattern is something unusual. It is very important for me to study the details of price action to see if I can observe something about how everybody is voting. Studying the charts is absolutely critical and alerts me to existing disequilibrium and potential changes.
Bajaj Auto has been trading in downward channel,is trading near the important support level of 1913, Closing below it 1862 in next 2 days.
Sell below 1905 Tgt 1885,1868 and 1848 Sl 1922
Buy above 1942 Tgt 1966,1978 and 2000 SL 1922
Tata Motors we have been discussing in our facebook page till it do not close below 288 on closing basis, Buy on dips is valid. Today also stock went below 288 but recovered on closing basis. Stock has strong support of 100 DMA and till its not breached, bounce back will be seen.
Buy above 291 Tgt 294.5,297 and 300 SL 289
Sell below 284 Tgt 281,277 and 275 SL 286
We have been covering Century Textile from 380 odd levels, Excellent trading move it has given within its downward channel. Stock continue to trade in the channel and today again touched the bottom of channel, so shorters should do partial profit booking.
Sell below 335 Tgt 331,327 and 324 Sl 338
Buy above 343 Tgt 347,349,351 and 354 SL 340
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