nifty looks to be in a big channel, starting from 2800 levels we are still moving
in that channel. To still get a closer view lets get close we did 3200+ but were unable to hold that it was channel top that fall from recent top if we see is making a small channel and breaking of this small channel will give us clue for intraday move and breaking of large channel up or down with open up further trades as of now 3200+ is stiff resistance.
cheers
rish
Hi,
ReplyDeleteBeen a reader of ur blog of late. Objective analysis and write-ups. Had one question for sometime. Suppose you have fundamentals of a stock strongly pointing to a position opposite to the technicals, how would you play it?
Assume both, fundamentals and technicals are equally strong signals on a medium term horizon
And have you looked at the BHEL charts of late? Could you confirm if there's an ascending triangle formed for my learnin?
Thanks
It is not a question of technicals vs fundamentals. Technicals indicate the probable movement of stock price in different time frames. As you know even a scrip with even very strong fundamentals does move up and down! Use tecnicals for timing your trade. Your trades should be based on fundamentals. This also replies to your second query.
ReplyDeleteI do not see any ascending triangle in BHEL. Rather only stiff resistance around 2000. Fundamentally, with govt giving up dilution of profit making PSU shares, you cannot expect much rise in BHEL till a new govt which may upturn the policy arrives. Technically, it is in downtrend with a target of 1700 unless it is able to move up and REMAIN above 1950.