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In the previous session, we have seen a gap-down opening in the market. However, till the afternoon session index recovered gradually from intraday lows near 17219 levels. Post that the index witnessed a range-bound trade and closed the day with a net loss of 28.30 points. The market remains volatile due to geopolitical tension in the coming session. Hence a cautious approach is advisable for the next trading day.
Indian Stock Market will open gap negative. Technically, the Indian Stock Market is currently in a positive zone. The analysis would still remain the same. The market would enter into the negative zone once it closes below 17052 for Nifty and 37164 for . The market will see further downfall but traders can go long at dips near support levels. Fresh short positions should be initiated only if the market closes below reversal levels.
Following stock looks technically strong and traders can go long in it for swing trading at below given levels:
Voltas Ltd. (NS:)
NSE :VOLTAS BSE :500575 Sector : Consumer Durables
On the daily chart, we can see that Voltas stock formed a ‘Double-Bottom pattern’ and closed above the neckline of the pattern. The Double Bottom Pattern is a continuation pattern seen in all time-frames. A bullish white window occurred in the previous session.
Since price has managed to sustain above 100 Days EMA support which suggests a positive bias for the near term. In addition, The Relative Strength Index (RSI) on the daily chart is 57.13; it has made a new high as compared to the previous one, which is bullish. Traders are advised to buy and hold any stock only for a long-term view in the current market scenario where markets have fallen from the last few weeks.
In short, the trend for Voltas Ltd looks to be positive for now. A throwback can be expected near 1230 levels. If we take the projection of Fibonacci retracement then there is a possibility of seeing the target of 1315 and 1425 levels as long as 1179 levels hold on the downside.
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