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In the previous session, the NIFTY extended its gain in yet another day and made a high near 17344 levels. The markets opened on a gap-up note and maintained their positive gain throughout the day. Technically, the index formed a strong bullish candle on the chart and closed with a net gain of 311.70 points.17318 level is a key resistance point for the Index now, which is a 61.8% retracement level of the Fibonacci series. Hence a cautious approach is advisable for the next trading day. Use a trailing stop loss method to protect your profit at higher levels.
Indian Stock Market will open gap positive. Technically, the Indian Stock Market is still in the positive zone and analysis will remain the same. Traders should continue to hold long positions in the market until it holds above 16901 levels for Nifty and 35400 levels for . For excellent profits in Intraday, traders can follow Breakout and Breakdown signals at Unicorn Signals by EquityPandit.
UNICORN [Last Week Top Profitable Stocks]
Monday: Dhampur Sugar (NS:) Gave 18% Returns
Tuesday: Linde India (NS:) Gave 12% Returns
Wednesday: RHI Magnesita (NS:) Gave 11% Returns
Thursday: ANGELONE (NS:) Gave 10.46% Returns
Following stock looks technically strong for swing trading and traders can go long at below given levels:
Aarti Industries (NS:) Ltd
NSE: AARTIIND BSE:524208 Sector: Chemicals
In the last trading day, the stock formed a strong bullish candle on the daily chart. Stock made Higher highs and Higher lows formation compared to the previous closing. The Parabolic dots are moving below the prices which indicates that stock is now in an uptrend. This indicator is most useful in terms of Entry and Exit levels in any stocks for trading purposes. We have plotted the Fibonacci Retracement indicator. Stock is now quoting above 23.6% of the retracement level. Also, Stock is comfortably closed above the 20 EMA support which confirms the bullish trend.
In short, the trend for AARTIIND looks to be positive now. A throwback can be expected near 860-862 levels. Use dips as a buying opportunity for a move towards 911/950 levels as long as we do not see any closing below 818 levels.
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