Technical Analysis of Indian Equities by Nooresh

ONGC , Tata Global – Two stocks at support lines.

First to start with given that Nifty trendline has been broken and any rise to 5500-5650 will continue to face resistance it is difficult to take fresh long trades unless its one with good price/volumes and momentum breakout on upside.

 

But if one does want to do bottom fishing than couple of stocks which come on the technical radar are.

 

ongc

 

ONGC

 

-> Over the last 3 years the stock has been holding on to the support band of 240-250 on the lower side.

-> Earlier we did see a breakout above 300 which gave a smart move but failed to go beyond 350-360 band.

-> One can keep a stoploss of 235 for this trade on a closing basis.

 

tataglobal

 

TATA GLOBAL

 

-> There is a strong trendline support around 135-140 band.

-> Till it holds 132 one can expect a bounce towards 150-160.

 

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For more details mail to analyseindia@analyseindia.com or call 09819225396 – Nooresh

Article by Nooresh Merani

Nooresh has written 2583 articles.

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