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ALBK- monthly chart

December 23, 2013

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Century Textiles : Bullish Bias in Medium-term

Weekly Chart As evident from the weekly charts, the stock has moved out from the Head and shoulder pattern @285 with increased participation. It moved till INR 322.00 where it faced resistance. Eventually, it tested the neckline, where buying emerged once again and the century continued its uptrend. The implication of the said pattern is bullish in the medium term. Currently, the stock is trading near 316. It could face minor resistance near 325. Once it is taken out it would head towards INR 340 and INR 350.

What’s in store for Nifty? Consolidation or Correction?

Nifty (9,427) - As evident from the weekly charts, the index ended in a Doji Bearish reversal Candlestick pattern post a rise, signaling the near-term top is in place. Considering, the candlestick structure, the likelihood of consolidation increases in the coming weeks before resuming the uptrend. Also, the possibility of the short-term correction cannot be ruled if the Nifty closed below the low of Doji (9,387) next week. In such a scenario, Nifty will test 9,260. Any close, below the said level, would further drag Nifty to 9,000 & 8,960 levels. Above analysis, is based on the facts stated below. On analyzing the weekly charts, we observed, Nifty moved out of the multiple resistance zones (9,000), in mid-march 2017. Since then it has been trading on the higher side. It is the tendency of the prices, to pull back to the breakout point before the earnest move begins. In above case, level comes around 9,000. In addition, we have seen a steep rally from 7,900 (Dec 2016) up to

BEML : Approaching the target levels

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ALBK- monthly chart

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