The down trend in this stock price (NBCC India Ltd) seems to have completed during this week.After a sharp upmove during mid to later part of Nov, the stock price shifted into gradual declines in the last one month.
After a sharp upmove since last month, the stock price has reversed down swiftly in last week and closed near the low. This could be an indication of a formation of key down reversal pattern for near term.
The presence of strong supports and the overall chart pattern is indicating a possibility of Nifty showing further decline down to 10050-10000 levels initially and then the possibility of emergence of value buying from the lows.
At this juncture, the Lower Top Lower Top Lower Bottom formation is intact hence traders are advised not to get carried away by such bounce. For the day, 10225 / 10260 are near term resistance whereas support comes near 10100 / 10045 levels respectiv...
The Nifty index precisely took support near daily 89-EMA and rebound sharply. The short term momentum indicator signals an oversold condition. For the day, 10165 / 10200 are intraday resistance whereas 10069 / 10040 are immediate support.