"The stock has formed symmetrical triangle formation on weekly interval and has given breakout above the same. Traders can accumulate the stock in a range of Rs 225-235 for the upside target of Rs 262 and a stop loss below Rs 205 and return of 16 percent," says Shitij Gandhi of SMC Global Securities Ltd.
By Shitij Gandhi
SMC Global Securities Ltd
Since the beginning of the April series, we have been witnessing short covering by the traders which took Nifty above 10,400 levels once again on Wednesday.
However, on technical charts, 10,400-10,450 should act as crucial resistance for the index and moving forward the range of 10,300-10,500 levels will remain crucial as indicated by option open interest concentration.
Post expiry, we have seen some short covering in Index futures & stock futures but on the whole overall data still remains negative.
Though, if Nifty manages to move above the 10,500 mark, then we can further see short covering towards 10,650 levels as well. On the downside, 10,250-10,200 should act as key support levels.
After testing Rs 280 levels in the recent past, Aurionpro Solutions witnessed profit booking at higher levels and retraced back to its 100-days exponential moving average placed at Rs 190 levels.
Since then the stock has been elevating with the formation of higher highs and higher lows pattern on daily charts. This week once again breakout has been observed in prices with the stock having multiple supports at its short and long-term moving averages.
Additionally, the stock has formed symmetrical triangle formation on weekly interval and has given breakout above the same. Traders can accumulate the stock in a range of Rs 225-235 for the upside target of Rs 262 and a stop loss below Rs 205 and return of 16 percent.Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.