Positive Breakout

ABIRLANUVO has seen a positive breakout (breaching 50 EMA) with a huge volume.

787 was a critical level as it served as support and resistence twice. This level was proved a big support on 24/02/2010 and second time on 19/04/2010. Once this level was breached on 05/05/2010 it was testes twice in second week of May and on 14/06/2010.

The recent fall started on 12/04/2010 and eneded on 07/06/2010 and current breakout stands at the 38%

But two factors that makes it good bet are huge volume and MACD  zero line cross over. So if price sustains this level then we can expect at least 50 % retracement (840)

**So I recommend ABIRLANUVO  at current level for very short term.**

Missed Positive Divergence in Ashok Leyland

Amidst chaos in Nifty we litrely missed a wonderful opportunity in Ashok Leyland June future.

Target HIT

As I wrote about Cipla in the last post on 2nd June, weekly target of Rs10 has been achieved in four days. Now we are eagerly waiting for the short-term target of Rs.40.

Check out the entry and exit level in above picture. I strongly suggested to buy Cipla June future @ 325 level. Today on 10th June Cipla June future closed at 336.65 with an intraday high of 337.35, and has already given Rs 10 profit


Now lets calculate the profit of the trade.
Lot size - 1250
Buy   -     325
Sell    -     335
Profit -     10

Total Profit = 1250*10 = 12500

Wasnt that good trade. Patience of 8 days reaped great profit.