A sustained trade above this support line i.e. 11,550 can trigger short covering which could take the index towards 11,660-11,730.
Further, the volatility index simultaneously rose 11 percent in trade as traders initiated fresh shorts, suggesting weakening uptrend.
However, it managed to take support at the trendline formed joining the recent low of 11,550. A sustained trade above this support line i.e. 11,550 can trigger short covering which could take the index towards 11,660-11,730.
On the flip side, a breakdown from the support of 11,550 can extend the correction towards levels of 11,500-11,425.
Star Cement: Buy| Target: Rs 118-124| Stop Loss: Rs 102| Upside 8-14%
On the daily chart, Star cement is on the verge of a breakout from the neckline of an Ascending Triangle pattern placed at Rs 110.
A sustained trade beyond the neckline will trigger a breakout resuming the uptrend in the stock. Moreover, it has taken support at the 50 percent Fibonacci retracement level i.e. 97 and turned higher affirming bullishness intact in the stock.
Moreover, RSI has formed a positive reversal indicating higher levels in the coming trading sessions. The stock can be bought in the range of Rs 108-110 for a target of Rs 118-124, keeping a stop loss below Rs 102.
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