The roadmap for Titan Industries was formed and posted on the Twitter account dated September 4 ’20. It’s valid even to date. The chart of Titan Industry is attached herewith. Today on November 19th Titan opened at the dot support level and hit the resistance in one single day. Titan is up by 4.5% in a single day.
Road map posted on September 4 ’20.
Updated chart as of November 19th.
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This is the power of trend lines or the channels. This is how a trader can get powerful support and resistance. Bank Nifty hit the third target successfully at 28784 (3rd target is 28769) on November 18th. Bank Nifty corrected by more than 600 points the next day on November 19th. What a performance of levels posted at the beginning of this week. It’s not Bank Nifty; Nifty 50 also tested its first resistance 3-4 times in the last 2 days. Nifty spin around the mentioned level of 12946 and corrected back by 100 points for more than 3 times, whereas support of 12782-84 (low formed at 12792) is maintained. Now if this support level of 12782-84 is taken Nifty 50 can show the weakness. Nifty 50 is facing resistance at the middle line of the 8 months old channel. If this channel is taken above the centerline, a new wave of an uptrend may emerge.
The good news about the Indian economy is foreign reserves reaches a new high or lifetime high. According to the Reserve Bank of India’s weekly statistical supplement, foreign reserves hit a new high at $568.494 billion in the first week of November. What does that mean, liquidity is on the rise and India can afford to import oil and other essential items without any worries, although a drop in exports is a concern.
Where liquidity is great this time reflects in the valuation of stocks also. The PE ratio of Nifty 50 stocks reached to an all-time high of 35.6, never before. What does it show? It reflects over-enthusiasm and optimism in market traders and investors. Markets are the supreme and have the right to form their highs and lows but 12996 is may prove to be very strong resistance.
Nifty 50 has a strong supply zone at 12860-12996 means may attract some profit booking at these levels.
