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BEL breakout on Weekly ChartNSE:BEL BEL on weekly chart finally seems to be given valid breakout to major level of 118. Which looks good for short term and well as swing traders. BEL on week of 7th December 2020 had already try to give breakout to the same level but it had face solid rejection there, after closing of the last week (14th December 2020) I can say that the supply which cause the rejection we are seeing on 7th December candle was actually absorb by the bulls and the result of the same is last weeks bullish closing which also manage to close above 118. Do note level of 85 is become strong support for this counter for future trend and next resistance for BEL if 178 which actual a lifetime high for now and as per current trend of BEL its looks like its about to make new lifetime high.
NSE:BELLong
by PriceVolumeRider
NIFTY (Strategy)Hi Everyone, We are in a great period of time with great momentum and bullishness in the market, one of the fastest recoveries in history from the dip. The momentum seems to be really good but there comes the catch. The stretch we are currently seeing is filled by strategies laid out by the Government/RBI, not because of real GDP growth. One of the Important points we have to note is the current NIFTY PE Ratio is standing at 36.73 (To be frank, we have never seen such a high PE ratio in the last 10-20 years). We are at a critical stage, that NIFTY 50 companies need to generate at least double their profits to reduce the PE ratio between 20-25. Will this happen quickly? Anyone can answer this question. My point here is: The current chart shows we are at a critical point. We may go higher/lower depending on the below points, we still have some bullish catalyst for the markets to go higher: New stimulus package approval before Christmas by Biden. We also have a bearish catalyst for the markets to go lower, Biden to introduce Higher corporate tax rates and Higher Long term capital gains tax. But please be aware anyone having long positions, have the below strategies until the market gives a clear view: 1. Trim the positions 2. Keep tight stop loss 3. Buy Nifty Puts with risk management (for Ex: if your portfolio is 1 lac - keep 10% for buying put options this can help you protect your portfolio in downfall) Having good trading strategy is very important, so please keep a close eye on NIFTY Thanks! Disclaimer: This is just my view and not trading advice
NSE:NIFTY
by skiranp
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