Grasim Industries has broken above the level of Rs. 3000 which was key resistance zone from past few months.
Although the rally of almost 12% from low of 2680 odd levels. The breakout above the resistance zone would now act as a support if held. There is a strong accumulation seen in the counter. This move can continue still 3200 odd levels. The channel line is showing structural upward move in the stock.
Short term traders can add on to the long positions on current levels with stop loss of 2965 and cautious levels can be 2980 If the break out turns to be a false move.
The key support zone for the entity holds at 300 - 2980 - 2965 and resistance levels are 3090 and 3200.
Although the rally of almost 12% from low of 2680 odd levels. The breakout above the resistance zone would now act as a support if held. There is a strong accumulation seen in the counter. This move can continue still 3200 odd levels. The channel line is showing structural upward move in the stock.
Short term traders can add on to the long positions on current levels with stop loss of 2965 and cautious levels can be 2980 If the break out turns to be a false move.
Grasim Industries Daily chart and Fibonnaci retracements
The key support zone for the entity holds at 300 - 2980 - 2965 and resistance levels are 3090 and 3200.
So trade objectively and wisely with the consideration of own risk with amid volatility. The strategy would be to wait patiently for the right opportunity to unfold to probable profitable trade setups.
Raju V Angadi
Equity Research Analyst
To know more about probable counts contact us back on rvangadi@googlemail.com
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
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