M&M : Great breakout nearby, looks to move for 6-8% rise.

I always like a speaking chart. Have a look at, it is almost clear what it wants to say. Today, we got a breakout and closed on massive note. After a long long time we got a close above 20 EMA. This bounce is coming from a very close to support of 200 EMA. 

Index may consolidate but M&M should have a rise.

Support = 200 EMA - 730, 782 (Trading), 760-750

Resistance = 838, 875

Happy investing

 

NIFTY 18 MAY 2021 - A breakout above 14850 can give 15100-15200-15350

 

What a great and least expected breakout yesterday. I would like to discuss about two possibilities here.

More likely outcome is 15100-15200, as said yesterday but looks like it will come as gap up. If one has long from levels above 14850, congratulation. Book profit on rise. RSI is supportive for rise. 

Less likely outcome - 15044 is a top to invade and may give challenge. If failing then market can reverse from 15044 or near by point. 

Let us see, what's next.