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Trade setups for Monday 26th November 2018

ACC: We will be watching ACC this week. The stock is near a resistance zone. The RSI has not been impressive during the move up and have faced resistance near the 60 levels. On the prices the gap is overhead acting as a resistance zone, adding in the pivotal strength.

This clearly indicates that the momentum on the upside is drying up and the move up was mere a corrective one. An important reflex levels on the charts are situated at 1249 levels, a close below this will confirm the weakness in the stock and selling may pep up. The target is set at 1249 and 1160 respectively.

While on the hourly charts we notice a h&s formation has been confirmed (neckline break) and the stock is ready to toll down from the current levels. However we must always wait for EOD confirmation before jumping into any conclusion.

RELIANCE INDUSTRIES: The move in Reliance Industries didn’t seem convincing. The way prices have moved up (in low volumes) indicates no enthusiastic in buying.

Taking resistance at the gap area and RSI hitting bearish extreme zones and moving back indicates weakness in the stock. 1105 levels were good support zones which were given away in last trading session. If the prices maintains below it, there are high chances of further selling and the stock may test 1020 in near future.

ASIAN PAINTS: On the weekly charts the formation of a “dark cloud cover” candle at the 20 sma zones indicate sellers were active during the last week.

The RSI is hovering into the 60 zones that indicates the reluctance buyers to take prices further up. 1305 is a key support while 1285 are critical support levels. Once these levels are given away selling may get intense and prices may start correcting further to 1135 – 1035 levels.

Keep watching these stocks during this week for a probable entry.

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