Nifty Likely To Remain Under Pressure; Top 5 Stocks Which Can Give Up To 9% Return

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Going forward, the three-digit gann number of 977(0) would be an immediate support point, which is why sustenance above 9,770 could provide a relief rally en route 9,900-9,930 levels.

The writing on the wall was clear since long. The tell-tale signs - lack of positive breadth (around the all-time high), weakness in BankNifty, and the presence of multiple gann points and lucas series number - ultimately caused the current predicament.

The orbit shift of Wednesday’s trade (decline below 9,930) took a mere two sessions to mark a low of 9,776, placed near three-digit gann number of 977(0). This, in consequence, completed the cycle of the impending downside move.

Thursday’s low coincides with 50 percent end to end retracement of the up move - from the low of 9449 to the all-time high of 10,138.

Also, 50-EMA support on daily charts came to the rescue even as markets managed a sharp pullback from the day’s low.

BHEL: SELL| Target Rs114| Stop Loss Rs132| Return 9%

BHEL had failed to participate in the bull market of 2017. YTD returns of 5 percent in 2017 show the inability of this stock to sustain at higher levels and implies the underperformance against the benchmark index.

Back in April, the stock had recorded a high of Rs179, which coincided with its 187-weekly moving average. The appearance of an engulfing top resulted in a sharp reversal. In the ensuing decline, the stock also gave a breakdown from a rising channel pattern on the weekly chart.

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