A “hammer” in January 2009 halted declines in this realty counter with prices touching a low of 26. Stock moved up gradually discovering support of ascending Gann Line, albeit on lower volumes.
However, retracement level of 123 proved to be a resistance in June 2009, resulting in stock giving some of its gains. Prices recovered a few weeks later but once again hit ceiling in August, with multiple efforts to overcome 123 resulting in failure. Weekly chart reflect that bears dragged down prices but value area of 92 (open of long-bullish candle of week-ended August 21, proved to be strong support. Bulls have been strongly defending this level since then and with Gann Line too coming to rescue, assisted a bounce during previous week. This further led to stock cross psychological and retracement resistance level of 100. Break-out with volumes accompanied by rising momentum also signal fresh bullish bias. With realty sector looking good ,we advise readers to buy this counter for some near-term gains.
Entry : Buy above 104 & dips to 94
Stoploss : Below 90
Target : 123 / 145
Popularity: 15% [?]
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