BAJAJ HINDUSTAN
On the weekly charts the stock is trading below its 14 week average. The 50% fibo level of its entire rise from March lows till now comes at 159 and also on the charts it has acted as support in the recent past. A strong resistance comes in at 180 odd levels as seen in the chart and this along with the –ve divergence on MACD and MOMENTUM lines makes it even a stronger resistance, in the September series the 180 call option is already seeing significant OI suggesting 180 as a resistance.
Based on the best area to go long would be 159-156 with a stop loss of below 150-147, however this trade presents a greater risk because of the –ve divergence and hence should not be attempted in derivative trades. Best shorting area is in the region of 177-180 with either 190 or 196 as the stop loss.
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