Let’s look at the overall market instead of individual stock. Overall market remains resilient with the immediate reliable support is seen at 1700 level. The 1700 level should remain as a reliable and strong support level, failure for this level to be supported will trigger massive selling and the next reliable support level can be seen at 1600 level only.
The index is expected to trade below 1700 today, investors will need to closely monitor this level for this week. If this level is convincingly being taken over, this might be the start of the bear market, at least for now.
The immediate support is seen at 1680, followed by 1670 and the immediate resistance is seen at 1720, followed by 1730 level.
FKLI
Tug of the War between Bulls & Bears!
FKLI remains having a strong support at 1700 level (SMA 200 & psychological level). However, the index is expected to trade below 1700 for today. Investors will need to closely monitor this level for this week. If this level is convincingly being taken over, the bears will win the war and it is expected to last at least 1 – 3 months.
Let’s stay on bay for a few days before decide to initiate any new position. Intraday investors should keep your stop loss tight whenever initiate any new position.
The immediate support is seen at 1680 level, followed by 1650 level and the immediate resistance is seen at 1700 level, followed by 1720 level.
FCPO
Close Monitoring…
As mentioned, if the FCPO managed to take over the SMA 200 (2380 level) convincingly, more upside is expected. For those who have initiated your long position previously, you can revise your stop loss level higher to 2390 level.
The immediate support is seen at 2400 level, followed by 2380 level and the immediate resistance is seen at 2460 level, followed by 2500 level.
Disclaimer:
The information herein was obtained or derived from the source that I believed are reliable. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute my judgment as of this date, not an invitation to buy and are subject to change without further notice.
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