The base line and the conversion line of the Ichimoku Clouds stay well above the stock. Additionally, the Kumo Clouds also govern the upper region of the share, preventing any potential upside moves.
The stochastic oscillator was indicating below 14 levels, revealing weaker momentum in the share. Hence, any abrupt move remains a lower probability at least for the upcoming few sessions.
On the upper side, we do look at 52.55 level as a robust resistance level. And, on the downside, 35.20 level can be taken as the near term support line for the stock.
At around 12:30 pm, Indiabulls Housing Finance Ltd. (NSE: IBULHSGFIN) was trading near Rs. 296.40. The stock price has moved out of wide and strong Kumo Clouds that acted as a resistance region. However, the stock now appears to take another dip inside the red Kumo Clouds.
In the meantime, the lagging span of the Ichimoku Clouds was above the share price and was suggesting an uptrend for the coming sessions. So that is a bit contradictory to the earlier observations.
Nevertheless, the momentum has dropped even below the oversold territory, favoring the sellers.
Hence, if the stock makes a triumphant move to the downside through the below-lying Kumo Clouds, then we can expect more downfalls to happen in the share price.
On the upper side, the resistances remained stalled near –
On the downside, the support levels remain instilled near –
For Tata Motors share price, we can see the primary trend as an uptrend. However, Rs 200 can be a strong psychological resistance mark that must be taken care of.
If at all the shares move to the south side, a robust slanting support line will do its job, providing a cushion experience to the bears.
Meantime, you can check out our market training sessions in our training center near your city –