Weekly Targets - Key Stocks - December 7th to 11th

 Here is the summary of our weekly picks for December 7th to December 11th:

  Notes:

SL: Intraday Stop Loss should be set as 15 minutes candle closing above / below the Stop Loss Level
Active On: Watch closely the direction change in prices at these levels.
<>: Make or break levels and results in trade in the direction the price moves from this levels

Now let us analyse some of the recommendations for the week in detail with their weekly technical levels:

1. Reliance

Here is the hourly chart of Reliance Industries with trend lines:

As you can see since touching the lows of 1835 in November, Reliance has been taking support at the red trend line. On the upper side, since last week of November, Reliance has been able to cross the levels of 1985 on closing basis which is also the top side of the three Doji formation Reliance made during this period. Therefore, any upside move can be expected in Reliance only when it crosses 1985 on closing basis. Untill then, a sharp fall can be expected once Reliance falls below the red line and also 1940 which has been double bottom support in December Month shown by way of black line. The lower side targets on breakdown from 1940 on intraday basis are:

• 1835 - Previous Low
• 1794 - 61.8% Fibonacci Retracement Levels

2. Dr Reddy

Here is the hourly chart of Dr Reddy and support and resistance levels to play for:

Dr Reddy has formed a double bottom around 4660 on 20th November and since then has started upward journey along its support line. The long term resistance line which pushed Dr Reddy down from the highs of 5400 was crossed conclusively on third attempt on 2nd December which brought in bullish view on the stock. Today Dr Reddy has successfully crossed even short term resistance line at 4951 and saw a shart push upwards to achieve first target of 4990 and even above 5070. The only catalyst is lower volumes at more than 5000 price levels. This could bring the stock back to retest the short term resistance line around 4920 and from there it could resume its upwards journey with higher volumes to 5160 and further up. However if the support line is broken due to bad market or global cues we can see the stock plunging again to 4770 and even lower to retest the double bottom of 4660. Therefore, Dr Reddy has both the sides of price action possible, keep sharp eye on the support line to book / initiate long or short trades.

3. Lupin

Lupin has been following rising parallel channel since the low of 860 very thinly:

The breakout of the channel was confirmed on crossing 940 which easily took Lupin to retest and close above previous high of 961. Now it should look to test the second weekly target of 991 from there shall decide its way forward and might fall back to take support on the parallel channel and the same channel can continue to be long term trend for Lupin.

4. Apollo Hospitals

Apollo Hospitals has tried to break out of the blue line which is daily resistance level for the stock. Last few failed attempts to cross this resistance is visible on hourly chart:

Two failed attempts to break out has actually created another resistance line shown in red. Even the black support line has been broken down pending confirmation of a followup candle. Unless Apollo Hospitals is able to cross the red line at 248o levels and sustain by two hourly closing it remains a strong shorting candidate to get back to 2280 (Multiple years trend line) levels and even further to 2175 (COVID time reistance - Green Line). Apollo Hospitals had huge volume on 27th November's last hourly candle which had the top of 2370 and low of 2298. This top has acted as support last two times. Now once this support is broken sharp intraday move to 2298 shall be strong possibility.