In volatile markets a couple of large caps are at important support levels and it could provide a good entry opportunity
Drreddy is now sitting close to a very big support
The stock has corrected a lot from the peak and is now sitting at an important long term support. While the market has been falling the last week this stock has faced a more acute selling due to the poor performance in the quarterly results. Now though the stock is at a pretty big support and this level presents the long term investors a good level to enter at with a pretty reasonable risk to reward offering.
The above chart shows that the level of 4400 is a key support level and should hold up at least for once
HCLTECH is also sitting on a pretty good support on the longer term charts
The stock has corrected considerably from the highs and is now taking support at a key level. The tech stocks in general have been very weak over the last few sessions and this one probably was one of the weakest of them all.
The above chart shows the stock taking support at the previous highs which again highlights the point of support and resistance reversing roles once they are broken through.
Stay tuned for more such charts in future and if you liked this please spread the word!