Chart Busters: Top trading set-ups to watch for Friday

The sharpest decline in the global markets dented the domestic market's sentiments further. The Nifty is below its important psychological level of 16,000 and slipped further as the day progressed. At one point in the day it has slipped below 15,800-mark, however, it recovery in the last leg of the trade, helped Nifty index to close below the 15,800 mark. On the day, the index lost over 2.5%.

The overall, trend remains in favour of bears, having said that, a technical rebound is likely, but on the upside, resistance is placed in the zone of 16,130-16,160 levels. Sustaining above this level is crucial for the index as this would open gates for further up-move towards levels of 16,400-16,660 in the near term.

DALMIABHARAT: The stock has formed descending triangle like pattern and closed at the support while trading below the key moving averages. The MACD is below the zero line, and RSI is in a bearish zone. The Elder impulse system has formed a fresh strong bearish bar, as the Anchored VWAP acted as a strong resistance. The TSI and KST indicators show a bearish setup and is below the TEMA. In short, the stock is a crucial support. A move below Rs 1341 is negative, and it can test Rs 1278. Maintain a stop loss at Rs 1379.

NAUKRI: The stock is in a clear downtrend and broke another support, making a new low. The volume is higher than the previous day and trading much below the key short-term moving averages. The MACD is much below the zero line., while the ADX shows a strong bearish trend. The RSI is in an oversold and strong bearish zone, below the moving average ribbon, along with the MACD line below the zero line. In short, the stock is in a bear's grip. A move below Rs 3400 is negative, and it can test Rs 3135. Maintain a stop loss at Rs 3455.