A crucial long-term support zone refers to a Price level or a range on a chart from which the price has bounced back previously or has seen strong buying interest. If a stock approaches that zone, it may attract buyers again, making it a potential technical bounce or trend reversal area. However, after several reversals from the support zone, these 2 Nifty Stocks have broken their Crucial Support Zones.
Here is the list of 2 Nifty 50 Stocks that have broken their Crucial Support Zone on a 1-Day timeframe:
LARSEN & TUBRO
Founded in 1938 and headquartered in Mumbai. Larsen & Toubro (L&T) is a major Indian multinational conglomerate with core operations in engineering, construction, manufacturing, technology, and financial services.
With a Market capitalization of Rs. 4,20,000, the stock is trading at Rs. 3,052. Next, Support for the stock is the Fibonachi levels of 38.20 percent & 50 percent, that is, Rs. 3,005 & Rs. 2,713, respectively.
ONGC
Established in 1956 and headquartered in New Delhi. Oil and Natural Gas Corporation (ONGC) is India’s largest government-owned oil and gas exploration and production company, It plays a crucial role in India’s energy sector
With a Market capitalization of Rs. 2,73,000, the stock is trading at Rs. 217. Next, Support for the stock is the Fibonachi levels of 61.80 percent, also called the golden ratio, and the price level is Rs. 205.
Written By Abhishek Das
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