The Nifty index continued its upmove and also reached our short-term target of 11,400. Now, since we are in the August F&O expiry week, we can expect some rally on the back of the short-covering move. The momentum indicators and oscillators on the weekly scales are still in buy mode which hints at some buying at lower levels. The volatility index is currently near 19 levels which is giving comfort to the bulls. Thus, one can remain on the long side by keeping a stop loss of 11,360.
The counter has provided breakout from a falling channel on the daily chart. It is also taking constant support of its short term 21-DMA which is placed at 815 levels. The overall setup indicates that the positive momentum is likely to continue towards its previous swing highs. The RSI has also reversed from the oversold territory on the daily chart which hints at a further positive momentum in the counter.
The stock has provided breakout from an ascending triangle pattern on the daily chart. The volume has also picked up from the past couple of sessions. The momentum indicator and oscillator are in 'buy' mode on the daily as well as a weekly scale which hints of further positive momentum in the counter.
The stock is making a higher top and higher bottom pattern on the daily chart. It is trading well above its short-term and long-term moving averages. The momentum indicators and oscillators are very well in the 'buy' mode on daily as well as weekly scales which hints of a further positive momentum in the counter.
Disclaimer: Nilesh Jain is Technical and Derivatives Research analyst at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.
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