We are anticipating that Nifty is likely to provide a breakout on the higher side, says Nilesh Jain of Anand Rathi
BUY NIFTY | TARGET: 9,450 | STOP LOSS: 9,100
Nifty is trading in a rising wedge pattern on the daily chart and currently, it is on the verge of a breakout from the same. The momentum indicator RSI is making a higher top and higher bottom formation and currently at 50.65 levels which hints of some positive momentum to continue. We are anticipating that Nifty is likely to provide a breakout on the higher side.
BUY HINDPETRO | TARGET: Rs 97 | STOP LOSS: Rs 88
The stock has provided a breakout from a two-month consolidation and is also making a higher top and higher bottom on the daily chart which indicates that the positive momentum is expected to continue in the short term. The momentum oscillator MACD is very well in buy mode on daily as well as weekly scale.
BUY BEL | TARGET: Rs 80 | STOP LOSS: Rs 72
The stock has given a breakout from a downward sloping trend line on the daily chart. The volume activity was also seen which was at two months high. The momentum indicator and oscillator are in buy mode.
SELL COAL INDIA | TARGET: Rs 136 | STOP LOSS: Rs 151
The stock, after completing its up move, has provided breakdown from a rising wedge pattern on the daily chart. The target of this pattern is coming around Rs 136 levels. The momentum indicators and oscillators have also provided sell crossover on the hourly chart.
Disclaimer: Nilesh Jain is Technical and Derivatives Research Analyst (Equity Research) at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are his own.