Nifty was deep into negative territory on the F&O expiry day indicating that the trend is still negative to sideways. The index has reversed from the 78.6 per cent retracement of the previous fall; hence this bounce is a wave B bounce and wave C down is expected now. The minimum target on the lower side comes to 11,550 levels whereas the resistance is pegged at 11,750 levels.
AUROBINDO PHARMA: BUY
TARGET: Rs 830
STOP LOSS: Rs 780
The stock has provided a breakout from a symmetrical triangular pattern and the momentum indicator moving average convergence divergence (MACD) is well into buy mode on the daily, weekly as well as monthly charts.
FUTURE LIFESTYLE: BUY
TARGET: Rs 515
STOP LOSS: Rs 470
The stock has provided a breakout from the symmetrical triangular pattern which is a bullish reversal pattern. The wave e of the triangle seems to have gotten over and now wave 5 up seems to have started.
TARGET Rs 5,000
STOP LOSS: Rs 4,400
The stock has provided a breakout from the symmetrical triangular pattern which is a bullish reversal pattern. The stock seems to have completed its wave iv with that and wave v up seems to have started.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.