Nifty closed in the negative territory in the last trading session. It, however, has formed a “Harami” Candlestick pattern which indicates that wherever this breakout happens it will lead to a further trend. So, on the lower side, 10,968 is immediate support whereas 11,052 is immediate resistance. The uptrend line support is pegged at 10,900 levels and till those levels are held the target comes to 11,150.
TARGET: Rs 183
STOP LOSS: Rs 154
The stock has provided a breakout from the sideways consolidation post a five wave rising structure. The daily as well as weekly momentum indicator MACD is well in the buy mode, hence the overall trade set-up is quite positive for the target of Rs 183. The support on the lower side is pegged at Rs 154 which is the stop loss.
MOTILAL OSWAL FINANCIAL SERVICES: BUY
TARGET: Rs 630
STOP LOSS: Rs 575
The stock has provided a breakout from the symmetrical triangular pattern on the daily chart with a clear buy crossover in its momentum indicator MACD. The consolidation was in wave X and wave Y up is expected to come. Hence we recommend buying this for the target of Rs 630 with a stop loss of Rs 575.
DISH TV: BUY
TARGET: Rs 25.80
STOP LOSS: Rs 22.70
The stock seems to have completed wave B in a regular flat pattern and wave C up is likely to follow. The move prior to flat was a five wave rising structure, hence another impulsive wave on the upside is expected.
Disclaimer: Views expressed are the author's own. He may have positions in one or all of the above mentioned stocks