has clearly provided a breakout from a downtrend line resistance with a buy crossover in its momentum indicator MACD. The stock has also started to form higher tops and higher bottoms which is also a positive sign going forward.
TARGET: Rs 295
STOP LOSS: Rs 272
HINDZINC has formed a falling wedge pattern on the daily charts and the stock has reversed from the lower end of the pattern which is a bullish reversal patter. The momentum indicator MACD has reversed from an oversold territory on the hourly charts which are quite a positive thing in the short term. A minimum of 23.60% to 38.2% retracement of the fall can’t be ruled out; hence we recommend a buy on it.
TARGET: Rs 270
STOP LOSS: Rs 250
Exide has provided a breakout from a symmetrical triangular pattern on the daily charts with a buy crossover in its momentum indicator MACD. The daily MACD has just reversed from the zero reference line which increases the upside probability, so we recommend a buy on it.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.