STOP LOSS: 10,570
has provided a breakout from the downtrend line resistance with higher tops and bottoms formations on its hourly charts. The Index has also formed an impulse move on the hourly charts which is quite a positive sign in the short term as well as the medium term. On the lower side, 10570 is an immediate support whereas 10490 is the next support. On the upside, 10900 is an immediate resistance which is also the short term target.
So, we recommend buying as the risk to reward ratio is well in the favour of the bulls.
Target: Rs 920
Stop Loss: Rs 810
has provided a breakout from the sideways channel/rectangle pattern with a buy crossover in its momentum indicator MACD from the zero reference line which is something positive for the bulls. The rise prior to this was a five waves rising structure, hence the probability of next impulse on the way up is quite high. So, we recommend to buy this for the target
of 920 with a stop loss of 810.
Target: Rs 1,645
Stop Loss: Rs 1,465
BBTC seems to have completed wave 4 on the daily charts and it has also retraced 50% of its wave 3 up. The fall in wave 4 has been well channelized; hence the fall is a corrective one. The weekly as well as monthly momentum indicator MACD is well in buy mode, hence we recommend buying for the short term target
of 1645 with a stop loss of 1465.
The author is Jay Anand Thakkar, Assistant Vice President - Equity Research at Anand Rathi.
Disclaimer: He may / may not have positions in the stocks mentioned above