Nifty has reversed its short-term trend from up to down with a sell crossover in its momentum indicator MACD. The index seems to have completed wave iii up and wave iv correction seems to have started. The minimum target comes at 11,250 which is the breakout retest level and the resistance is pegged at 11,430 levels.
SELL Colgate Palmolive (India)
TARGET: Rs 1,190
STOP LOSS: Rs 1,254
The stock has provided a sell crossover in its daily as well as weekly momentum indicators. It has also broken the sideways channel on the lower side which is a bearish sign; hence the overall trend has reversed from up to down.
SELL Amara Raja Batteries
TARGET: Rs 680
STOP LOSS: Rs 729
The stock has broken the neckline of the bearish head and shoulders pattern on the daily charts. The momentum indicator MACD has provided a sell crossover which is also in favour of the bears.
BUY Jubilant FoodWorks
TARGET: Rs 1,514
STOP LOSS: Rs 1,419
The stock has provided a clear breakout from a symmetrical triangular pattern with a clear buy crossover in its momentum indicators on the daily charts. With this breakout, the stock seems to have broken out from a downtrend line resistance as well which is a short term reversal.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.