Nifty has closed in the negative territory in the last trading session; however, it has taken good support at the lower end of the falling channel. The daily moving average convergence divergence (MACD) has just come into buy mode which is a negative sign but a three wave correction on the hourly chart seems to have gotten over. Hence, we recommend buying for the target of the upper end of the channel.
TARGET: Rs 7,330
STOP LOSS: Rs 7,030
The stock has formed a bullish flag pattern on the hourly chart and the daily, as well as an hourly momentum indicator, is well into buy mode. Hence, the probability of a breakout on the upside is quite high.
TARGET: Rs 2,230
STOP LOSS: Rs 2,030
The stock has provided a breakout from the falling channel with a clear buy crossover in its daily as well as a weekly momentum indicator. It has started to form higher tops and higher bottoms indicating that the short term trend has reversed from down to up.
TARGET: Rs 64
STOP LOSS: Rs 56
The stock has provided a breakout from the inverse head and shoulders pattern which is a bullish reversal pattern. The daily, as well as an hourly momentum indicator, are also well into buy mode.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.