Nifty closed in the negative territory yesterday and the Index appears quite likely to fill the gap on the lower side. The Index has again taken a good support at the upper end of the gap. The probability of gap filling, however, is quite high. Hence, till the gap isn’t filled, one can sell Nifty for the target of 11,400 with a stop loss of 11,653.
ICICI Bank : SELL
TGT: Rs 407
SL: Rs 436
The stock has provided a breakdown from the symmetrical triangular pattern on the lower side with a clear sell crossover in its hourly as well as daily momentum indicator.
TGT: Rs 515
SL: Rs 548
The stock has been falling in a downward sloping parallel channel with a clear sell crossover in its daily as well as weekly momentum indicator. The Index has completed a three wave bounce and another impulse on the way down seems to have started.
TGT: Rs 610
SL: Rs 555
The stock has provided a breakout from the double bottom pattern with a buy crossover in its daily as well as weekly charts which indicates that the stock is likely to inch higher in coming days.
Disclaimer: The analyst may have positions in one or all of the above mentioned stocks.