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A decisive breach above 10,560 would attract momentum on Nifty: Tradebulls

Ongoing consolidation within the range of 10,400-10,550 now looks mature for a breakout

Sacchitanand Uttekar  |  Mumbai 

markets, stocks, sensex, nifty, bse, nse

Few trading ideas by Sacchitanand Uttekar, AVP- Technicals (Equity) at Securities (P): NIFTY OUTLOOK: Ongoing consolidation within the range of 10,400-10,550 now looks mature for a breakout. Occurrence of a Bullish Hammer on the 180 min scale augurs well for the support & could see an immediate movement towards the upper end of the range. Also on the daily scale the index maintained its low above its previous days low price & thus the price action on Monday & Tuesday could be termed as a reversal sign (Bullish Harami Candlestick pattern). A decisive breach above 10,560 would attract momentum and hence longs should be maintained with a stop below 10,380. STOCK: ASHOK LEYLAND RECO: BUY CMP: Rs 124 SL: Rs 118.30 TGT: Rs 137 Secular uptrend & the double bottom formation on the daily scale.

Pullback if any towards Rs 122 should be utiised to add longs with an expectation of a fresh life high to be witnessed soon. Trading longs for a target upto Rs 137 could be built with a stop below Rs 118.30 STOCK: HEXAWARE TECHNOLOGIES RECO: BUY CMP: Rs 350 SL: Rs 342 TGT: Rs 372 Positive sector outlook and the fresh breakout from the weekly consolidation augurs well for the uptrend to remain firm. The larger degree pattern indicates a likely move up to Rs 460 within a time frame of a year from now on. Hence we recommend trading longs for the current expiry with an immediate stop below Rs 342 for a momentum based target towards Rs 372. Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

First Published: Thu, January 04 2018. 08:24 IST
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