 "A decisive breach above 10,560 would attract momentum on Nifty: Tradebulls")
Few trading ideas by Sacchitanand Uttekar, AVP- Technicals (Equity) at Tradebulls 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.
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