 "Here's why Mehul Kothari is bullish on MCX India, Voltas")
BUY MCX
TARGET: Rs 1,450
STOP LOSS: Rs 1,200
What a classic setup we are having at MCX India, precise Bullish BAT pattern on the daily chart with N-wave completed near the potential reversal zone of Rs 1,200-1,220. At the current scenario, daily RSI (relative strength index) has made impulsive structure near oversold zone which is also complemented by Inverted Hammer near PRZ (potential reversal zone) denoting positive momentum in the counter.
BUY VOLTAS
TARGET: Rs 1,100
Also Read
STOP LOSS: Rs 960
VOLTAS has been under pressure since quite some time but at this juncture it’s trading near its crucial support. Previously the stock turned from this level and we saw a rally towards Rs 1,300. On DAILY chart VOLTAS is at PRZ of previous harmonic pattern which is looking lucrative.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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