Nifty needs to hold 9,150 for further up move: Nilesh Jain of Anand Rathi

BUY NIFTY | TARGET: 9,500 | STOP LOSS: 9,150

Nifty continued to make a higher top and higher bottom formation on the daily chart. Now, post completing its up move at 9,900 levels, it has made a bearish candle on the daily chart. Nifty is currently near its previous swing low which is placed at 9,150. So, as long as Nifty holds above this level, we can expect another pullback on the higher side.

BUY BHARTI AIRTEL | TARGET: 560 | STOP LOSS: 510

The stock has provided breakout from its broad consolidation range and made a big bullish candle on the daily chart. The volume activity has also supported the price action. The momentum oscillator MACD is very well in buy mode on the daily chart.

BUY CADILA HEALTHCARE | TARGET: 360 | STOP LOSS: 315

The stock has given a breakout from a falling wedge pattern on the daily chart. The stock has also found support near 320 levels and made bullish candle on the daily chart. The momentum oscillator MACD has provided buy crossover on the hourly chart.

SELL BALKRISHNA INDUSTRIES | TARGET: 825 | STOP LOSS: 900

The stock has provided a breakdown from a rising wedge pattern on the daily chart. The momentum indicator RSI and oscillators have also provided sell crossover on the hourly chart.

Disclaimer: Nilesh Jain is Technical and Derivatives analyst - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are his own.