 "Trading strategies by Nilesh Jain of Anand Rathi: Buy Wipro, Polycab India")
BUY NIFTY | TARGET: 11,400 | STOP LOSS: 11,140
The Nifty index is consolidating from the past couple of sessions and also finding support near 11,100 zones. The nifty index also formed a dragonfly Doji candlestick pattern on the daily chart which is considered as a bullish reversal candle. The momentum indicators and oscillators on the weekly scales are still in buy mode which hints of some buying at lower levels. The volatility index is currently near 21 levels which is giving comfort to the bulls. Thus, one can remain on the long side by keeping a stop loss of 11,150.
BUY GNFC | TARGET: Rs 190 | STOP LOSS: Rs 168
The counter has provided fresh breakout from a symmetrical triangle formation on the daily chart. The volumes were higher than average which also supported the price actions. The stock is also trading well above its short term and long term moving averages. The overall setup hints of positive momentum to continue towards 190 levels. The MACD has provided a buy crossover on the daily chart which hints of a further positive momentum in the counter.
BUY POLYCAB | TARGET: Rs 950 | STOP LOSS: Rs 860
The stock has provided breakout from a 1-month consolidation and volume has also picked up from a past couple of sessions. It has also reclaimed 200-DMA which is placed at 860 levels on the daily chart and also likely to act as immediate support. The momentum indicator and oscillator are on buy mode on the daily as well as a weekly scale which hints of further positive momentum in the counter.
BUY WIPRO | TARGET: Rs 300 | STOP LOSS: Rs 270
The stock has provided breakout from a flag and poll pattern on the daily chart which is considered as a bullish continuation pattern. It is constantly taking the support of its short term 21-DMA which is placed at 194 levels and likely to act as immediate support. The MACD has provided a buy crossover and RSI has also reversed from its oversold territory on the weekly chart which hints of a further positive momentum in the counter.
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