BUY NIFTY | TARGET: 11,550 | STOP LOSS: 11,360
The Nifty index negated the formation of lower top and lower bottom formation pattern on the daily chart. Also, it has provided a breakout from a falling trend line on the hourly chart, which hints that the bulls are making a strong comeback. The momentum indicators and oscillators on the weekly scale are very well on buy mode. The volatility index “Indiavix” has also started cooling down which is giving comforts to the bulls. Hence, aggressive traders can initiate a long position for a pullback towards 11,550-11,600 levels.
BUY BPCL | TARGET: Rs 460 | STOP LOSS: Rs 410
The counter has provided a breakout from a descending triangle formation on the daily chart. The volume activity has also supported the breakout which was higher than the average. The momentum indicator RSI has also provided a breakout from its downward sloping trend line and a buy crossover can also be seen on MACD.
BUY HDFC LIFE | TARGET: Rs 650 | STOP LOSS: Rs 575
The stock has provided a breakout from a falling channel on the daily chart. It is trading well above its short term and long term moving averages. The momentum indicators and oscillators are very well in the buy mode on daily as well as weekly scales which hints of a further positive momentum in the counter. It has also surpassed its 21-DMA which is placed at 590 levels.
BUY LUPIN | TARGET: Rs 1,020 | STOP LOSS: Rs 920
The stock has breached its downward sloping trend line after forming a base at around 920 levels. It is also making a higher top and higher bottom formation on the weekly scale which is a positive momentum to continue. The momentum indicator has reversed from the overbought territory which hints of further positive momentum in the counter.
Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks, Views are personal.