Here's why Mehul Kothari is bullish on MCX India, Voltas

According to the technical analyst, MCX India has a classic setup, precise Bullish BAT pattern on the daily chart with N-wave completed near the potential reversal zone.

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

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).