Nifty closed in the negative territory in the last trading session and the has formed a 'bearish engulfing pattern', which is a bullish reversal pattern. We had anticipated a fifth wave on the upside and it happened as anticipated. The five-wave rise seems to have gotten over and now retracement of the same seems to have started. However, a bounce can’t be ruled out. Recommend buying.
SBIN: BUY TGT: 375 SL: 325
The stock has provided a breakout from the symmetrical triangular pattern and the momentum indicator MACD is well into buy mode at all degrees. The stock is trading well above its short-term as well as medium-term moving averages. Hence, we recommend buying this stock.
HEROMOTOCORP: BUY TGT: 2840 SL: 2685
The stock has provided a breakout from the falling wedge pattern, which is a bullish reversal pattern. The stock has also provided a good 'buy crossover' in its momentum indicator MACD.
L&T: BUY TGT 1610 SL: 1430
The stock has provided a breakout from the multiple swing resistance and has managed to close at all-time high level. The counter has also provided a buy crossover in its momentum indicator MACD, hence we recommend buying.
====================================
Note: All stock prices in Rs
Disclaimer: The analyst may / may not have positions in any or all the stocks mentioned above.
 "Markets")