The Nifty closed deep in the negative territory on Tuesday and, as anticipated, has reversed well from the upper end of the rising wedge pattern, which is also a negative sign in the short term. The index has also provided a sell crossover on its hourly charts and with that, the index seems to have reversed the overall trend in the short term.
TECHM: SELL | TGT: Rs 730 | SL: Rs 797
The stock has formed a rising wedge pattern which is a bearish reversal pattern. The hourly as well as daily momentum indicator MACD has provided a sell crossover; hence there is a high probability of a reversal, so one can sell for the target of Rs 730 with a stop loss of Rs 797.
JUBILANT LIFE SCIENCES: BUY | TGT: Rs 658 | SL: Rs 575
The stock has provided a breakout from the ascending triangular pattern which is quite bullish in the short-term. The momentum indicator MACD is also well in the buy mode on the daily as well as weekly charts.
RBL BANK: SELL | TGT: Rs 295 | SL: Rs 345
The stock has provided a breakdown from the uptrend line support and with that the trend in the short term seems to have reversed from up to down. With this breakdown the stock’s recent rise appears to be a three wave rise and with this breakdown the stock seems to be heading lower in the wave Y down.
Disclaimer: Author may or may not have positions in the above mentioned stocks
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