The stock has provided a breakout from a symmetrical triangle formation on the daily chart. It is now on the verge of a breakout from its upper end of the Bollinger band which is placed at 129 levels; above that the immediate target we can expect is of 140 levels. The momentum indicators and oscillators are in the buy mode on the weekly scales, which also supports the positive momentum. The stock also witnessed a built-up of long positions with the addition of 14 per cent open interest.
BUY ICICIGI | TARGET: Rs 1,650 | STOP LOSS: Rs 1,500
The stock is in a secular uptrend and has provided a fresh breakout from its consolidation on the daily chart. It also surpassed its upper end of the Bollinger band and entered into uncharted territory. It is also trading well above its short-term and long-term moving averages. The MACD has provided a fresh buy crossover and RSI has reversed from its oversold territory. Based on the above rationale we can expect further momentum in the counter.
BUY ONGC | TARGET: Rs 103 | STOP LOSS: Rs 94
The stock has negated the formation of lower high and lower low formation and is showing signs of reversal. Earlier, the stock has also witnessed a golden crossover which shows that buy on dip strategy should be deployed. The momentum indicator RSI has reversed from the oversold territory on the daily chart hints of a further momentum on the higher side.
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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.
 "The stock of ONGC has negated the formation of lower high and lower low formation and is showing signs of reversal")