STOP LOSS: 11,800
Nifty closed flat in the last trading session and it seems to have completed wave E on the lower side as it seems to have formed a running triangle pattern. Since, the trend prior to this was an uptrend, the probability of a breakout is on the upside. Hence, we recommend buying for the target of 12,020 with a stop loss of 11,800.
TARGET: Rs 1,820
STOP LOSS: Rs 1,680
The stock has formed a symmetrical triangular pattern on the daily charts and it has reversed from the lower end for the range; hence, the probability of an upside is quite high. The daily momentum indicator MACD (moving average convergence divergence) is in sell mode; however, the weekly MACD is still into buy mode. Therefore, we recommend buying this stock.
APOLLO HOSPITALS: BUY
TARGET: Rs 1,520
STOP LOSS: Rs 1,300
The stock has provided a breakout from the falling channel and it has taken off its previous weekly swing high; hence, it appears to have provided a breakout in wave III of wave 5 up. The daily, weekly and monthly MACD is well in the buy mode.
UNITED BREWERIES (UBL): BUY
TARGET: Rs 1,427
STOP LOSS: Rs 1,314
The stock has formed an inverse head and shoulder pattern on the hourly charts with a clear buy crossover on its daily as well as hourly MACD. It has also reversed from the lower end of the sideways channel. Hence, we recommend buying this stock.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.