The Index closed in the positive territory in the last trading session and it has again formed a life time high. The Index after having broken 11,600 on the upside has confirmed the extension on the upside; hence the minimum equality target on the upside comes to 11,800 whereas on the lower side 11,620 becomes a crucial support. Our short term target of 11,653 has got achieved.
The stock has provided a breakout from the symmetrical triangular pattern with a buy crossover in its momentum indicator.
The stock has completed a wave 4 correction and wave 5 up seems to have started. The momentum indicator has again come into buy mode which has confirmed wave 5 up.
The stock has completed a sideways consolidation in a parallelogram pattern which is quite bullish pattern. The momentum indicators have also provided a buy crossover which is a positive sign. On the weekly charts the stock is trading in wave 5 up.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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