Nifty closed well in the positive territory in the last trading session with a clear buy crossover in its daily as well as weekly momentum indicator MACD. The Index has bounced back quite a lot and now it has to take off 12,300 on immediate basis in order to come out of the range. On the lower side, there exists a support at 12,125, so till it’s not broken the probability of an upside is quite high.
SHRIRAM TRANSPORT FIN: BUY | TGT: 1,220 | SL: 1,097
The stock has formed a nice ascending triangular pattern on the daily charts and the momentum indicator MACD has provided a clear buy crossover from the zero reference line with a positive divergence, hence the probability of an upward breakout is quite high.
HUL: BUY | TGT: 2,000 | SL: 1,910
The stock has formed almost a double bottom pattern on the daily charts with a positive divergence in its daily MACD. The probability of a retracement of the entire fall is quite high; hence one can buy HUL for the target of 2000 with a stop loss of 1910.
JSL: BUY | TGT: 48 | SL: 38
The stock has provided a breakout from the multiple swing resistance formed on the daily charts. The daily as well as weekly momentum indicator MACD is well in the buy mode with a positive divergence, hence the probability of an upside form hereon is quite high.
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Disclaimer: The author may have positions in one or all of the above mentioned stocks. Views expressed are his own.
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