BUY NESTLE IND | TARGET: Rs 17,000 | STOP LOSS: Rs 15,900
The stock is making a higher top and higher top formation on the daily chart. It has also provided breakout from a downward sloping trend line. Recently, it surpassed its short term 21-DMA and long term 200-DMA which is placed at Rs 16,000 levels. The momentum indicators and oscillators are in the buy mode on the daily scales which hints of further positive momentum in the counter.
BUY DIVIS LAB | TARGET: Rs 3,400 | STOP LOSS: Rs 3,150
The stock has formed a strong base at around 3000 levels which was also the gap area created in August and since then it has respected that levels. It has also surpassed the centerline of the Bollinger band which is called as an exponential moving average and now it is heading towards its previous highs which is placed at near 3400. The momentum indicator RSI has also breached the falling trend line and MACD provided a fresh buy crossover on the daily chart which hints of further positive momentum in the counter.
BUY SRF | TARGET: Rs 4,450 | STOP LOSS: Rs 4,140
The stock has formed a triple bottom chart pattern at 4000 levels on the daily scale. On Thursday, it also provided a breakout from a symmetrical triangle pattern with higher than average volume which is a positive sign. It is also trading well above its short-term and long-term moving averages. The momentum indicators and oscillators are in the buy mode on the daily as well as weekly scales which hints of strong momentum in the short term.
Disclaimer: Nilesh Jain is Technical and Derivatives Research Analyst at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.