NIFTY: BUY | TGT 12,000 | SL: 11,880
The Nifty closed in the positive territory on Monday, and with that, it seems to have completed a three wave falling structure. Now, even if the fall is a complex corrective pattern a minimum retracement of 50 per cent can’t be ruled out i.e. till 12,020. The Index has formed a long legged Doji which indicates some pause in the ongoing correction; hence, till the lows of the same isn’t broken the bounce can’t be ruled out, so one can buy Nifty for the target of 12,000 with a stop loss of 11,880.
SRF: BUY | TGT: Rs 3,450 | SL: Rs 3,200
The stock has provided a breakout from the triangular pattern formed on the daily charts and it seems to have completed a wave 4 correction with the same. Now, till 32,00 levels aren’t broken the wave 5 up can’t be ruled out, hence in anticipation of wave 5 up one can buy SRF.
COROMANDEL INTERNATIONAL: BUY | TGT: Rs 545 | SL: Rs 490
The stock has provided a breakout from the falling channel with a clear buy crossover in its momentum indicators on the daily as well as weekly charts. The volumes have also expanded with a breakout on the upside.
ICICI LOMBARD: BUY | TGT Rs 1,450 | SL: Rs 1,330
The stock formed an ascending triangular pattern after a breakout from the ascending triangular pattern. The weekly momentum indicators are well in the buy mode, hence, one can buy for the target of Rs 1,450 with a stop loss of Rs 1,330.
Disclaimer: Author may or may not have positions in the above mentioned stocks