Nifty heading towards 12300; support seen at 11800
Nifty has been consolidating for last few sessions. The bullish “Cup and Handle” formation on the daily charts indicates the upside target of 12,300 in Nifty for this month. As fas as support is concerned, 11,800 is a level to watch out for as a Stoploss in long positions.
BUY JUBLFOOD (Rs 1,582)
Target: Rs 1,700
Stop-loss: Rs 1,550
The stock has been consolidating for last five trading sessions. The primary trend of the stock has been bullish, as it has been forming higher tops and higher bottoms on the weekly charts. Stock price has recently broken out above the previous top resistance placed at 1,578. The stock has also formed nice rounding bottom formation on the daily charts, indicating continuation of an uptrend.
Considering the technical evidences discussed above, we recommend buying the stock between CMP and Rs 1,565 for the target of Rs 1,700, keeping stop loss at Rs 1,550 on a closing basis.
BUY TCI EXPRESS (Rs 800)
Target: Rs. 850
Stop-loss: Rs 775
The stock price has broken out from bullish inverse head and shoulder pattern on the weekly charts. The stock price has recently registered new all-time high. Volumes have been rising along with the price in last couple of weeks.
Considering the technical evidences discussed above, we recommend buying the stock at CMP and average it at 785, for the target of 850, keeping a stop loss at 775 on closing basis.
Disclaimer: Views expressed are the author's own. He may have positions in one or more stocks.