Remain Cautious till Nifty trades below 12180; Midcaps to outperform
Nifty has formed inside bar and bullish “Harami” candlestick pattern on the daily charts. Implications of these patterns are reversal of the short-term trend with subject to violation of either the high or low of the pattern on the closing basis. These patterns indicate that any level above 12,180 would negate bearish developments and level below 11,974 would lead to further fall towards 11,800 support.
BUY GSPL (Rs 236.6): | Target: Rs. 254 | Stop-loss: Rs 222
The stock price has registered fresh all-time highs. Bullish Cup and Handle breakout with rising volumes is witnessed on weekly charts. The stock has broken out from the price consolidation witnessed in the last five months. It is also placed above all important moving average parameters. Indicators and Oscillators like DMI and MACD have also turned bullish on long-term charts.
BUY Navin Flourines (Rs 1,022.7): | Target: Rs. 1,200 | Stop-loss: Rs 980
The stock price has registered fresh all-time highs with volumes breakout. After running correction, the stock price has resumed its primary uptrend with higher tops and higher bottoms. The stock is also placed above all important moving average parameters.
Disclaimer: Views expressed are the author's own. He may have positions in one or all of the above mentioned stocks.