STOP LOSS: 10,350
Nifty closed in the negative territory in the last trading session, however, the consolidation continues as it has been falling in a downward sloping parallel channel and till it doesn’t provide a breakout from the same, the sideways movement will continue. The range for the Index currently is 11,613-11,350 and it is likely to provide a breakout on the upside.
DIVIS LABS: BUY
TARGET: Rs 1,770
STOP LOSS: Rs 1,619
The stock has provided a breakout from the downtrend line resistance and with that it seems to have completed wave 4 consolidations. The stock has completed the retest of the trend line, hence wave 5 up from here on should ensue, and hence we recommend buying it for the target of Rs 1,770 with a stop loss of Rs 1,619.
GODFREY PHILLIPS: BUY
TAARGET: Rs 1,050
STOP LOSS: Rs 880
The stock has formed a symmetrical triangular pattern of which wave E seems to have got over. The weekly momentum indicator MACD is well in the buy mode, hence we recommend buying this stock in anticipation of an upward breakout for the target of Rs 1,050 with a stop loss of Rs 880.
BALKRISHNA INDUSTRIES: BUY
TARGET: Rs 870
STOP LOSS: Rs 730
The stock has provided a breakout from the downtrend line as well as it has been forming higher tops and bottoms with impulse formations on the hourly charts. The momentum indicator MACD is also well in the buy mode, so we recommend buying it for the target of Rs 870 with a stop loss of Rs 730.
Disclaimer: Views expressed are the author's own. He may have position in one or all of the above mentioned stocks.