STOP LOSS: 10,557
Nifty closed in the positive territory in the last trading session snapping the three days losing streak. The hourly MACD has provided a buy crossover which is a positive sign in the short term. The Index has formed a “Three Black Crows” candlestick pattern on the daily chart which is a bearish reversal pattern, however, post that a minimum of 50 per cent retracement level is expected and it happened so as anticipated. Now, on the upside it can retrace till 78.6 per cent which comes to 10,713 levels and the support on the lower side is pegged at 10,557 levels
APOLLO HOSPITALS: BUY
TARGET: Rs 1,350
STOP LOSS: Rs 1,220
The stock has completed the retest of the falling channel and it has reversed from the lower end. The momentum indicator has come into buy mode again which is also a positive sign in the short term as well as medium term. The minimum target on the upside comes to Rs 1,350; hence we can buy this with a stop loss of Rs 1,220.
IRB INFRA: BUY
TARGET: Rs 154
STOP LOSS: Rs 141
The stock has completed a retest of the breakout of the parallel channel which is a positive sign in the short term. The momentum indicator is also well into buy mode thus supporting the upmove.
BAJAJ AUTO: BUY
TARGET: Rs 2,740
STOP LOSS: Rs 2,600
The stock has completed a zigzag corrective pattern on the daily chart and with that it seems to have completed wave B on the lower side. Wave c on the upside seems to have started with yesterday’s positive close, hence one can buy this for the short term target of Rs 2,740 with a stop loss of Rs 2,600 levels.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.