Nifty closed in the positive territory in the last trading session and it seems to be breaking out of the range. The target on the upside comes to 10,720 levels, whereas the support on the lower side comes to 10,550 levels. The momentum indicator also supports the up move.
The stock has provided a breakout from an inverse head and shoulders pattern as well as from the downward sloping parallel channel. The momentum indicator is also well into buy mode which is a positive territory, hence we recommend buying this stock.
The stock has started to form higher tops and higher bottoms with a buy crossover in its momentum indicator. The previous move was an impulse and with a breakout on the hourly chart the next impulse on the way up is expected.
The stock has provided a breakout from the falling wedge pattern with a buy crossover in its momentum indicators. The stock has also completed a five wave declining structure, hence a retracement of 38.2 per cent of the entire fall is expected, so we recommend buying this stock.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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