Nifty closed in the positive territory in the last trading session after having closed in the positive territory in the last week after five consecutive negative closes. So, a retracement of the entire fall is expected in the short term. The fall appears to an impulsive one on the daily chart; hence the recent bounce is a bounce in wave B up. The index has also formed a “Morning Star Reversal” Candlestick pattern. Hence, in the short term, till 10,252 levels aren’t broken on a closing basis, the overall trend remains positive. For the very short term, the upside target comes to 10,650 whereas support is pegged at 10,409.
The stock has formed an inverse head and shoulders pattern on the daily charts which is quite a positive reversal pattern in the short term. So, we recommend buying this stock.
The stock seems to have completed a triple zigzag corrective pattern on the daily as well as weekly charts. It has reversed well from the lower end of the falling channel, hence we recommend buying this stock.
The stock has completed a five wave declining structure on the weekly as well as monthly charts. The momentum indicator MACD has just come into buy mode, so we recommend buying this stock in anticipation of a retracement of this five waves fall.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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