STOP LOSS: 10,750
Nifty closed in the positive territory in the last trading session and well above its 200-DMA. Now, the index has taken off its previous weekly swing high which indicates that the bulls are back in December series as well. Now, on the lower side 10,700 is a very crucial support and till those lows aren’t broken the target on the upside comes to 10,980 and thereafter 11,200 levels.
BANDHAN BANK: BUY
TARGET: Rs 509
STOP LOSS:Rs 464
The stock has started to form higher tops and higher bottoms on the hourly charts with a clear buy crossover in its momentum indicator MACD on the daily as well as hourly chart. The rise prior to the current up move is a clearly an impulse move, hence another five waves are likely on the upside.
TARGET: Rs 747
STOP LOSS: Rs 671.90
The stock has provided a breakout from the consolidation on the daily as well as weekly charts. The momentum indicator MACD has also provided a buy crossover which is a positive sign.
FEDERAL BANK: BUY
TARGET: Rs 90
STOP LOSS: Rs 82
The stock has taken off its previous weekly swing high thus indicating higher tops and higher bottom formation on the weekly charts. The momentum indicator is already in the buy mode; hence another five waves up are likely, so we recommend buying it with a stop loss of Rs 82 for a target of Rs 90.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.