STOP LOSS: 11,100
Nifty closed in the negative territory in the last trading session and it has taken a good support at the 200-day moving average (DMA); hence, a probability of a bounce back is quite high. The momentum indicator moving average convergence divergence (MACD) too, appears, oversold at the current moment. Thus, we recommend buying at this level for the upside target of 11,300 with a stop loss of 11,100.
BERGER PAINTS: BUY
TARGET: Rs 368
STOP LOSS: Rs 315
The stock has formed a nice symmetrical triangular pattern with a clear buy crossover on its daily, weekly and monthly momentum indicator MACD. The stock is likely to provide a breakout on the upside for the target of Rs 368 with a stop loss of Rs 315; one can buy at current levels.
TARGET: Rs 740
STOP LOSS: Rs 680
The stock has provided a breakout from the triangular pattern that is formed in wave B of the bounce back and wave C is likely to come from here on; hence, we recommend buying it for the target of Rs 740 with a stop loss of Rs 680.
Godrej Consumer Products (GCPL): BUY
TARGET: Rs 650
STOP LOSS: Rs 585
The stock has formed a falling wedge pattern with a buy crossover in its momentum indicator MACD with a positive divergence; hence, we recommend buying this stock.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.