STOP LOSS: 10,745
Nifty closed almost flat on the last day of February, which also was the F&O expiry day. The index seems to have completed wave B correction and wave C is quite likely up. The minimum target on the upside comes at 10,900 whereas the support is pegged at 10,745 level.
DB CORP: BUY
TARGET: Rs 190
STOP LOSS: Rs 173
The stock has formed a symmetrical triangular pattern which is a bullish reversal pattern. The wave E of the same is over and now wave C of a bounce back is expected. Hence, we recommend buying this stock.
TARGET: Rs 358
STOP LOSS: Rs 330
The stock has formed a clear bullish Head and Shoulders pattern with a clear buy crossover in its momentum indicator. The neckline support is pegged at Rs 338 whereas the swing support is pegged at Rs 330. The target on the upside comes at Rs 358.
INDIAN BANK: BUY
TARGET: Rs 243
STOP LOSS: Rs 215
The stock has been rising to form higher tops and higher bottoms. The momentum indicator has also provided a buy crossover which is a positive sign in the short term. The minimum equality target on the upside comes at Rs 243 and the support is pegged at Rs 215.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.