TARGET: Rs 10,728
STOP-LOSS: Rs 10,980
Nifty closed in the negative territory in the last trading session and the Index continues to form lower tops and lower bottoms with a sell crossover in its momentum indicator MACD on the daily, weekly and monthly charts. The Index has an immediate resistance at 10,980 whereas support is found at 10,728, hence we continue to maintain our short-term bias negative.
STOP-LOSS: Rs 1,237
The stock has started to form higher tops and bottoms with increase in volumes which is quite positive for the stock. It seems to be consolidating within a range of 1,300-1,220 which is expected to provide a breakout on the upside.
UNITED SPIRITS: BUY
TARGET: Rs 615
STOP-LOSS: Rs 570
The stock seems to be consolidating within a range of 600-570 which is likely to provide a breakout on the upside. The momentum indicator MACD has provided a buy crossover on the hourly charts as well as weekly charts which is quite positive going forward.
TARGET: Rs 275
STOP-LOSS: Rs 310
The stock has formed a bearish head and shoulders pattern which is a negative sign in the short term. The momentum indicator MACD is also in sell mode on the daily as well as weekly charts, hence we recommend selling this stock.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.