STOP LOSS: 10650
Nifty has reversed well from the lower end of the range i.e. of the symmetrical triangular pattern which is a positive sign in the short term. The Index has started to form higher tops and higher bottoms on the hourly charts so it is expected to inch towards the upper end of the range i.e. 10870 levels.
Tata Motors DVR: BUY
TARGET: Rs 98.50
STOP LOSS: Rs 92
The stock has provided a breakout from a downtrend line with higher tops and higher bottoms formation. The momentum indicator MACD has also provided a clear buy crossover, hence we recommend buying it for the target of 98.50 with a stop loss of 92.
TORRENT POWER: BUY
TARGET: Rs 287
STOP LOSS: Rs 259
The stock has provided a breakout from a right-angled triangular pattern with a buy crossover in its momentum indicator on the daily as well as hourly charts.
TARGET: Rs 1175
STOP LOSS: Rs 1095
The stock has provided a breakout from the falling channel with a buy crossover in its momentum indicators on the daily as well as hourly charts. The hourly chart has shown higher tops and higher bottoms formation.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.