STOP LOSS: 10,583
Nifty has again taken good support at its uptrend line and 10,583 level now appears to be a very crucial support. On the lower side, until 10,583 levels are not broken in the short term, the bulls may hope for a bounce back till 10,800 levels. The short term momentum indicator is well in the buy mode from quite an oversold territory which is a positive sign.
TARGET: Rs 845
STOP LOSS: Rs 807
The stock continues to form higher tops and higher bottoms on the daily charts. It has provided a breakout from the short-term consolidation with a buy crossover in its momentum indicator MACD (moving average convergence divergence) which is also a positive sign.
TARGET: Rs 635
STOP LOSS: Rs 590
The stock formed a falling wedge pattern in the wave Z which is a bullish reversal pattern. The momentum indicator MACD is well in the buy mode on the daily as well as weekly charts with a positive divergence. Thus, we recommend buying Cyient for the target of Rs 635 with a stop loss of Rs 590.
Tata Communications: BUY
TARGET: Rs 520
STOP LOSS: Rs 487
The stock has formed a symmetrical triangular pattern in wave X and wave Y up is expected. The daily as well as hourly momentum is well into buy mode; hence, we recommend buying this for the target of Rs 520 with a stop loss of Rs 487.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.