STOP LOSS: 11,100
Nifty has been inching higher and it has reached our previous targets of 11,191 and 11,200 levels. Now, it has a small hurdle at 11,250 and above that it will zoom till 11,400 levels which is 78.6 per cent retracement level of the entire previous fall. The support on the lower side is pegged at 11,140 and 11,100 levels. The momentum indicator moving average convergence divergence (MACD) is still in buy mode. Hence, the bulls have an upper hand.
TARGET: Rs 674
STOP LOSS: Rs 595
The stock has provided a breakout from the falling channel and with this breakout wave 5 up seems to have started. The momentum indicator has also provided a clear buy crossover on the daily as well as weekly charts.
GODFREY PHILLIPS: BUY
TARGET: Rs 1,090
STOP LOSS: Rs 997
The stock has provided a multiple swing resistance which appears like a breakout from the cup and handle pattern. The daily, weekly as well as monthly momentum indicator are into buy mode; hence the bulls have an upper hand.
TARGET: Rs 87
STOP LOSS: Rs 66.50
The stock has started to form higher tops and higher bottoms with a clear buy crossover on its momentum indicator MACD. The stock has also provided a breakout from the falling channel; hence it is likely to inch towards its previous swing resistance. Thus, we recommend buying this stock.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.