Nifty closed in the positive territory in the last trading session after three consecutive negative closes. The Index has formed a “Hammer” candlestick pattern on the hourly charts with a buy crossover in its momentum indicator on the hourly charts, so we recommend initiating buy from current levels for the target of 10,475 with a stop loss of 10,199.
The stock has started to form higher tops and higher bottoms on the daily charts as well as hourly charts. He stock has taken a good support at the lower end of the falling channel as well.
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The stock has formed a bearish triangular pattern and the wave E of the same seems to have gotten over. The momentum indicator MACD is already in sell mode, hence we recommend selling this stock.
The stock has formed a double bottom on the daily charts with a positive divergence on the hourly charts. The stock has just closed at the 200 DMA and it is likely to reverse from current levels.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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