STOP LOSS: 10,920
Nifty closed well in the positive territory in the last trading session and has formed a bullish engulfing candlestick pattern which is quite a positive sign for the bulls in the short term. On the lower side, the Index has again taken a good support at its 200DMA which is also quite positive in the short term. So, now till 10775 levels aren’t broken the Index can bounce till 11157 levels.
TECH MAHINDRA: BUY
TARGET: Rs 839
STOP LOSS: Rs 724
The stock has formed a symmetrical triangular pattern and the momentum indicator has also provided a buy crossover on the daily charts which is a positive sign going forward. The minimum target comes to 839; one can buy this with a stop loss of 724 levels.
AUROBINDO PHARMA: BUY
TARGET: Rs 810
STOP LOSS: Rs 730
The stock seems to have completed a three wave corrective fall and with that, it seems to have completed a wave 4 correction on the daily, as well as weekly charts. Now, wave 5 up seems to have started which has a minimum target of 810 and thereafter 730 levels.
HINDUSTAN UNILEVER: BUY
TARGET: Rs 1,680
STOP LOSS: Rs 1,610
The stock seems to have completed a five-waves declining structure and a three wave corrective bounce is expected. The daily momentum indicator MACD has come into buy mode, hence we recommend buying this stock.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.