STOP LOSS: Rs 10750
Nifty closed in the negative territory in the last trading session with a sell crossover in its daily momentum indicator MACD. The Index has closed below its 200DMA and with that, the probability of a downside has increased the short term target comes to the uptrend line support of 10550 whereas the resistance is pegged at 10750 which is the 200DMA.
BHARAT FINANCE: SELL
TARGET: Rs 928
STOP LOSS: Rs 1009
The stock seems to have started wave C on the lower side. The move prior to this was clearly an impulsive one and with lower tops and lower bottoms formation, the next five waves seem to have started. The momentum indicator MACD is also in sell mode thus confirming the downtrend.
RELIANCE CAPITAL: SELL
TARGET: Rs 205
STOP LOSS: Rs 222
The stock has broken the symmetrical triangular pattern on the lower side with a sell crossover in its momentum indicator MACD. The wave 4 seems to have got over and wave 5 down seems to have started.
TARGET: Rs 204
STOP LOSS: Rs229
The stock has formed a descending triangular pattern which is a bearish reversal pattern. The momentum indicator has also provided a sell crossover thus confirming the downtrend, hence we recommend selling Hindalco.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.