Nifty has closed in the negative territory in the last trading session facing resistance at 10,800 levels. The rise so far on the daily charts appear to be a three wave rising structure, hence till 10810 levels aren’t taken off the overall bias hereon remains sideways to negative. On the lower side, the immediate support exists at 10,650 levels, hence 10,680 is the immediate target.
Ultratech cements have provided a breakout from an inverse head and shoulders pattern which is a bullish reversal pattern. Also, the momentum indicators have provided a buy crossover thus confirming an upward breakout.
Dr.Reddy has provided a breakout from a downtrend resistance after having retraced its third wave. With this breakout it seems to have started its wave 5 up which is a bullish scenario going forward. Hence, we recommend buying Dr.Reddy for the target of 2389 with a stop loss of 2273.
ACC has provided a breakout from a symmetrical triangular pattern on the daily charts which is formed in its wave B. Now, with this breakout the stock is likely to retrace 38.2% of its previous fall, so the target comes to 1485 levels.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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