The Index has been completed a 23.6% retracement of its recent rise. The fall so far on the hourly charts appears to be well channelized; hence the probability of a wave IV of a minor degree is quite high. Now, on the lower side, 10870 is an immediate support and below those 10840 where on the upside 11050 is an immediate target and above those levels 11100 levels.
Mindtree is forming higher tops and bottoms on the daily charts after having provided a breakout from a falling channel pattern. The momentum indicator MACD is also well in buy mode, hence we recommend buying this stock for the target of 1130 with a stop loss of 1040.
TataElxsi seems to have completed its wave IV consolidation and now wave V up seems to have started. The momentum indicator too seems to have reversed from sell to buy on the hourly charts, hence we recommend buying TataElxsi.
IDBI has formed a clear inverse head and shoulders pattern which is a bullish reversal pattern. The momentum indicator MACD too is well into the bull mode on the daily charts which increases the probability of an upside.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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