Nifty is forming bullish/ inverted HEAD & SHOULDER pattern on hourly charts, which would be confirmed on move above 11560, which would provide 350 points upside or a target of 11,900.
One can buy Nifty in the range of 11540-575 for a 350 points upside. SL below 11,400.
Buy FDC at current levels of 290-300, as it has given a breakout of Inverse H&S pattern on weekly chart, that results in target of Rs390-400.
Moreover the stock has given closing at highest levels on weekly & monthly charts, with very good volumes.
FDC has been performing very well on growth and profitability. Further, the co has over 700cr surplus cash on...
Ajanta Pharma is forming a Inverse H & S pattern and will breakout above 1480, and would result in pattern target of 1600 levels. Would strongly back the target given that Pharma sector especially the midcaps are in flavor and are outperforming.
Just Dial is at the verge of a triangular pattern breakout, which would result in 40-50% upside.
The reason it is likely to move on upside is that,
1) the company is doing buyback at Rs700/sh. and the buyback is yet to commence. It is the 3rd buyback in 4 years.
2) Just dial is being removed from F&O series after July expiry, so there cant be any short...
Bank Nifty can be bought at current levels as it is under formation of bullish H&S pattern. At current levels of 21500, the Reward/Risk is 7:1, an extremely compelling case to take a long trade with SL below 21000 and target 25000!
The one-time loan restructuring news for banks will be good trigger for the upmove to commence.
NESCO is forming bullish Head & Shoulder pattern. Buy at CMP for target of 560, which is 20% upside. NESCO is a fantastic midcap stock with zero debt and consistently growing rental revenue. Can have SL at 425.
Buy Sanofi at CMP of 8000, as it is making bullish Head & Shoulder formation. First target is the neckline of 8400-8450, above which stock can move to 9000. Big dividend of Rs350/share is also getting ex on 29 June 2020.
Federal Bank is currently forming its Right shoulder in the bullish Inverse H&S pattern and will breakout above 50.7 (neckline). Buy at current levels of 46.5-47, for upside of 25-27% with target Rs60. SL at 44.7.
Nifty has been moving in a channel, and has today respected and held on to channel lows. Moreover it has filled the previous gap at 9600, which is also a good sign. One can choose to use dips towards 9750-9800 to go long with SL 9600.
Nifty IT is once again at channel support. Had previously recommended to buy for 8-10% upside, and successfully exited the same.
From here it can be both long and short, based on where it continues to take support or breaks it. Should ideally short, if channel breaks, on closing basis.