As depicted in the chart attached, Sonata has witnessed a breakout from a 5 Year channel on higher volumes. This indicates that the move is intact and one could look to enter the stock with a target of Rs 235 on the upside. Stop loss @ Rs 171
Manappuram has formed a pennant pattern on daily charts which is a continuation pattern. In this case the previous trend is negative and hence one could expect a further fall in this name. Target Rs 45, stop loss 78.
Nifty currently @ 8172, could see an intraday drop towards 8130 levels and then any close above 8195, could take the Nifty towards 8400 as per this pattern.a close below 8070 would negate this pattern.
Bel has found resistance on multiple occasions at the 1400 levels and has reversed back to the channel low as depicted in the chart attached.A close above 1410 will help this stock break a key resistance zone and the stock could move towars Rs 1800 over the next 8-9 months.
On weekly charts; Apollo Hospitals has traded within the pitchfork and has found support and resistance at multiple points, as depicted with the arrows. Crucial levels for this week is between 1150-1160 levels. target would be the top end of the pitchfork @ 1267/1300 levels.
After trading strong through he day yesterday, Nifty witnessed selling towards close and ended the day in the red, which is negative.The bears were able to get the better of the bulls. Nifty has now closed below a PENANT formation on intraday charts and according to this, Nifty could head towards the 7800 levels. However the Nifty remains over sold and any bounce...
GAIL after witnessing a break out last month from a long term resistance line, had witnessed a sharp upmove and has not retraced to those breakout levels. One could use this level as a stop loss and initiate longs with 487 target and stop loss @ Rs 412 on a closing basis.