Engineers India after a strong uptrend has undergone a correction and taken support at 16 months strong trendline. After a steep correction the stock opened gap up and maintained the momentum over the day to give a close towards the high of the day. It is good buy with a Stop Loss of 149 and for a Target of 163, 172
Mahindra Holidays has broken out of an ascending channel and also rounding bottom pattern with great volumes in the daily chart. It is a good buy at CMP with a stop loss of 550. Conservative traders can wait for a retest of the breakout levels.
The stock after moving in an uptrend went into contraction phase where it was forming lower highs and higher lows called the symmetrical triangle. It gave a breakout a few days back with nice volumes. It is good buy around 421 levels with a stop loss of 410 for a target of 450.
Vedanta has been consolidating in a sideways channel. Today it has formed a shooting star with volumes at an important resistance levels. It can be shorted once it breaks the low of today's candle with its high as stop loss. Target 236 , 231
Hind zinc after moving in a downtrend has formed a double bottom and has also broken out of a descending channel. It has formed double bottom pattern at an important support zone which makes it all the more effective. It is a good buy at CMP with a stop loss of 234 and a target of 265
As seen Nifty IT gave a breakout a couple of days back but could not sustain and immediately came down indicating a trap for the bulls. Traps are generally quick and it does not give a chance to the trapped side to exit quickly as in this case. The sector looks weak.
Bel has just undergone a correction after a good uptrend in the daily chart. Currently the stock is taking support at 7 month long trendline and also at a previous resistance level. It is good buy above yesterday's high with 164.50 as stop loss for a target of 184.
Karnataka bank is in uptrend and has just underwent a correction in the daily as well as hourly chart. It has taken support at a previous resistance zone and now it is expected that the stock will continue its journey upwards. It is good buy at CMP with a Stop loss of 171.50 for a target of 186.50.
Apollo tyre has given a breakout supported by good volumes in the daily chart. It is good positional buy with a stop loss of 239 for a target of 280, 330 . Aggressive traders can enter above the high of today's candle while conservative traders may wait for a retest of the breakout levels. It has taken a shape of Cup and Handle.
Nifty has formed a bearish engulfing at the top but at a gap support. There is also a 5 month long trendline support around 9520-9540 levels. I will be more comfortable buying on dips considering its moving in an uptrend and I see a correction as an opportunity to add on my positions.
Bearish engulfing is effective when it is formed at the top and gets validated...
After a strong run up the stock consolidated sideways for a couple of weeks and has now given a fresh breakout with good volumes. The stock is expected to continue its upward movement and is good buy above today's candle with a stop loss 118. It is a positional trade for a target of 145, 170.
Traders who are more conservative in their approach can wait for a...
After a strong uptrend the price was consolidating in a channel in the daily chart. Yesterday it gave a breakout of the channel with decent volumes. Traders can look to enter at the break of yesterday's high with a stop loss of 1045 with a target of 1200.
IOC is in uptrend forming a series of higher highs and higher lows. Presently it is in correction taking support at a 6 month long trendline and also at a previous resistance zone. For traders who are conservative in their approach can look for a green candle formation or can even wait for a break of yesterday s high, whichever way they feel comfortable.
Infosys formed a bearish reversal candlestick at a one year long trendline showing weakness in the stock. The stock is expected to test its previous important support zone of 900-910.
cmp - 970
Voltas has been moving in an strong uptrend with good volumes. It gave a flag pattern breakout 2 days back in the daily chart. The best part about this pattern here is that it is a continuation pattern and it gives you a trade in the direction of the trend.
Stop Loss- 480
Target- 580- 600 as per flag pattern
Traders can use trailing stop loss method to...
Hero MotoCorp has been forming a series of higher high and higher low clearing indicating that it is in an uptrend. Today it has broken its previous high with good volumes.
The best way to manage risk and have a good risk reward is to enter the such stocks when there is a pullback. The decision of entry depends on the risk apetite of the trader.
It is a good buy...
The stock has given a breakout with decent volumes two days back in the daily chart. Half positions can be entered at CMP and remaining in case there is a re-test of the breakout levels around 252 level. It is positional buy so stop loss is a bit steep at around 239.
The stock is in strong uptrend and it seems to be done with a correction. It recently formed a reversal candlestick pattern hammer (not the best example here) at support and since then it has shown signs to continue its journey upwards to retest the previous swing highs. It is a buy at CMP for a target of 4400, 4650