Yesterday in intraday Nifty has formed “Deliberation Pattern” which is a bearish candlestick pattern and we saw some selling after that. Daily chart has formed “Long Legged Doji” which suggests uncertainty at higher level and volume was quite low yesterday. Daily momentum indicators are also suggesting uncertainty. On positive side 20 days EMA has given positive cross over to 50 days EMA and important point to note here is that market is note falling and it is just consolidating.
Mcleod Russel (245)
Stock has formed “Rounding bottom” a bullish a pattern and yesterday stock has given volume cross over with “Long White candle” suggests up move is likely to continue. Daily momentum indicators are featuring in bullish zone. weekly RSI is also on the verge of positive cross over. Looking at all above technical evidence trader with moderate risk appetite can consider Buy above Rs.247 with tight Stop loss of Rs.240 for a Target of Rs.263.