As indicated in previous note market reacted in same manner with negative bias. On Tuesday Nifty has again formed “Small Black Candle” on daily chart suggests uncertainty in market. Daily momentum indicators are showing more weakness as Nifty is trading near its support zone. Near term scenario slightly favors bear with strong support placed at 5290 levels and strong g resistance placed in the range of 5380 – 5400 levels. Still there is word of cautious due to uncertainty in market.
KPIT Cummins (126)Stock has given three month old downward sloping trend line breakout with long white candle and strong volume breakout on daily chart. Daily momentum indicators are featuring in bullish zone. More over on western pattern side stock has given rounding Bottom breakout, which is a bullish continuation pattern. Looking at all above technical parameters traders with moderate risk appetite can consider Buy above Rs.127 with tight stop loss of Rs.123.50 for a Target of Rs.134.
Tata Chemicals (334)
Stock has given strong three and half month old downward sloping trend line breakout on daily chart with long white candle on Tuesday’s close. Daily momentum indicators are hovering in bullish zone; especially MACDh has given strong buy signal on daily chart. Short term moving averages are showing upward movement with increasing gap on upper side. Looking at all above technical parameters traders with moderate risk appetite can consider Buy above Rs.336 with tight stop loss of Rs.330 for a Target of Rs.347-350.
More calls to watch out
Sell Axis Bank (1157.60) below Rs.1153 Stop Loss Rs.1166 Target Rs.1125
Buy/Hold Bata India (259) above Rs.260 Stop Loss Rs.254 Target Rs.273
Buy/Hold NALCO (415.65) above Rs.417.50 Stop Loss Rs.411 Target Rs.428
Buy/Hold HCL Tech (3556.75) above Rs.359 Stop Loss Rs.351 Target Rs.372
Buy/Hold Dwarkesh Sugar (81.10) above Rs.82 Stop Loss Rs.79 Target Rs.87.50
Buy/Hold Hexaware Tech (72.30) above Rs.72.30 Stop Loss Rs.69 Target Rs.78.50
Trade only with strict stop loss or simply avoid my given calls
Happy Trading to All