Nifty (5178.90) – High Wave Candle
Yesterday again nifty has formed “High wave Candle” but important point to note here is that from last two days nifty is making higher highs and higher lows and given crucial close near 50 day EMA on daily chart. Daily momentum indicators are still in jittery mode. Important support placed in the range of 5145-5122 levels and important resistance placed in the range of 5192-5210 levels. Over all scenario slightly favors bulls.
PFC (290.05) – Rising Price Channel
Buy above Rs.292 Sl 285 Target Rs.315
Yesterday stock has given close on the verge of upper end of “Rising Price Channel” pattern; more over stock has also broken important resistance of 285 levels. In addition yesterday’s volume was also supported by daily momentum indicators with buy signal. Weekly Volume also started increasing compare to previous week and Weekly RSI has given positive crossover to signal line. Looking at all above evidence traders with moderate risk appetite can consider Buy above Rs.292 with tight Stop Loss of Rs.285 (closing basis) for a Target of Rs.315.
IGL (236.30) – Pennant
Buy above Rs.237 Sl 232 Target Rs.250
Yesterday Stock has formed “Pennant” a continuation pattern with strong volume breakout on daily chart. On moving average front 3 days EMA has given positive crossover to 8 days EMA. Daily momentum indicators are featuring in bullish zone. Looking at all above technical parameters trader with moderate risk appetite can consider buy above Rs.237 with tight SL of Rs.232 (closing basis) for a Target of Rs.250