The Nifty closed in the positive territory in the last trading session and with that it is expected to move towards the upper end of the range. The daily momentum indicator, however, is still in the 'sell' mode which may make the Index trade within the range of 11,550-11,850 levels. However, the trend prior to this breakout was up, hence the breakout is likely to be on the upside.
The stock has provided a breakout from the symmetrical triangular pattern and it has managed to close above this consolidation for the week. The daily momentum indicator MACD however is still in sell mode, hence the probability of an upside is higher.
BUY TCS
TARGET: Rs 2,295
STOP LOSS: Rs 2,195
The stock has been forming higher tops and bottoms with the daily momentum indicator MACD continuing to be in 'buy' mode. The stock has provided from a larger consolidation i.e. an ascending triangular pattern and post that it has started wave 3 of wave 5. It is likely to form a new life time highs.
AXIS BANK
BUY TARGET: Rs 795
STOP LOSS: Rs 737
The stock seems to have completed a minor wave four correction and wave five up seems to have started. The daily momentum indicator MACD has also come to its zero reference line which is a positive sign, hence a reversal in the indicator is expected with the reversal in the price.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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