ICICI Lombard, Biocon, Hindalco: Three stocks Anand Rathi is bullish on

As regards Biocon, the stock has provided a breakout from the inverse head and shoulders pattern with an increase in volume. There is a buy crossover in its oscillators as well

NIFTY: BUY TGT 12050/12100 SL: 11800

Nifty closed firm on Monday above the 11900 mark, which is a positive sign in the short-term. The index has been forming 'wave E' of the rising wedge pattern and is expected to inch towards the upper end of this pattern. The short-term target, however, is 12050/12100 and the support is seen at 11800 levels.

HINDALCO: BUY TGT: 210 SL: 190

The stock has completed the right shoulder of the inverse head and shoulders pattern, which is a bullish reversal pattern. The daily as well as weekly momentum indicator, MACD, is well in the buy mode. The