TARGET: 10,900
STOP LOSS 10,640
Nifty has closed well in the positive territory on the F&O expiry day which indicates that the short term trend has reversed from down to up. It has also taken off its previous swing resistance thus confirming the higher top and higher bottom formation. The momentum indicators although are in sell mode which is a negative sign for the bulls, however, the price action indicates that the probability of wave III of 5 up is quite high. The short term target comes to 10900 whereas the stop loss can be pegged at 10640 levels.
Buy GODREJ INDS
TARGET: Rs 620
STOP LOSS: Rs 570
Godrej Industries has started to form higher tops and higher bottoms with a positive buy crossover in its momentum indicators on the daily as well as the weekly charts. The wave III of wave 3 up seems to have started which means the momentum is likely to remain strong for a long time, however for the short term the target comes to 620, one can buy this with a stop loss of 570. The stock has also provided a breakout from the bullish flag pattern that was formed on the hourly charts which is a bullish reversal pattern.
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