Nifty has been oscillating within the strangled range of 7,550-7,400. The sharp rebound from 7,400 re-confirms the strength in the support & raises expectation of a breakout above 7,550 which would eject the it towards 7,700. Only a breach below 7,400 would distort this ongoing bullish sequence & hence serves as a trailing stop for longs.
Last Close: Rs 186.35
Target : Rs205
Positive sector outlook & mature rounding formation on the daily scale. SBIN now seems ready for momentum & a breach above 189 would propel it beyond 205. SBIN could be traded with a stop below 180 for an initial target upto 205.
Last Close: Rs 3029
Target : Rs 3160
Ultratech saw a fresh breakout from the ‘Rounding Pattern’. The occurrence of a ‘Rising Three’ on the daily scale augurs well for the uptrend to remain intact. A breach above 3040 could accelerate the momentum. Stock could be traded with a stop below 2980 for an initial target upto 3160.
Last Close: Rs 386.8
Target : Rs 370
Double top formation on the daily scale is getting affirmed. We expect Zee to continue its declining trend & revisit its trading swing low near 370. Short positions could be initiated in ZEE Ltd. With a stop at 395.
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Shubham Agarwal is a head of Quantitative Research, Motilal Oswal Securities