Keeping up with the momentum, Nifty gave a yet another life high closing & surpassed 9900 for the first time on weekly basis. Trends are up, no doubt, on all timeframes and more steams are likely left in the current momentum. However, on weekly candlesticks, a bearish Hanging Man formation is seen this Friday. This by no means is a trend reversal signal, but should be taken a first signal for short term exhaustion on part of the bulls. This short term weakness will become effective only if Nifty breaches 9840, sometimes early next week.
Ambuja Cement has been very consistent in its uptrend for past several months, and looking at the daily chart, it appears to continue to remain very strong. On Friday, it shook away from its three day consolidation phase and resumed strength. Buy at CMP 266 with stop loss at 261 on closing basis, targeting for 276.
We have been tracking United Spirits for sometimes now & also recommended it here earlier. Well, it looks poised for even higher prices. This stock saw some consolidations last week, but it goes down as a normal reaction within a bigger bull market that presents a buying opportunity on weaknesses. CMP 2704, Buy at this price & keep stop loss at 2635 regions. A short term target of 2850 might be on the horizons.
The breakout gap in early June was a clear indication of long term bullishness for Titan. Now, it has embarked on a steady uptrend & looks poised for a long term bet. However, Friday’s movement also suggests a short term momentum in this scrip. CMP 543. Buy on decline to 540 regions with stop loss at 527 & targeting for 566.
As evident from the adjoining diagram, Voltas has taken support from 50 day average s number of times & at present looking poised for bigger headways. One could buy this uptrending stock at little pull back to 496 regions. We observe a short term support at 480 regions which could serve as stop loss for this trade. An intermediate target of 525 is possible followed by 540 in the long term
