Nifty closed weekly in negative territory. It retraced around 38.2% of recent correction near recent high in this pull back rally. It made a high of 8250.80 levels on nifty. It looks like w-x-y-x-z pull back rally to be over till this high surpasses.
BUY TVSMOTOR: The stock is moving after forming a string support near 345 zones and moved above its 50 and 20 daily moving average. It snapped the losses of previous two weeks and gave moved above its consolidation phase of last twelve trading sessions.
Stop-loss long positions at 8,070. Stop-short positions at 8,215. Big moves could go till 8,300, 8,000. Major resistance at 8,150-8,200. A long 8,000p (83), short 7,900p (60) could gain 15-20 on a drop below 8,100. Trend went bearish late in the session.
The stock has taken multiple supports on its daily chart and snapped the losses of previous week. It is turning from oversold territory as indicated by the mechanical indicators and looks attractive in terms of risk reward ratio.
Nifty closed first weekly closed first weekly positive close after decline of consecutive last four weeks. It has achieved my first targets levels as expected last week near recent lows. It made a low of 7,916.40 levels so far in this correction.
BUY HINDUSTAN ZINC: The stock is making higher lows from last two sessions and holding the gains above its 50 DMA. It crossed and closed above the hurdle of 255 zones and gave the highest daily close of last seven trading sessions.
BUY HINDUSTAN UNILEVERThe stock has taken support at its weekly support trend line and showing the signs of bottoming out. It surpassed its immediate hurdle of 815-816 zones and looks attractive in terms of risk reward ratio.
Photo: Shutterstock Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today:BUY TORRENT POWERThe stock made double bottom price pattern on daily chart which has bullish implication.