Stock recommendation from Anand Rathi’s Nilesh Jain: Sell Mindtree, IGL
NIFTY OUTLOOK
Nifty shut with a deep reduce in the past trading session and also broke its psychological support of 10,000. Even though the momentum indicator RSI has achieved the oversold territory of 13 levels on the day by day chart, which hints of a compact pullback, the key trend proceeds to stay damaging. If we see any pullback then that need to be utilized as a providing option. The sentiment indicator “INDIAVIX” surged sixty four per cent so significantly in this week and finished at a 10-yr high of 42 levels, which is a key problem for the bull and it has to neat down below 25 levels to give consolation to the bulls.
Recommendations
MINDTREE: Sell | TGT: Rs 765 | SL: Rs 820
The stock has designed a massive bearish candle on the day by day chart. Also, the momentum indicator MACD has delivered a market crossover on day by day as effectively as hourly chart. The stock is also creating lower top lower bottom formation on the day by day chart which hints of more weakness in coming classes.
GODREJPROP: Obtain | TGT: Rs Rs 900 | SL: Rs 820
The stock has fashioned a bullish engulfing pattern on the hourly chart and also a hammer candlestick pattern on the day by day chart which implies a reversal in the present-day trend. The momentum indicator RSI has also reversed from oversold territory.
IGL: Sell | TGT: Rs 372 | SL: Rs 397
The stock is creating a lower top and lower bottom formation on the day by day chart and it has also delivered breakdown from its horizontal support zone which was placed at 397. The momentum indicator MACD is also effectively in the market method on the day by day as effectively as weekly charts.
Disclaimer: The writer may perhaps have positions in 1 or all of the over shares. Views expressed are private.