3 Stocks on a verge of giving a technical breakout; Strong intraday move on the cards
Indian equities are expected to open higher amidst positive global cues.
As HDFC Bank is set for a stellar opening on account of the new SEBI order discontinuing the institutional trading series (6 lakh series), forcing the FII's to use only the ADR route to buy HDFC Bank. So with a 10% weight in the index, a sharp rally in HDFC Bank can propel a big rally in the benchmark indices.
Following is the list of stocks which can post strong intraday gains as the indices are expected to trade with a positive bias.
Symbol
CMP
Reasoning
View
Potential Reward
Potential Risk
Bajaj Finance Ltd
Rs 2118
The stock has formed a bullish
engulfing candlestick pattern on the daily chart and is on the verge of
witnessing a flag pattern breakout.
Bullish
~+3%
2%
Sterlite Technologies Limited
Rs 326
The stock has witnessed a positive
bounce from its support levels on the weekly chart and has managed to give a
close above its 89 day EMA on the daily chart.
Bullish
~+3%
2%
Gruh Finance Limited
Rs 701
The stock has given a bullish
symmetrical triangle breakout on the daily chart and is also on a verge of
giving a flag pattern breakout.
Bullish
~+3%
2%
Symbol
CMP
Reasoning
View
Potential Reward
Potential Risk
Bajaj Finance Ltd
Rs 2118
The stock has formed a bullish
engulfing candlestick pattern on the daily chart and is on the verge of
witnessing a flag pattern breakout.
Bullish
~+3%
2%
Sterlite Technologies Limited
Rs 326
The stock has witnessed a positive
bounce from its support levels on the weekly chart and has managed to give a
close above its 89 day EMA on the daily chart.
Bullish
~+3%
2%
Gruh Finance Limited
Rs 701
The stock has given a bullish
symmetrical triangle breakout on the daily chart and is also on a verge of
giving a flag pattern breakout.
Bullish
~+3%
2%
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