Bullish signals on BSE, Mahindra & Mahindra Tech charts; Live long: Osho
Buy BSE Ltd. | Target: Rs 1,450 | Stop Loss: Rs 1,130
BSE has seen a trend line breakout on the basis of strong trading in the last trading session. And even the counter is in a cycle of “higher highs, higher lows”, indicating excessive underlying power. On the daily time frame, the stock is on the verge of providing an ‘inverted head and shoulders’ pattern breakout, which confirms the bullish trend. Meanwhile, the stock is comfortably hovering above all the major exponential moving averages which makes it an attractive counter in the coming future.
Buy Mahindra & Mahindra Ltd. | Target: Rs 870 | Stop Loss: Rs 760
M&M has seen a sloping trend-line breakout on the daily time frame after a long consolidation near its 200 DEMA. Average trading volume increased with the breakout indicating strong demand in the counter at lower levels. Currently, the stock has seen a strong resurgence from lower levels and has tested the previous consolidation zone. Looking at the current momentum, the stock is strongly poised to test the previous swing highs in the near term.
Osho Krishna Anand is Senior Manager – Equity Research at Anand Rathi Shares & Stock Brokers. Thoughts are personal.
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