Indian Stock Market is still bullish for now. Traders can hold long positions in the market until Nifty holds above 15156. Following Stocks have seen a fresh breakout and can see a sharp rally in days to come. One can consider going long in these stocks:
Kotak Mahindra Bank (NS:KTKM) Ltd
As shown on the daily chart, the price has given a breakout of the Symmetrical triangle pattern. In the previous session, a Bullish engulfing pattern occurred on the candle which indicates as per the candle technique the short-term bias is now bullish. We can expect a trending move as long as prices sustain above the middle of the Band Bollinger and oscillate between the middle and the upper band.
In short, KOTAKBANK looks to be positive for now. Move towards 1830 or higher levels can be seen as long as 1725 remains intact on the downside.
Piramal Enterprises Ltd (NS:PIRA):
On the daily chart, PEL ltd is moving in an impulse wave pattern. Wave 4 is completed near 1600 levels and now wave 5 is in progress. The stock had finally given breakout over its consolidation phase. Ichimoku cloud has given the indication of positive strength as prices have broken above the cloud in the previous trading session.
The overall outlook for Piramal Enterprises (NS:PIRA) Ltd will remain Positive. Use dips as buying opportunity for a move towards 1850 and then 1890 levels as long as we do not see any closing below the previous day low.
Disclaimer: EquityPandit is a SEBI Registered Investment Advisor. Equitypandit or its Analysts doesn't hold any position in the stocks mentioned above. Equitypandit doesn't guarantee any profits/loss in any stocks mentioned in the article. Investing and Trading in the stock market is subject to market risk.