Indian Stock Market is set to open positive and would consolidate for now. The market is overstretched but would be considered bullish until it holds above 15574. Following stocks have seen a technical breakout and can see a positive rally in days to come.
Shriram Transport (NS: SRTR ) Finance Company Ltd
NSE: SRTRANSFIN BSE :511218 Sector: Finance
As shown on the daily chart, Prices have formed a Double Bottom formation and a break above 1515 level will complete the pattern. A strong bullish candle appeared on the chart. Stock prices have bounced off from the Middle Band Bollinger and closed near the upper bands which shows the strength in upward momentum. The Relative Strength Index (RSI) on the daily chart is 61.46, which indicates bullishness.
In a nutshell, the short-term trend of Shriram Transport Finance is positive. To continue with the up move, a break above 1515 levels is required. If we take the projection of Fibonacci retracement then there is a possibility of seeing the target of 1560 and then 1665 levels as long as 1450 levels hold on the downside.
L&T (NS: LART ) Technology Services Ltd (NS: LTEH )
NSE: LTTS BSE:540115 Sector: IT – Software
In the daily time frame, the stock is moving in the form of a Rounding Bottom pattern. In the previous session, the stock closed near the high of its day before the candle which indicates the short-term bias is now positive. As per the Ichimoku cloud, there is a positive confirmation since prices managed to break above the cloud from its consolidation phase. The formation of Baseline and Conversion line crossover confirms the bullish trend on the daily chart. MACD indicator recently crossed the signal line on the upside and both are already above the zero lines which indicates the rising momentum.
In short, LTTS has continued to trade in the positive zone. Prices can continue to move higher towards 2900 and then 3030 levels as long as the 2688 level remains intact on the downside. If the price dips towards 2750 levels then it could be an added buying opportunity over the long term.
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