Day trading guide by Dharmesh Shah, Head-Technical, ICICI Direct

By Dharmesh Shah, Head-Technical, ICICI Direct

The formation of ‘High Wave Candle’ in follow-up to previous weeks’ ‘Doji Candle’ highlights hesitation at the key overhead hurdle of 7980.

In the current corrective phase, we believe a re-test of the recent breakout area and key immediate support of 7700 may not be ruled out.

A decisive close above 7980 will infuse further upward momentum for a directional move towards 8300. Till then, stock-specific activity will be in focus amid the ongoing result season.



SUN PHARMA
The stock is witnessing base formation at 50% retracement of preceding up move LAST CLOSE Rs 812 , STOP LOSS Rs 770, BUY TARGET Rs 890



BAJAJ FINSERV
Breakout from bullish pennant formation signals continuation of upward momentum LAST CLOSE Rs 1,944, STOP LOSS Rs 1,835 , BUY TARGET Rs 2,140

MARICO
Stock remains in a firm uptrend with rising peaks and troughs on all time frames LAST CLOSE Rs 267, STOP LOSS Rs 254 BUY, TARGET Rs 289

RALLIS
Consolidation above the 200-day EMA and recent breakout provides fresh entry opportunity LAST CLOSE Rs 196, STOP LOSS Rs 186, BUY TARGET Rs 218