Indian Market is still below its short term moving averages: Epic Research
Nifty rebounds to close above 10900 on the back of global market cues and Technical patterns. A reversal pattern was seen in yesterday's chart and a reversal was further strengthened as Global markets recovered in early trading hours in Asia.
Technically this is a short term bounce, for now, we have seen which is seen on the back of some minor short-covering and technical patterns. We may not consider this to evident for a medium-term rebound but this is a kind of relief. The market is still below its short term moving averages and it is important to see how we react to those levels.
TATA GLOBAL - Stock has shown strength on the daily chart and closed in green and it has quite a good support of the trendline on the hourly chart. We recommend buying around 265 for the target of 270 with the stop loss of 262.
IBULHSGFIN - Stock formed morning star on the daily chart and closed near to days high with good volumes. The RSI is also showing reversal on the daily chart. We recommend buying around 520 for the target of 530 with the stop loss of 510.
IRB - Stock outperformed well with huge volumes and closed in green. It also gave closing above 200 EMA on the hourly chart. We recommend buying around 98 for the target of 101 with the stop loss of 97.