Nifty has finally given a confirmation of the breakout by closing above 5570-5600, Expect new life time highs in coming months. Nifty view updated.

 
Nifty View:

Nifty has finally given a close above 5570-5600 on daily/weekly basis which gives a confirmation of a breakout from the 1 year long parallel channel. Nifty is expected to scale new high of around 5700-5750 which will act as a resistance zone for the Index. A correction of 2-3% from these levels can't be ruled out. After the correction I expect Nifty to scale new lifetime highs of 6250-6300 slowly in coming months ( see projections on the charts ). This is a possibility in next few months, however the view gets negated if we see a weekly close below 5250 -5300 zone.

Stock View: Alembic Ltd

A nice cup and handle formation can be seen on daily charts of Alembic Ltd, the stock did give a breakout last week from this pattern and that too with good vols. Buy Alembic @ current levels of 64-64.5 with stoploss of 61 on closing basis and wait for targets of 70/75 in extreme short term.

Stock View: Shasun Chemicals

A clear (tilted) Inverted Head and Shoulder pattern can be seen on daily charts  of Shasun Chemicals, in this case too stock gave a breakout last week with good vols. Buy SHasun Chemicals @ current level of 90-91 with stoploss of 85 on closing basis and look for targets 100/105 in extreme short term.

Stock View: Ipca LAbs

This is a daily chart of Ipca LAbs and as you can see the stock gave a breakout from the triangle pattern in the last session but faced resistance around last top of around 310. Once this hurdle is cleared the stock may zoom to 340/350 levels swiftly. Buy Ipca Labs @ current levels of 300-302 with stoploss of 290 on closing basis and wait for targets of 340/350. Watchout for vols above 310-315.

Have a nice trading day

Regards

Ankit