BUY MCX | TARGET: Rs 1,710 | STOP LOSS: Rs 1,540
MCX recently witnessed a strong breakout from the descending channel on the daily chart and has retraced 61.80% of the rally, offering an opportunity to accumulate the stock. Also, the stock plunged near the breakout zone that coincides with 21 DEMA and the mean of the Bollinger band (20, 2), suggesting nearby support zone in the counter. Even on the oscillator front, MACD is placed in the comfort zone aloft the signal line affirming inherent strength in the counter.
BUY IEX | TARGET: Rs 470 | STOP LOSS: Rs 406
IEX is in a secular uptrend and is highly poised to test the uncharted territory. The stock is currently placed above all its major exponential moving averages in all time frames and is maintaining the cycle of higher high higher lows. In the last trading session, the counter bounced from the mean of the Bollinger (20, 2) that coincides with the previous swing high, indicating the pattern of higher highs higher lows has been maintained and that the same could be expected in near future.
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Disclaimer: Osho Krishan is Sr. Manager – Equity Research at Anand Rathi Shares & Stock Brokers. Views expressed are his own.
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