Two stocks that are flashing bullish signals on tech charts

Two stocks that are flashing bullish signals on tech charts

BUY GAIL | TARGET: Rs 154 | STOP LOSS: Rs 139

GAIL has reversed from its supporting trend-line and has marched towards the cluster of its exponential moving averages on the daily chart. The stock has formed a strong bullish candle in the last trading session along with closure above the mean of the Bollinger band (20, 2), indicating inherent strength in the counter. On indicators front, 14 period RSI has seen positive crossover and is headed northwards affirming the bullish stance.

BUY VOLTAS | TARGET: Rs 1050 | STOP LOSS: Rs 940

VOLTAS has seen strong reversal candlestick pattern formation near its 200 DEMA on the daily chart on the back of robust volumes, indicating an early sign of reversal in the counter. On the oscillator front, 14 period RSI has also reversed from the oversold region and breached the signal line from downwards, showing short-term bottom formation in the counter followed by MACD which is also on the verge of positive crossover, affirming strong demand in the counter at lower levels.

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Disclaimer: Osho Krishan is Sr. Manager – Equity Research at Shares & Stock Brokers. Views expressed are personal.

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