Top 2 Stocks for Short Term Trading with 'Bullish' Trading Setup

(1) Wipro

The stock has shown a strong buying momentum ever since it has broken out of a rectangle pattern at 340 levels. The breakout and the subsequent up move was supported by a considerable volume surge, which is well reflected in the Chaikin Money Flow indicator. CMF flow indicator measures the amount of Money Flow Volume in a stock over a specific period of time. Positive Reading and a rising Trend depicts strong demand+ volume infusion, which is taken as a bullish signal for the stock. Fresh Longs may be initiated in this counter above 380 odd levels for another 5-6% gains in immediate Short Term.

My outlook for the stock in Short/Medium Term is Positive.

Technical Pattern: Positive CMF

(2) Bata India

I have been maintaining my BUY view on this stock since the start of February Month. The stock is still looking strong and is trading in a Positive Price Channel indicating a sustained persisting demand in the counter. The price action of the stock is contained above the 20 SMA and is near the upper Band of Bollinger Bands. BB bands are also witnessing an expansion of volatility after formation of a squeeze, which again falls in favor of bulls. The stock is also at fresh monthly highs and looks ripe enough to traverse into yet another uncharted territory. Fresh Longs may be initiated in this stock above the threshold levels of 1321 for 3-4% upside in immediate Short Term.

My outlook for the stock in Short/Medium Term is Positive.

Technical Pattern: Tagging of Bollinger Bands

The analysis is based on closing prices as on 22nd February 2019 and trading levels mentioned in the post are valid up to 1 month

Disclaimer: All views expressed in this site are for reference only. Trading involves substantial risk which may include partial or complete loss of Capital. Readers must consult their own investment adviser before taking any investment/trading decision