Though the current scenario in Indian stock market favours bearishness, there are few stocks that are bullish for the short term. We discussed Man Industries previously. Let us now analyze the following stocks.
Hindustan Oil Exploration Company:
During the recent stock market crisis, the stock touched a low of 64.15. The long term support for the stock at 62.05 was intact. Since January 25, the stock had been trading in a "rectangle" pattern which can be seen from the above chart. On April 2 this stock closed above the resistance level at 118.10 with volumes. Unlike the triangle pattern, rectangle patterns are usually more reliable since these represent congestion or consolidation before a stock makes further price movement. 134 and 150 are the technical targets for the stock.Kaushalya Infrastructure Development Corporation:
Good news for all those who invested in the IPO last year. The issue price was 60 and the stock closed at 100 within 3 days of listing. Since then it has been bearish. Watch the "descending channel" pattern in the chart shown above. Prices tend to move within the parallel upper and lower trendlines (resistance & support) before eventually breaking out. In this case we can see an upward breakout with decent volumes. There are at least 3 resistances viz. 43.40, 54.30 and 64.70 which this stock has to break before it gives some returns to the investors.