Today Nifty respected both the supports very well at 4989 & 5070 and closed above the Falling Wedge support of 5070. Also as per Gann 6th May is Bullish Reversal Day and Nifty has managed to give a Bullish Reversal by giving Engulfing Bull Candlestick formation.
Wave Count wise nothing has changed. Nifty is forming a Leading Diagonal (3-3-3-3-3) or (ABCDE) in Wave 1 of Final C. And it might be still in c leg of the E leg of the Leading Diagonal. once this E leg gets over a clear directional move in wave 2 up will be followed which has approximate tgt of 5555.
For next two sessions Market is expected to remain range-bound, but any dip to 5030 is a good buy opportunity with stop-loss of 4955 for a target of 5555. But below 4955 I would give up dreaming for 5555. Currently I'm Bullish and its good time to go stock specific buying and accumulating it on dips with proper stop-loss.
Below is the List of some of my favorite stocks and the respective targets thereof:-
1. AXIS Bank:- sl 965 tgt 1140 - 1225
2. Bajaj Auto:- sl 1460 tgt 1655 - 1760
3. BHEL:- sl 208 tgt 265- 284
4. Hindalco:- sl 110 tgt 133-144
5. L&T:- sl 1110 tgt 1350- 1450
6. Maruti:- sl 1260 tgt 1400-1450
7. Sterlite Ind:- sl 98 tgt 112-118
8. Tata Steel:- sl 420 tgt 480-500
Thanks & Regards,