Nifty Outlook: The Nifty had slipped from the height of 17793 on the last trading day of last week. However, it got support from the lower levels and it managed to stay above the reversal level of 17254. On Tuesday, there was a bullish trend in Nifty and it closed above the 20 and 50 day moving averages on the 15-minute chart. Due to this, there are signs of bullishness in the coming trading days. On the Daily Chart, Nifty has recently made higher bottom at 16565,17055 and 17254 levels and is trading above 20 and 50 days SMA (Simple Moving Average).
There is a possibility of further bullishness in Nifty and in the coming trading days it can once again touch the record high of 17793. Investors can earn up to 18 per cent profit in 15-26 trading days by investing in Apollo Toys and Kiri Industries.
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Apollo Tyres- Buy
- This stock has been strong this week. The performance of the Nifty index was weak and there has been some decline in it, but the price of Apollo Toys has registered a strength of 3.94 percent. This week the stock broke the recent trading range on the back of above average volumes.
- Talking about technical indicators, this stock is trading above the 20 and 50 day SMA (Simple Moving Average). Apart from this, there has also been a jump in daily momentum like the 14-day RSI (Relative Strength Index) and it is gaining momentum even further. Due to these, there are signs of further increase in the price of Apollo Toys.
Its immediate technical setup is looking positive and may hit new highs in the coming weeks. - Investors can buy in this stock at the level of 230-234. You can invest in this stock at a target price of Rs 274 by placing a stop loss of Rs 214. Its current price is Rs 232.4.
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Kiri Industries- Buy
- After slipping from a height of Rs 679 in June 2021, Kiri Industries is getting support at Rs 461 in August 2021.
- In the last few weeks, the stock price has shown an upward trend and has made a higher bottom.
- The stock is trading above the 20 and 50 day SMA. Apart from this, the 14-day RSI of Kiri Industries is also moving ahead.
- The immediate and long term technical setup of Kiri Industries is looking positive and there is a possibility of further upside in its prices.
- Its current price is Rs 538.95. Investors can buy this stock at a price of Rs 536-541. You can invest in this with a stop loss of Rs 495 at a target price of Rs 640.
(Article: Subhash Gangadharan, Senior Technical and Derivatives Analyst, HDFC Securities)
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)
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