Nifty Outlook: It has happened three to four times in the last few trading days that when the Nifty 50 corrected, the 21-day Exponential Moving Average (EMA) acted as the anchor point for the index. Nifty is forming Bearish candlestick pattern on Daily pattern in last few trading days and whenever this pattern is not formed, higher side showed more strong trend.
This is indicating that the Nifty index can breakout anytime, so if there is a slippage, then investors should see it as a buying opportunity. In the coming trading days, Nifty can touch the level of 18350-18500 and it is getting support at the level of 21-day DEMA (Double Exponential Moving Average) 17600-17550. Talking about individual stocks, investors can earn up to 8 percent profit by investing in Voltas and Maruti.
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CMP: Rs 1,281 | Target Rs 1,345 | Stop Loss Rs 1,240
- For the past one month, the stock was trading in the range of 1200-1260 and formed a flag pattern on the daily chart. Voltas broke the flag pattern on October 7 at the level of Rs 1283 and now there is a possibility of a rise in it.
- The stock is trading on the 21, 50 and 100 day Exponential Moving Average (EMA) in the Daily Time Frame which is giving positive signals in the coming trading days.
- The momentum oscillator RSI (Relative Strength Index) (14) is above 60, indicating further upside potential for the stock.
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CMP: Rs 7,430 | Target Rs 8,030 | Stop Loss Rs 7,130
- Last year in 2020, on April 3, Maruti’s shares fell to a low of Rs 4001. After this, its price strengthened and it reached a height of Rs 8329 on 15 January 2021. After this rise, now its prices are in the range of Rs 6600-7200 in the last eight months.
- In the last eight months, the stock has formed a symmetrical triangle on the weekly chart and broke the pattern on October 8 at the level of Rs 7430. There is a possibility of further upside in this stock.
- The stock is trading above the 21, 50 and 100 day EMA on the weekly time frame. Talking about the volume activity, the volume activity in this stock has been above average in the last two weeks on the daily chart, due to which there is a possibility of a rise in its prices.
- Momentum Oscillator RSI (14) is near 60, which gives a possibility of further upside.
(Article: Rohan Patil, Technical Analyst, Bonanza Portfolio)
(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.)