Nifty Outlook: The domestic equity benchmark index closed with great gains on Tuesday after a sharp decline for two consecutive trading days. After intra-day correction, Nifty / Sensex got support at 17326/58232 and after 17350/58300 there was a tremendous recovery. On Tuesday, due to the strength in some financial stocks including metal, oil and gas, the market gained momentum. Auto stocks remained under pressure. Technically speaking, the Nifty is showing a bullish reversal formation near the 10-day SMA (Simple Moving Average).
However, it can trade in a limited range of 17650-17450/59300-58500, despite the possibility of a rally in the market due to uncertain global conditions. If the market remains above 17450/58500, then it can continue to rise up to the level of 17600-17650-17680/59150-59300-59500. Talking about the flip side, if the market turns below 17430/58500, then it may fall further. Investors can get better returns by investing in Reliance, Manappuram Finance, Coal India and Titan amid uncertain global conditions.
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Manappuram Finance
BUY, CMP: Rs 166.35, TARGET: Rs 175, SL: Rs 162
In this stock, the correction started due to profit booking near the height of Rs 205. However, it has now formed a bullish candlestick pattern with increasing volume activity near the support zone, which is predicting its rise in the coming trading days.
Coal India
BUY, CMP: Rs 156.4, TARGET: Rs 165, SL: Rs 152
This stock has been showing an uptrend for some time now. However, after reaching a record high of Rs 161 its uptrend stopped. From its double bottom support zone on the intra-day chart, this stock has again made a ruckus and now it is again showing signs of great uptrend.
Titan Company
BUY, CMP: Rs 2085.85, TARGET: Rs 2190, SL: Rs 2040
This stock, the favorite of Big Bull Rakesh Jhunjhunwala, made profit booking by some investors, which led to a slight decline in its price. However, in the near term, the stock is showing great bullish signs with the support of the retracement zone.
Reliance Industries Ltd (RIL)
BUY, CMP: Rs 2404.7, TARGET: Rs 2520, SL: Rs 2350
Consolidation phase was going on in this stock after rally on daily time frame. However, after this it is now trading on a triangle chart pattern on the intra-day chart. Due to this, there are signs of further upside in this stock.
(Article: Shrikant Chauhan, Executive Vice President, Equity Technical Research, Kotak 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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