After consolidating in the last few trading sessions, Nifty-50 has once again gained momentum. Looking at the chart, it is clear that Nifty is above 20 and 50 period moving averages. This means that Nifty will continue to rise. Looking at the RSI momentum shows that there is no overbought position on the daily chart and 60 minutes. This is encouraging. Now Nifty can touch the level of 18250 to 18300 in the coming trading session.
One can invest in these stocks in the next 15 to 26 trading sessions.
Tata Consumer Products
Tata Consumer Products has shown comparative strength this week. While Nifty rose 1.5 per cent, Tata Consumer has gained 4.03. This is the reason why this stock has broken out from its recent trading range. Its volume has been more than the average.
At present, its intermediate technical set-up looks positive. This stock may go higher now. It may reach above its previous intermediate high during the coming weeks. Therefore, buying can be done at the level of 845 to 855. Its CMP is Rs 851.75. There is a stop loss of Rs 810 and the target price is Rs 945.
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Cholamandalam Investment and Finance company
There was a correction in this stock at a high of Rs 601. Cholamandalam Investment and Finance company got support at the level of Rs 470 in August 2021. These levels were equivalent to the 200-day DMA. So the support was strong in it. This stock has made a strong comeback in the past and has made a higher bottom. The stock is trading above the 20 and 50 day SMA. The momentum readings of the 14-day RSI are also on an upward trend. This is a matter of excitement in this stock.
Intermediate and long term set-up looks positive in this stock. We believe this stock will go up in the next few weeks. Therefore, buying can be recommended at the level of Rs 590-600. The stop loss is 570 and the target price is Rs 660.
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(Article: Subash Gangadharan- Senior Technical, Derivative Analyst- HDFC)
(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.)