Stock Tips: In the last few trading sessions, there has been a tremendous rise in Nifty. On Wednesday, Nifty 50 had reached a new record high of 16701 points, where it fell by 45 points at the close of business due to profit booking. After opening on Wednesday, a long negative candle was forming on the daily chart, indicating the formation of a bearish counter attack type candle pattern. On Wednesday, there is no alarming signal from the daily chart pattern, but the market may see further bullish or slight correction. Nifty can soon cross the level of 16900. However, if Nifty falls below the current level then it is getting support at 16400 as per the 20-day Exponential Moving Average (EMA) on the daily chart and investors can buy in it.
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Mangalore Refinery and Petrochemicals– (CMP Rs 45.20)
- The sharp decline of Mangalore Refinery and Petrochemicals in the last two months seems to be stopping now as Mangalore Refinery and Petrochemicals (MRPL) is showing a boom. Last week’s weekly chart is showing Bullish Hammer type candle pattern and this week it is showing bounce from the lower level. According to this pattern, there will be a reverse bounce from the low of Rs 39.75 last week.
- Investors can buy it at the current price of Rs 45.20 and if it declines then they can increase the number of shares at Rs 43. For the next three to four weeks, there is a target of Rs 50.50 on investing in this with a stop loss of Rs 41.50.
Happiest Minds Technologies Ltd – (CMP Rs 1432)
- The weekly time frame chart of this stock is indicating a multi-month uptrend over the past several months. In this, the stock prices have been increasing according to the positive sequence of higher top and bottom. Most of the time this stock has been making higher bottom in a range and in the last one month similar range movement has been shown i.e. now the stock price is moving towards crossing the level of 1460.
- Investors can buy it at the current price of Rs 1432 and if it declines then they can buy the number of shares at the price of Rs 1370. For the next three to four weeks, there is a target of Rs 1580 on investing in this with a stop loss of Rs 1330.
(Article: Nagraj Shetty, Technical Research 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.)