Nifty can see a bullish tone in the short term, although the bulls can stay in the range of 17253-17300 in Nifty and 58000-58,100 in Sensex for a short time.
NSE’s benchmark index Nifty-50 has been on the rise for two consecutive days. On Tuesday, the Nifty closed up 147 points, while the BSE benchmark Sensex closed with a gain of 477 points. In the sectoral index, all except auto and smallcap remained in the green zone. Nifty was seen trading between 17160 to 17250, while Sensex remained in the range of 57650-57,950. After a long time technically, Nifty closed above the 20-day daily moving average, which is a positive sign.
We believe that Nifty can see a bullish tone in the short term, although the bulls can stay in the range of 17253-17300 in Nifty and 58000-58,100 in Sensex for a short time. Continuous uptrend levels can be seen in Nifty till 17300 and Sensex reach 58 thousand. With this, Nifty can go up to the level of 17370 and Sensex up to 58300. However, a look at the stocks that can be bought
HDFC Bank (HDFC Bank)
Rating – BUY
Target Price – Rs 1530
Stop Loss – Rs 1430
After consolidation in the support zone in a few sessions, the stock has given a range bound breakout. It has created a star candlestick formation on the technical chart. Which suggests that bullish strength can be seen in this stock. This stock may move further from its current price.
Reliance Industries (RIL)
Rating – BUY
Target Price – Rs 2,520
Stop Loss – Rs 2,350
After touching the high of 2750, this stock is visible in the sloping channel. However, the decline stopped at the retracement support zone. The recent trendline breakout is confirming the bullish momentum in this. This trend can be seen in this stock soon.
Berger Paints Ltd.
Rating – BUY
Target Price – Rs 790
Stop Loss – Rs 735
This stock has been in range bound mode since last few weeks. Currently, the stock is trading at breakout line in a symmetrical triangle chart pattern. Hence, recent price action is indicating a strong breakout. It may see an increase in the next few trading sessions.
DLF
Rating – BUY
Target Price – Rs 405
Stop Loss – Rs 377
This stock has returned from its trendline support in the chart and seems to be climbing steadily. An upward bullish movement is visible in this stock from its current level.
(Article: Shrikant Chouhan)
(Shrikant Chauhan is Head Equity Research (Retail) at Kotak Securities. Views expressed here are his own)
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