By Shrikant Chouhan
The benchmark indices witnessed vary sure exercise, the NSE Nifty 50 ended 18 factors up, whereas BSE Sensex gained 16 factors. Among sectors, some shopping for was seen in Metal and Auto shares whereas banking and monetary shares have been underneath stress. Technically, after an early morning sell-off, the indices took the assist close to 15700/52750 and bounced again sharply. They additionally shaped small bullish candles on every day charts. We are of the view that, so long as the indices are buying and selling above 15750/52900 the uptrend formation is undamaged. Above which indices might transfer as much as 15950-16000/53500-53700. On the flip aspect, a contemporary spherical of promoting is feasible, if the indices succeed to commerce beneath 15750/52900. Below which, these might retest the extent of 15700-15650/52700-52500.
Technical shares to purchase
JSW Steel
BUY, CMP: Rs 578.4, TARGET: Rs 610, SL: Rs 565
For the previous few classes, the inventory is into a spread sure mode with a better low sequence formation. Meanwhile, on the every day scale, it has shaped an ascending triangle chart sample. The construction signifies breakout from the present ranges and the start of a brand new up transfer within the counter.
Bharat Petroleum Corporation Ltd (BPCL)
BUY, CMP: Rs 318.6, TARGET: Rs 335, SL: Rs 310
Post correction from the upper ranges, the counter has seen a vertical slide on the draw back. However, it has reversed its development from the oversold territory. Additionally on the every day scale, it’s buying and selling in a rising channel with respectable quantity exercise, which signifies bullish momentum to proceed within the coming buying and selling classes.
SBI Life
BUY, CMP: Rs 1,078.05, TARGET: Rs 1,130, SL: Rs 1,055
The counter is buying and selling in a slender vary with respectable quantity exercise close to its retracement assist zone. The formation means that the inventory is into the buildup section, nonetheless, the current formation of a doji candlestick sample is indicating a powerful reversal from the present ranges within the coming horizon.
HCL Technologies
BUY, CMP: Rs 1,001.95, TARGET: Rs 1,055, SL: Rs 980
The inventory was right into a sloping channel from the previous few weeks. Eventually, its downward transfer stopped close to the vital demand zone. Moreover, the sturdy rebound within the counter and up to date development line breakout confirms that the bullish momentum will stay within the close to future.
(Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities. Views expressed are the writer’s personal.)
Source: www.financialexpress.com”