By Subash Gangadharan
On the Nifty Daily chart, we are able to observe that after lately touching a low of 15183, the Nifty has bounced again neatly and even taken out the earlier swing excessive of 15863. The Nifty then corrected marginally, earlier than once more breaking out of the latest highs and convincingly closing above the 20-day SMA. This is a constructive sign for the close to time period. The Nifty may now be headed in the direction of the 50-day SMA at 16140 within the close to time period. A detailed above 16140 may take the Nifty even larger in the direction of the 200-day EMA at present at 16557.
Stocks to purchase for the subsequent 15-26 buying and selling periods
Nifty help at 15500 for 7 July F&O expiry, use Iron Butterfly technique for positive aspects; Bank Nifty to stay weak
Buy Apollo Hospitals, SAIL, M&M, Tata Comm shares, charts present rally in near-term; Nifty help at 15750
Nifty help at 15200, purchase on dips, Bank Nifty might head to 34500; Buy SBI, Infosys, ITC to pocket positive aspects
Nifty more likely to head to 15850-16200 zone this week, might transfer larger if India VIX eases; these sectors in focus
Buy Whirlpool
Whirlpool has been rallying larger for the previous couple of weeks after discovering help across the 1400 ranges. On Wednesday, the inventory broke out of a consolidation vary on the again of wholesome volumes.
Technical indicators are giving constructive alerts because the inventory is buying and selling above the 20 and 50-day SMA and momentum readings just like the 14-week RSI are in rising mode.
With the intermediate technical setup too wanting constructive, we consider the inventory has the potential to maneuver larger within the coming weeks and due to this fact suggest a purchase between the 1608-1612 ranges. CMP is 1610.25. Stop-loss is at 1540 whereas the goal is at 1720.
Buy Paytm
Paytm has proven relative power this week. While the Nifty index has gained 1.61% this week, Paytm has gained 5.33% over the identical time interval.
Zooming into the each day chart, we are able to observe that the inventory has bounced again from the 20 day SMA after a latest correction. With the uptrend intact, it signifies that the inventory is able to climb larger. Daily momentum indicators just like the 14-day RSI too are in rising mode and never overbought, which augurs properly for the short-term uptrend to proceed.
We, due to this fact, consider the inventory has the potential to maneuver larger and take out its earlier intermediate highs within the coming weeks. We suggest a purchase between the 690-694 ranges. CMP is 692. Stop-loss is at 640 whereas the goal is at 770.
(Subash Gangadharan is a Senior Technical and Derivative Analyst at HDFC Securities. Views expressed are the writer’s personal. Please seek the advice of your monetary advisor earlier than investing.)
Source: www.financialexpress.com”