By Vinay Rajani
After an enormous up transfer on May 17, the Nifty consolidated all through the day on May 18 and closed on a flat observe. Nifty reversed the pattern towards north after discovering forming a triple backside at 15740 odd ranges. Nifty managed to carry its stage above February 2022 backside of 15670. FIIs have began protecting shorts in Index future section. Advance decline ratio has been optimistic for final three consecutive classes. Support for the Nifty has now shifted as much as 16000, whereas resistance for a similar is seen within the unfilled hole space of 16484-16551. Traders are suggested to carry Nifty lengthy positions with 16,000 stop-loss on a closing foundation.
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Buy Tata Consumers
CMP of Rs 757
Target: Rs 800 | Stop-loss: Rs 735
Stock has reclaimed its stage above its 200 DMA on closing foundation. FMCG sector has began outperforming. Indicators and oscillators have turned bullish on quick time period charts. Primary pattern of the inventory has been bullish. Price breakout is accompanied with leap in volumes.
Buy Chambal Fertlisers
CMP OF 410
Target: Rs 435 | Stop-loss: Rs 395
Stock worth has not too long ago discovered assist on its 200 days EMA and reversed north. On 16th May 2022, inventory shaped lengthy legged “Doji” candlestick sample, which signifies the bullish pattern reversal. Primary pattern of the inventory is optimistic because it has been holding increased tops and better bottoms on weekly and month-to-month charts. Fertilizer sector has been outperforming the market and identical is more likely to proceed.
(Vinay Rajani, CMT is a Senior Technical and Derivative Research Analyst at HDFC Securities. The views expressed are the writer’s personal. Financial Express Online doesn’t bear any duty for his or her funding recommendation. Please seek the advice of your monetary advisor earlier than investing.)
Source: www.financialexpress.com”