By Shrikant Chouhan
The benchmark indices bounced again sharply, the NSE Nifty 50 ended 246 factors larger whereas the BSE Sensex settled 776 factors up. Among sectors, all the most important sectoral indices had been traded within the inexperienced however actuality and power gained essentially the most, rallying over 3 per cent. Technically, as soon as once more the indices reclaimed the 17000/57000 mark and succeeded to shut above the 50-Day SMA which appears to be like grossly constructive. After a promising pullback rally, the index is buying and selling close to its 200-Day SMA. For the brief time period merchants, the assist has shifted to 17100/57000 from 17000/56700. We are of the view that the intraday formation is constructive and it’s heading in the direction of 17300-17350/57600-57800. On the flip facet, fast intraday correction just isn’t dominated out, if the indices commerce beneath 17100/57000. Below the identical, these could retest the extent of 17050-17000/56800-56700.
Technical shares to purchase
Oberoi Realty
BUY, CMP: Rs 955.6, TARGET: Rs 1,000, SL: Rs 935
Post correction of the previous couple of periods the inventory has fashioned a reversal candlestick formation close to its assist zone. Moreover, closing above its short-term shifting common ought to end in a bullish pattern for the inventory within the close to time period.
HCL Technologies
BUY, CMP: Rs 1,094.3, TARGET: Rs 1,150, SL: Rs 1,070
The inventory had been downtrend after hitting the double high formation and thereafter it entered into an accumulation section close to its vital assist space. Finally, a robust base is fashioned which signifies resumption of a bullish uptrend within the coming horizon.
L&T (Larsen & Toubro)
BUY, CMP: Rs 1,699.95, TARGET: Rs 1,790, SL: Rs 1,660
On a broader timeframe, the inventory had been in a robust uptrend transfer nevertheless the latest worth correction from its provide zone has plunged the counter to its vital retracement assist space. As a end result, the pullback rally could be very seemingly for additional up transfer within the coming periods.
Canara Bank
BUY, CMP: Rs 235.55, TARGET: Rs 250, SL: Rs 228
After a robust upward motion, the counter witnessed some revenue reserving. There is a momentary pause within the uptrend. However, evidently a robust reversal could be very seemingly from the double backside assist zone on the day by day chart for additional upward momentum.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. Views expressed are the creator’s personal.)
Source: www.financialexpress.com”