Tuesday, April 16, 2024
Google search engine
HomeBusinessVinay Rajani of HDFC Securities expects markets to remain bullish for now

Vinay Rajani of HDFC Securities expects markets to remain bullish for now

[ad_1]


Nifty View


On October 04, bulls came back with vengeance and the Nifty surged more than 2.3 per cent to settle at 17,275. The Nifty has reclaimed its level above 50-day EMA. The next resistance for Nifty is seen at 17,430-odd level, which happens to be 50 per cent retracement of the recent fall from 18,096 to 16,747. The support for Nifty has shifted up to 17,100 level. We expect the market to remain bullish in the coming days.


BUY


JK Tyre


Last Close: Rs 173


Targets: Rs 190; Rs 205


Stop Loss: Rs 160


The stock price has been finding support at its 30-day EMA. The stock price has bounced back from the 30-day EMA and has given “Flag” pattern breakout on daily charts. The bolume during price rise has been high and volume during price fall remains very low.


The primary trend of the stock and tyre sector has been bullish for last couple of months. The stock is trading above its 20-, 50-, 100- and 200-DMAs, indicating uptrend on all time frames. The DMI Indicator too has been showing strength in the current uptrend.


BUY


J.B.Chemicals & Pharma


Last close: Rs 2,020


Targets: Rs 2,170; Rs 2,250


Stop Loss: Rs 1,950


The stock price has been finding support at its 50-day EMA. The stock has reached at fresh all-time highs on closing basis. The primary trend of the stock has been bullish with higher top and higher bottom formation.


Further, the Pharma sector has started outperforming after long time. The stock is placed above all important moving averages, which indicates bullish trend on all time frames.


(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).

[ad_2]

Source link

RELATED ARTICLES
- Advertisment -
Google search engine

Most Popular

Recent Comments