The Nifty has closed at the highest level since January 17, 2022. As per the historical seasonal charts, November has been the second best performing month after December in monthly percentage return terms.
Last month, October ended with the a gain of more than 5 per cent, which is far above the average returns of October month in last 29 years. This is encouraging sign for bulls going ahead.
The immediate resistance for Nifty is seen at 18,350 followed by all time high of 18,600. The support for the Nifty has shifted up to 17,800, which happens to be the previous swing high.
For BankNifty, the next resistance is seen at 42,800, while support is shifted up to 40,600.
Buy: Rs 895
Target: Rs 998
Stop-Loss: Rs 802
The stock price has been forming higher tops and higher bottoms and is now placed above its 20-, 50-, 100- and 200-DMAs. The stock has broken out from downward sloping trend-line on daily and weekly charts.
The price breakout is accompanied by rise in volumes. The stock price has also given “Flag” pattern breakout on the daily chart. Indicators and oscillators have been showing strength in the current up trend on the daily charts.
KIMS (Krishna Institute of Medical Sciences)
Buy: Rs 1,476
Target: Rs 1,670
Stop Loss: Rs 1,318
On the week ended September 30, 2022, the stock broke out from the downward sloping trend line on the weekly chart and also registered new all-time high of Rs 1,574 with significant jump in volumes.
After a running correction, the stock has turned north, which can be considered as retracement of the primary bullish trend. Volumes at the counter have gone up along with the price rise, while during price falls volume remained less.
Indicators and oscillators like MACD and RSI have turned bullish on the weekly charts. The stock is placed above all-important moving averages, indicating bullish trend on all time frames.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).