Market texture bullish but mildly overbought, Nifty support at 18050-18000; M&M, HCL Tech among top stocks to buy
时间:2024-06-26 11:46:12 阅读(143)
By Shrikant Chouhan
The Nifty hovered between the range of 18130-18180 on Tuesday. on daily charts, the index has formed a small candle while on intraday charts it is still holding a higher bottom formation which is broadly positive. We are of the view that the market texture is bullish but mildly overbought, hence we could see range-bound activity in the near future. For traders now, buying on dips and sell on rallies would be the ideal strategy. For the short term, 18050-18000/61000-60800 would be the key support zone for Nifty and Sensex while 18200-18250/61500-61700 would act as an immediate hurdle for the bulls. However, below 18000/60800 uptrend would be vulnerable. Below the same, traders may prefer to exit from the trading long positions.
Post decline from the levels of 500 the stock went into a range-bound movement. Recently, strong bullish activity is spotted near the multiple support zone. Additionally, the formation of a bullish Marubozu candlestick pattern with a good volume suggests a strong up move in the counter.
HCLTECH: BUY – CMP: Rs 1069 – TARGET: Rs 1122 – SL: Rs 1045The counter is trading into a range-bound mode for the last few sessions, and presently the counter is near the breakout line of the symmetrical triangle chart pattern. Hence, the recent price action indicates a strong breakout for a new leg of up moves in the coming trading sessions.
M&M: BUY – CMP: Rs 1234 – TARGET: Rs 1295 – SL: Rs 1205On the daily chart, post reversal from its support zone the stock is into a gradual up move and is into a rising channel pattern. The texture of the chart pattern suggests upward movement from the current level is very likely to continue in the coming horizon.
(Shrikant Chouhan is Head of Equity Research (Retail) at Kotak Securities Ltd. Views expressed are the author’s own.)
上一篇:Adani Transmission beats LIC, HDFC in m-cap to enter top 10 stocks; shares rally this much YTD
下一篇:YouTube introduces BrandConnect and Podcasts for creators in India
猜你喜欢
- Petrol and diesel price May 24- Fuel cost unchanged; Check prices in Delhi, Mumbai, other cities here
- Petrol and diesel price July 19- Fuel cost unchanged; Check prices in Delhi, Mumbai, other cities here
- Oppo Reno 10 Pro 5G buying guide- 10 things to know before you spend Rs 39,999
- Paytm buyback makes news, but open market small size may not move needle for retail investors, share price
- Crude oil gains on Russian supply cut worries, but higher US inventories weigh
- Paytm, Yes Bank, ICICI Bank, Tata Motors, Biocon, KEC International stocks in focus
- ONGC seeks premium over govt price for coal seam gas
- Amazon’s video ad push expected to generate an extra $5 billion in revenue
- Crude oil falls as US holds off refilling strategic reserve