Nifty short-term trend remains positive, support at 19300-19250; ICICI Bank, Tech Mahindra among top stocks to buy
时间:2024-06-26 08:02:38 阅读(143)
BY Shrikant Chouhan
The benchmark indices continued the positive momentum for the sixth day in a row, the Nifty ends 66 points higher while the Sensex was up by 274 points. Among Sectors, PSU Banks and IT indices outperformed, both the indices rallied over 1 percent whereas Oil and Gas stocks witnessed intraday profit booking at higher levels. Technically, after a robust uptrend rally on last Tuesday the market opened with a gap up but after a strong opening the index witnessed range bound activity at higher levels. However, the short-term texture of the market is still in to the positive side. For the trend, following traders now 19300-19250/65200-65000 would act as a key support zone while 19450-19500/65700-65900 could be the key resistance areas for the index. On the other side, below 19250/65000 traders may prefer to exit out from the trading long positions.
The counter had been in a declining trend in the past few sessions. However, at present there is a pause in its downward movement due to its strong multiple support levels. The stock is available near to its demand zone, which could act as a strong base, simultaneously making it a favorable candidate in terms of risk and reward.
ICICIBANK: BUY CMP 944.75 TARGET 990 SL 925The stock had witnessed a gradual declining trend in the past few weeks. However, the stock rebounded from lower levels and recent trend line breakout on daily charts indicates an up move to resume in the coming sessions.
TECHM: BUY CMP 1149 TARGET 1210 SL 1120The stock has given a breakout of its Ascending Triangle chart pattern along with a strong bullish candlestick pattern and rising volume activity on the daily chart. Additionally, major technical trend indicators such as ADX and Stochastic are indicating strength for further movement.
(Shrikant Chouhan is the Head of Equity Research (Retail) at Kotak Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
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