Buy these two stocks for near term gains while Nifty faces resistance at 15,900
时间:2024-09-29 04:54:17 阅读(143)
By Subash Gangadharan
On the daily chart, the Nifty continues to hold above a rising trend line that has held the important lows of the last few months. This implies that the index remains in an intermediate uptrend. The Nifty has also recently made higher bottoms at 14,591, 14,884 and 15,374 and continues to trade above the 20 and 50 day SMA, which gives further evidence of an uptrend.
The below picks are for the next 15-26 trading sessions
Buy CUB (City Union Bank)
After falling from a high of 200 tested in November 2020, CUB found support around the 150 levels in April 2021. These levels also correspond to previous intermediate highs tested in August 2020, implying the change of polarity principle is at work as prior resistances are now acting as supports.
The stock then consolidated in a range between the 150 and 180 levels for the last few months with the 50 week SMA providing support.
On Wednesday, the stock broke out of a 3 day trading range just above the 50 week SMA, implying that a fresh upmove may have just started. Daily momentum indicators like the 14-day RSI have bounced back and are in rising mode now, which augurs well for the uptrend to continue.
With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy between the 165-169 levels. CMP is 167.85. Stop loss is at 163 while targets are at 178.
Buy Siemens
Siemens has shown relative strength this week. While the Nifty has gained 0.08%, Siemens has gained 0.29% over the same period. The stock has been recently consolidating above the 50 day SMA and on Wednesday, it broke out of a 3 day trading range.
With the 50 day SMA providing support, daily momentum indicators like the 14-day RSI bouncing back from oversold levels and the intermediate technical setup too looking positive, we expect the stock to move higher in the coming sessions.
We, therefore, recommend a Buy between the 2010-2040 levels. CMP is 2030. Stop loss is at 1990 while targets are at 2110.
(Subash Gangadharan is a Senior Technical and Derivative Analyst, HDFC Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
上一篇:Sebi proposes insider trading rules for mutual funds
下一篇:Zee Entertainment Enterprises Rating- Add - ICC rights deal fraught with risks
猜你喜欢
- NSE to introduce WTI crude oil, natural gas futures contracts from May 15
- CASE Construction partners IIT Indore to set-up Centre of Excellence
- NSE Bulk deals, July 7- Reliance Power, Ideaforge, Olectra and other major deals that took place on Friday
- Centre to raise around Rs 1,160 crore via IRCON OFS
- Buy these two stocks for near term gains as Nifty’s intermediate uptrend remains intact
- Sebi fines Rs 7 lakh on Shapoorji Pallonji and Company for violating disclosure rules
- Chennai Metro update- Paytm issues over 1 million QR code tickets for Chennai Metro, CMRL offers 20% discount
- Sebi penalises 10 entities for diverting IPO proceeds in Birla Pacific Medspa case
- Oil extends decline as Fed watchers wait for US inflation data