Buy these two stocks for near term gains while Nifty faces resistance at 15,900
时间:2024-06-26 14:21:21 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.)
猜你喜欢
- Rupee rises 15 paise to close at 82
- acturing.
If a SEZ unit has second hand/used/old condition equipment and is being used for less than two years, they can not be shifted to DTA.
“Import of any used IT assets which do not fulfil” these criteria “shall be subject to licence for restricted import,” it said adding these relaxations will be applicable on the condition that no exemption has been availed from any regulatory requirements, that is Compulsory Registration Order (CRO), Restriction of Hazardous Substances (RoHS), and WPC (wireless planning and coordination) import licence,” the notification said.
- Lok Sabha Elections 2024- Election Commission to visit states from January 7, evaluate preparedness
- Samsung Galaxy F54 5G- 10 things to know before you buy
- SGX Nifty hints at positive start for Sensex, Nifty; 5 things to know before opening bell
- Rupee to depreciate on strong dollar, FII outflows, risk aversion in markets; USDINR to trade in this range
- Share Market Highlights- Nifty settles above 19040, Sensex over 63780; Bank Nifty adds over 500 points
- Rupee trades in narrow range against US dollar in early trade
- Share Market Highlights- Nifty, Sensex end mild in green, Bank Nifty set record high intraday; ICICI Bank, SBI led gains