Nifty likely to reclaim 18725, continue upmove; buy SBI Life, ICICI Bank, others to pocket short-term gains By Shrikant Chouhan On Tuesday, the benchmark indices bounced back sharply. NSE Nifty ended 110 points higher while the Sensex was up by 402 points. Among the sectoral indices, PSU Bank index demonstrated outperformance, rallied nearly 4 percent. Despite the strong momentum, some profit booking was seen in selective realty stocks. As a result, the Nifty Realty index shed nearly 1 percent. Technically, the market not only reclaimed 20-day SMA (Simple Moving Average) level but it succeeds to close above the same which is broadly positive. BUY | CMP: Rs 1105.35 | TARGET: Rs 1160 | SL: Rs 1080 After hitting the recent highs of around 1160, the stock dropped on the lower side. However, it has found support near the important retracement zone. As a result, the pullback rally is very likely for further up move in the near term. BUY | CMP: Rs 1277.8 | TARGET: Rs 1340 | SL: Rs 1250 The counter is into a gradual up move with a higher low series formation. Additionally, it has formed a Cup and Handle chart pattern with decent volume activity. Therefore, the breakout of the range for moving further upside is very likely to occur in the coming horizon. BUY | CMP: Rs 932.95 | TARGET: Rs 980 | SL: Rs 915 The stock is into a range bound mode with a higher low series formation. Meanwhile, on the daily scale, it has formed an triangle chart pattern. The structure indicates breakout from the current levels and the beginning of a new up move in the counter. BUY | CMP: Rs 1283.35 | TARGET: Rs 1350 | SL: Rs 1255 After remarkable rally in the past few weeks, the stock went into a range bound mode. At present, the stock is seen coming out of the consolidation phase with a range breakout. Hence, the formation indicates a further uptrend from the current levels. (Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. Views expressed are the author’s own. The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)
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(The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)