Market uptrend intact, short-term consolidation likely; Buy these two stocks to pocket gains
时间:2024-06-29 03:46:43 阅读(143)
By Subash Gangadharan
On Daily chart, we observe that Nifty has broken out of a downward-sloping trend line that has held down the highs of 2021 and 2022. In the process, the index is now comfortably trading above the 20 and 50-day SMA. While the near-term trend remains up, the fact that the 18327 levels are acting as a resistance could limit the upsides in near term. Nifty could therefore consolidate in a range for the next few sessions before trying to find direction. A move below the 20-day SMA at 18138 would negate our bullish view.
SPARC has been steadily climbing in the last few months after making a low of 170. This week, the stock broke out of the recent trading range on the back of above average volumes. The stock is now trading above the 20-day and 50-day SMA. And momentum readings like the 14-week RSI are in rising mode and not overbought, which implies potential for more upsides. 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 250-256 levels. CMP is 253. Stop loss is at 240 while target is at 279.
(Subash Gangadharan is a Senior Technical and Derivative Analyst at HDFC Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
上一篇:Retail shareholding in Paytm more than doubles to 7
下一篇:Zomato Rating- Hold - Profitability at the cost of growth
猜你喜欢
- Ads that broke the mould
- Bond yield rises further ahead of weekly auction
- All sectors will go up in rising tide of India but first get on a boat, Kotak’s Nilesh Shah says
- Red Sea disruption
- Ashok Leyland expects volume growth and margin expansion to continue in FY24; Should you buy, hold or sell the stock-
- Blackstone-backed Nexus Select Trust plans to double shopping mall portfolio in 4-5 yrs through acquisition mode
- Reliance, ACC, L&T Infotech, Indian Hotels, Glenmark Lifesciences, Eveready Industries stocks to watch
- Bengaluru to become ‘Sports Hub of India’, says Minister Anurag Thakur as sports infra boosts under Khelo India scheme
- Review windfall tax on crude, says Oil ministry