Nifty short-term trend positive, must hold above 18700 for considerable upmove; buy these two stocks for gains
时间:2024-06-26 09:31:24 阅读(143)
By Nagaraj Shetti
After showing a sustainable upmove in the last couple of sessions, NSE Nifty shifted into a consolidation movement with a positive bias on Wednesday and closed the day higher by 52 points. The opening upside gap has been filled partially. A small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicates a high wave or Doji type candle pattern after a rise. Normally, such candle formations after a reasonable rise signal volatility at the highs, and sometimes, it acts as a reversal pattern post confirmation.
Stock to BuyBirla Corporation Ltd (CMP Rs 1063): BUYAfter showing a range-bound movement in the last one month, the stock price (BIRLACORPN) has moved up decisively so far this week and is currently showing upside breakout of the range movement. After completing a bearish chart pattern like lower tops and bottoms, the stock price has formed a new higher bottom at Rs 891 levels in mid part of October and moved up since then.
The volume has started to expand and weekly RSI shows positive indication. Buying can be initiated in BIRLACORPN at CMP (Rs 1063), add more on dips down to Rs 1025, wait for the upside targets of Rs 1145 and Rs 1225 in the next 3-5 weeks. Place a stoploss of Rs 997.
TV18 Broadcast (CMP Rs 41.90): BUYThe weekly timeframe chart of this media stock TV18 Broadcast Ltd indicates sharp upside bounce in the last few weeks. The stock price seems to have formed a crucial bottom reversal at Rs 34.50 in the later part of Oct-22 and has witnessed sharp bounce back since then. The stock price is currently nearing key overhead resistance of down sloping trend line and 200-day EMA around Rs 42-42.50 levels and this hurdle is likely to be broken soon on the upside.
Volume has started to expand during upside breakout in the stock price and weekly RSI shows a positive indication. Buying can be initiated in TV18BRDCST at CMP (41.90), add more on dips down to Rs 40.50, wait for the upside targets of Rs 46 and Rs 51 in the next 3-5 weeks. Place a stoploss of Rs 39.
(Nagaraj Shetti is a Technical Research Analyst at HDFC Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
猜你喜欢
- Where is share market headed after Nifty closes below 19700, Bank Nifty below 46000; check support, resistance
- Blood all over! Tesla robot rips engineer’s back with metal claws at Texas plant
- Where is share market headed after Nifty closes above 19430, Bank Nifty below 44750; check support, resistance
- Blue Jet Healthcare files draft papers with Sebi; eyes up to Rs 2,100-cr via IPO
- Where is share market headed after Nifty closes above 18750, Bank Nifty below 43990; check support, resistance
- Wall Street erases gains after Fed’s Powell says 50 bps rate hike on table; Netflix mcap falls below $100 bln
- Bitcoin steadies after false post on ETF approval sparked swings
- IT alerts see big jump, 3 million taxpayers asked to explain discrepancy in returns
- Is Equity Investing Risky- Not Really