Nifty range bound activity likely to continue; Wipro, DLF among stocks to buy
时间:2024-09-29 02:52:50 阅读(143)
By Shrikant Chouhan
On last Tuesday, the benchmark indices witnessed range bound activity while clocking modest gains on Wednesday. Technically, after a reversal formation, the market is witnessing range bound activity near 20 day SMA (Simple Moving Average). The texture of the chart indicates range bound activity is likely to continue in the near future.
Stock picksUnion Bank of India | BUY | CMP: Rs 90.45 | Target: Rs 96 | SL: Rs 87
After the robust rally from the lower levels, Union Bank took a breather for a few sessions with a gradual down move. However, there is a strong reversal along with the formation of a bullish Marubozu candlestick pattern with a good volume. The overall formation suggests a strong up move to continue in the counter in the coming horizon.
Wipro | BUY | CMP: Rs 416.2 |Target: Rs 440 | SL: Rs 405
Wipro has given a breakout of its Ascending Triangle chart pattern on the weekly scale. Additionally, on the daily charts, it has formed a higher bottom formation, hence the structure of Wipro indicates bullish interest and hints at an up move to persist in the near term for further bullish trend.
Tata Steel | BUY | CMP: Rs 118.15 | Target: Rs 125 | SL: Rs 115
After the sharp up move, Tata Steel witnessed selloff and dropped on the lower side. However, it has found support and is consolidating near the important retracement zone. Therefore, the bullish trend is very likely to resume from the current levels in the near term.
DLF | BUY | CMP: Rs 488.1 | Target: Rs 515 |SL: Rs 477
After hitting the recent highs of 520, due to the supply pressure DLF plunged on the downside. However, DLF took the support and retreated from the lower levels. Post reversal, it has formed double bottom chart formation on the daily scale which indicates a fresh leg of uptrend in DLF.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. Views expressed are the author’s own. Please consult your financial advisor before investing.)
猜你喜欢
- Stocks to buy- Charts suggest upside for ACC, Maruti Suzuki shares, Nifty support at 16650
- JSW Energy (Barmer) completes bonus issue of 75
- Stocks to watch- LIC, HUL, Nestle India, Tata Motors, SJVN, Coal India, BHEL
- Lessons to learn from Sensex and Nifty’s record-breaking run in last one year
- Stocks To Watch- Tata Motors, RIL, HDFC Bank, Indian Oil Corporation, ITC, Cyient DLM
- Karanpur Assembly Seat Results- Congress’ Rupinder Singh Kooner defeats BJP’s Surenderpal Singh by over 12,000 votes
- Jеwar Airport poisеd to bе a catalyst for the growth of Faridabad’s real estate- Aman Gupta, RPS Group
- RBI changes stance to ‘less accommodative’ monetary policy with new liquidity management tool SDF
- Reliance Industries share price at record high, mcap over Rs 19 lakh crore; should you buy, sell or hold-