Buy these stocks for gains while Nifty’s short-term trend remains choppy, may retest 16800 support By Nagaraj Shetti After showing a sustainable upside bounce from the lower support of around 16800 levels on Tuesday, Nifty failed to show follow-through up-move on Wednesday and closed the day lower by 28 points, amidst high volatility. A reasonable negative candle was formed on the daily chart at the highs, which indicate a counter-attack of bear’s type pattern. The formation of such a weak pattern immediately after the sustainable upside from the lower support may not be a good sign for the market and this indicates that the lower important support of 16800 could be retested. The consistent lower top formation is intact as per the daily chart and Wednesday’s swing high of 17220 could be signalling a formation of another lower top of the sequence, which needs to be confirmed. Such lower top formations and repeated testing of important supports could eventually result in a decisive downside breakout of the said supports. Buy KPIT Technologies Ltd- (CMP Rs 570.55) The downward correction of the last 6-7 weeks, seems to be ending soon in this Tech. stock (KPITTECH), as we observe that the stock price making an attempt to form a crucial bottom reversal at the low of Rs 510 levels this week. The larger positive sequence like higher tops and bottoms is intact as per the weekly chart. The stock price is currently sustaining above the key lower support of 20 week EMA. The weekly RSI shows a positive indication. Buying can be initiated in KPITTECH at CMP (Rs 570.55), add more on dips down to Rs 550, wait for the upside target of Rs 630 in the next 3-4 weeks. Place a stoploss of Rs 534. Buy Eveready Industries India Ltd- (CMP Rs 358.80) After showing a sharp upside bounce in the last week, the stock price (EVEREADY) has shifted into a consolidation pattern so far this week. After a minor weakness in the early part of this week, the stock price has bounced back firmly from intra-week lows. Present weekly chart pattern indicates an attempt of a sharp upside breakout of a couple of months gradual downward trend. Weekly 14 period RSI is placed at the edge of 60 levels and its up-move above the upper 62 could mean a further strengthening of upside momentum in the stock price ahead. One may look to buy EVEREADY at CMP (Rs 358.80), add more on dips down to Rs 345 and wait for the upside target of Rs 394 in the next 3-4 weeks. Place a stoploss of Rs 334. (Nagaraj Shetti is a Technical Research Analyst at HDFC securities.Views expressed are the author’s own, please consult your financial advisor before investing.)
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)