The Nifty Midcap and Small cap index closed in the negative territory while Nifty IT, Bank Nifty and FMCG indices managed to deliver gains of more than 1.50 per cent
By Shrikant Chouhan
Finally, the market has broken the boring trading range decisively. The best part of Tuesday’s spectacular session was the contribution from large-cap companies. The Nifty Midcap and Small cap index closed in the negative territory while Nifty IT, Bank Nifty and FMCG indices managed to deliver gains of more than 1.50 per cent. On a closing basis, the market closed above the level of 15,900 after the consolidation of the last two months and here onwards earlier resistance 15,900 would act as major support for the market. Any correction to 15,900/15,950 levels would be an opportunity to re-enter the market. Above 16,000 levels, the Nifty is heading for the levels of 16,270 with a minor resistance at 16,200.
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HDFC BANK
BUY, CMP: Rs 1,434.25, TARGET: Rs 1,510, SL: Rs 1,400
Post its descent from the levels of 1540 the counter went into a narrow range-bound movement, recently a strong bullish candlestick was formed near the multiple support zone which will act as a good base in the near term and the current reversal pattern should move the stock on the higher side in coming sessions.
ICICI Prudential Life Insurance Company
BUY, CMP: Rs 651.2, TARGET: Rs 685, SL: Rs 635
The stock has presented an incredible up move in the last many months and it is trading in a rising channel constantly. The Higher high and higher low chart formations are apparent in the counter, additionally, trend indicators such as MACD and ADX are showing bullish strength. Therefore upward movement from the current level is very likely to remain in the near term.
SAIL
BUY, CMP: Rs 138.8, TARGET: Rs 147, SL: Rs 135
The counter is into a gradual up move and after breaking out of the trading range there is a pause in the momentum and it has formed a Cup and Handle chart pattern with the decent volume therefore the breakout of the range for moving further upside is very likely to occur in the near term.
Godrej Industries
BUY, CMP: Rs 581, TARGET: Rs 610, SL: Rs 565
For the last few sessions, the counter was into a slanting mode forming lower highs but eventually, it has given a strong breakout of the Symmetrical triangle chart pattern along with huge volume which indicates that the counter has enough potential for upside from the current levels.
(Shrikant Chouhan is Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author’s own.)
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Top stocks to buy: Nifty now eyes 16,270: HDFC Bank, SAIL, ICICI Pru stocks look strong on charts - The Financial Express
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