Nifty 50 and Sensex continue to stay in bullish territory, hitting fresh all-time highs repeatedly. Technical evaluation of the Nifty 50 index shows powerful momentum is probably to continue and bulls may well stay dominant on Dalal Street as the index moves towards 17,500 points and at some point 17,750, domestic brokerage and investigation firm Motilal Oswal mentioned in a note. “RSI oscillator is also showing strength on daily, weekly and monthly scale, suggesting continuation in bullish momentum in coming weeks too,” they added. Nifty set a fresh all-time higher yesterday at 17,225 when Sensex soared to 57,918 for the very first time ever yesterday.
“We are expecting the index to move towards 17,500 and then 17,750 zone, continue to remain Bullish and use any meaningful decline as a buying opportunity,” analysts at Motilal Oswal mentioned. During the preceding series, Nifty 50 gained almost 900 points, helped by rallying significant-cap stocks. For the present series, analysts say that key assistance is placed at 16,750, and then 16,500. For Bank Nifty, if it holds above 36,000, the next leg of rally may well be triggered. “Going forward, support can be seen around 35,750 then 35,250 zones. While on the flipside hurdle can be seen around 37,000 then 37,700 zone,” they added.
Target price tag – Rs 800
Banking key ICICI Bank is seen as a possible ‘buy’ from a 2-3 month time horizon. “ICICI Bank is in overall uptrend and forming higher highs – higher lows structure on weekly scale. It has formed a bullish candle on weekly and monthly scale and outperforming the Bank Nifty index,” Motilal Oswal mentioned. ICICI Bank share price tag has gained more than 6% in the last one month.
“Considering current chart structure, we advise traders to buy the stock for an up move towards Rs 800 per share with a stop-loss of Rs 670 apiece,” analysts added. ICICI Bank trades at just above Rs 700 per share.
Target price tag – Rs 5,650
“Divis Lab has given consolidation breakout on the weekly scale and forming higher highs – higher lows on a monthly scale from past five months,” the brokerage firm mentioned. Divi’s is trading effectively above its quick term moving typical and momentum is probably to continue. Analysts added that Momentum Oscillator RSI is placed positively along with a set of moving averages on each weekly and month-to-month charts.
“Looking at all round price tag structure, we are expecting the stock to move towards Rs 5,650. Thus, we advise traders to obtain the stock on dips with a cease-loss of Rs 4,800 per share. This trade has been advised with a 2-3 month time horizon.
(The stock suggestions in this story are by the respective investigation and brokerage firms. TheSpuzz Online does not bear any duty for their investment suggestions. Please seek advice from your investment advisor prior to investing.)