Nifty View
Previous swing high of 21,834 is expected to act as a strong support for the Nifty. Short term resistance for the Nifty is seen
Bank Nifty ended the previous session with “Doji” candlestick pattern on the daily chart, which indicates indecision amongst the traders.
A level above 48,400 could bring back the bullish momentum in the Bank Nifty.
Buy MOIL | CMP: Rs 335 | Target: Rs 360 | Stop-loss: Rs 315
The stock is placed above all important moving averages, indicating bullish trend on all time frames. Indicators and Oscillators like MACD and RSI have turned bullish on the daily charts.
Buy KPIL | CMP: Rs 748 | Target: Rs 799 | Stop-loss: Rs 715
On Jan 16, it broke out from the bullish “Flag” pattern on the daily charts, which indicates continuation of an uptrend. Short term moving averages are trading above long term moving averages, which confirms the uptrend in the stock.
Disclaimer: Vinay Rajani is CMT, Senior Technical & Derivative Analyst at HDFC Securities. He does not have any holding in the stocks above.
First Published: Jan 17 2024 | 7:19 AM IST