By Subash Gangadharan
While the Nifty is broadly consolidating in a variety, we observe that the index is creating decrease bottoms more than the last handful of weeks. The index has also been creating decrease tops lately, which indicates that the index is in a downtrend. A quick term correction is probably after the instant help of 15513 is broken. Downside targets in this situation are at the prior intermediate highs of 15432.
For the bulls to acquire manage, traders will have to have to look for indicators of the Nifty creating a greater bottom on the 60-minute chart. Till then, the bears would have an upper hand and any rallies have to have to be sold into.
The under picks are for the next 15-26 trading sessions
Bharat Electronics is in an intermediate uptrend as it continues to make greater tops and greater bottoms more than the last numerous months. This week the stock touched a new 52 week higher.
On Wednesday, the stock broke out of the current trading variety in between the 177-188 levels with the 20 day SMA delivering help. This augurs effectively for the uptrend to continue.
Technical indicators are providing positive signals as the stock trades above an upward sloping 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI also have bounced back and are in increasing mode now, which augurs effectively for the uptrend to continue.
With the intermediate technical setup also hunting positive, we think the stock has the possible to move greater to new life highs in the coming weeks and as a result suggest a acquire in between the 188-191 levels. CMP is 189.6. Stop-loss is at 181 when targets are at 211.
After falling from a higher of 151 tested in May 2021, SAIL identified help about the 119 levels in June 2021.
The stock has then consolidated in a variety for the last handful of weeks. On Wednesday, the stock broke out of a more current trading variety in between the 120-132 levels on the back of above-typical volumes. The metal index sector is also performing effectively, which augurs effectively for this stock.
Technical indicators are providing positive signals as the stock trades above the 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI are in increasing mode and not overbought, which augurs effectively for the uptrend to continue.
With the intermediate technical setup hunting positive, we think the stock has the possible to move greater in the coming weeks and as a result suggest a acquire in between the 132-135 levels. CMP is 134.45. Stop-loss is at 126 when targets are at 155.
(Subash Gangadharan is a Senior Technical and Derivative Analyst at HDFC Securities. The views expressed are the author’s personal. Please seek the advice of your monetary advisor ahead of investing.)