Nifty View
Nifty has been rising for last three consecutive sessions. Nifty has surpassed the 19,500 resistances, derived from downward sloping trend line on the daily chart. On the weekly charts, Nifty has broken from the bullish “Flag” pattern, which indicates continuation of an uptrend. Traders are advised to hold Nifty longs with 19,400 stoploss. At present more than 87 per cent of stocks are trading above their 200-DMA in NSE500, which indicates strong market breadth.
Stock picks
Buy Bank Of Maharashtra (CMP: Rs 41.80) | Target: Rs 48 | Stop-loss: Rs 36.90
The stock price has broken out from upward sloping trend line on the weekly chart. In the month of July, the stock broke out from bullish inverted head and shoulder pattern on long term charts. In the month of August, the stock outperformed the PSU bank index and remained near its 52 week high. It is placed above all important moving average, indicating bullish trend on all time frames.
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Buy IRCTC (CMP: Rs 701.80) | Target: Rs 748 | Stop-loss: Rs 666
Disclaimer: Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC Securities. Views expressed are personal
First Published: Sep 06 2023 | 8:45 AM IST