By Shrikant Chouhan
In the last week, the benchmark index Nifty/ Sensex very first time hit the 16000/ 53500 mark and also registered fresh all-time highs of 16349.45 and 54633.58, respectively. Technically, on weekly charts, the Nifty/ Sensex has formed a sturdy breakout formation, which indicates a additional uptrend from existing levels. Post breakout the Nifty is consolidating and the intraday charts recommend narrow rage activity probably to continue in the close to future. We are of the view that the medium-term trend is bullish and purchasing on dips and sell on rallies would be the excellent approach for the positional traders. 16150-16050 /54000-53500 would be the sturdy assistance zone. Trading above the exact same uptrend wave is probably to continue till 16400-16550/ 54700-55000. Below 16050/ 53500 breakout traders may well choose to exit from trading extended positions.
SBIN: Acquire, CMP 426.35, TARGET 450, SL 4153
After a sturdy uptrend rally, the stock witnessed a quick term correction from its all-time higher of 467, nonetheless, the downward move appears to be more than as the counter is trading close to its many assistance zone therefore we anticipate revival in trend from the existing levels.
WIPRO: Acquire, CMP 604, TARGET 635, SL 590
The stock has shown an extraordinary up move in the previous and it is nevertheless increasing progressively on the larger side. The larger top rated and larger bottom chart series hints at a bullish continuation pattern to continue in coming sessions, the rise in volume activity in the last handful of days indicates bullishness in the counter.
TATASTEEL: Acquire, CMP 1372.15, TARGET 1440, SL 1340
The stock had been in a phenomenal uptrend forming the bullish continuation chart patterns regularly, presently due to some profit booking a short-term pause in the momentum is seen nonetheless a sturdy reversal is pretty probably from the assistance of the retracement zone for additional upside.
HINDUNILVR: Acquire, CMP 2388, TARGET 2500, SL 2340
On the every day chart, the stock has reversed sharply from its double bottom assistance zone with a sturdy bullish candlestick formation, and presently, it is consolidating in a variety with decent volume activity, in addition, the formation of hammer candlestick pattern close to quick term averages suggests variety breakout for the additional uptrend in the coming horizon.
(Shrikant Chouhan is the Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author’s personal. Please seek advice from your economic advisor prior to investing.)