View on Nifty
These multiple resistances are coinciding around 19,700 levels in Nifty. Any level above 19,700 would resume the primary uptrend, while a level below 19,300 would be considered bearish sign in Nifty for the short term.
Buy Bank of Maharashtra (last close: Rs 36.25) | Target: Rs 40 | Stop-loss: Rs 34
The stock price has broken out from the narrow consolidation, which it held for the last three weeks. The price breakout is accompanied by jump in volumes, while it is placed above all important moving averages. Indicators and oscillators, too, have turned bullish on the weekly charts.
Buy Tata Communications (last close: Rs 1,684) | Target: Rs 1,803 | Stop-loss: Rs 1,611
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Disclaimer: Vinay Rajani is a senior technical and derivative research analyst at HDFC Securities. Views expressed are personal.
First Published: Aug 09 2023 | 7:38 AM IST