By Shrikant Chouhan
The benchmark indices NSE Nifty 50 and BSE Sensex continued positive momentum on Tuesday. After a muted opening, the Nifty/Sensex slipped more than 50/150 points, but one more time they took assistance close to 17850/59850 and reversed sharply. Among sectors, PSU bank stocks outperformed, and the Nifty PSU Bank index rallied more than 3 per cent. While profit booking was seen in IT stocks. Technically, on each day and intraday charts, the index has formed promising greater bottom formation.
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The intraday structure suggests 17850/59850 would be the trend decider level for the bulls. Above the identical, uptrend formation is most likely to continue up to 18050-18125/60400-60700. On the flip side under the 17850/59850 uptrend would be vulnerable. The texture of the marketplace is robust therefore get on dips and sell on rallies would be the excellent approach for the day traders.
Stocks to get
Havells India
Obtain, CMP: Rs 1,421, TARGET: Rs 1,490, SL: Rs 1,390
The stock had been forming greater lows on the each day chart, even so, for the last couple of sessions the counter was stuck in a variety-bound move and presently we witnessed a variety breakout and closing above its brief-term moving averages recommend that the stock has very good strength for additional upside.
Bank of Baroda
Obtain, CMP: Rs 87.9, TARGET: Rs 95, SL: Rs 84
The counter is into an upward momentum and post breaking out of its preceding highs there is a pause in the momentum, on the month-to-month scale, it has formed a Cup and Handle chart pattern with the decent volume as a result the adhere to-up bullish movement is pretty most likely to happen in the close to term.
Axis Bank
Obtain, CMP: Rs 796.5, TARGET: Rs 840, SL: Rs 780
The stock has presented an unbelievable up move in the last quite a few months and it is trading in a increasing channel constantly. The greater higher and greater low chart formations are visible in the counter, on top of that, trend indicators such as MACD and ADX are displaying bullish strength. Therefore upward movement from the present level is pretty most likely to stay in the close to term.
Escorts
Obtain, CMP: Rs 1,517.2, TARGET: Rs 1,590, SL: Rs 1,485
On the month-to-month scale, the stock has presented a robust rally and presently the counter is trading in a variety forming the Symmetrical triangle chart pattern. However, the current cost action indicates a robust breakout is pretty most likely in the coming time horizon.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. Views expressed are the author’s personal.)