By Shrikant Chouhan
The benchmark indices BSE Sensex and Nifty 50 witnessed a robust rally. On Tuesday, regardless of tepid cues, the Nifty/Sensex held the 17640/59350 help level, and in the late afternoon, it ultimately cleared the intraday resistance of 17725/59630. After the intraday breakout, the Nifty/Sensex rallied more than one hundred/400 points. Among sectors, shopping for was seen in Oil & Gas and IT stocks. Whereas, Reality and PSU Banks witnessed technical sell-off.
Technically, on everyday charts, post reversal formation the index has formed uptrend continuation formation and on intraday charts, it has formed promising greater higher and greater low series formation which clearly help additional uptrend. We are of the view that 17750/59750 would be the crucial help level for the trend following traders. Above the exact same uptrend texture is probably to continue up to 17880-17900 / 60180-60300. On the flip side, beneath 17750/59750 may well trigger fast intraday correction up to 17710/59580.
Stocks to get
ICICI Prudential Life Insurance Company
Invest in, CMP: Rs 678.9, TARGET: Rs 715, SL: Rs 665
The stock has underperformed just after hitting the all-time higher level and thereafter it entered into an accumulation phase close to its vital help location, ultimately, a powerful reversal candlestick formation indicates resumption of a bullish uptrend in the coming horizon.
Coromandel International
Invest in, CMP: Rs 827.05, TARGET: Rs 870, SL: Rs 810
Post decline from the levels of 900 the stock went into a variety-bound movement exactly where a powerful bullish activity is spotted close to the many help zone. Additionally, the formation of a bullish Marubozu candlestick pattern with a very good volume suggests a powerful up move in the counter.
Tata Consultancy Services (TCS)
Invest in, CMP 3833.3, TARGET 4030, SL 3750
After the powerful uptrend, the counter took a breather for a handful of sessions with a gradual down move nevertheless current powerful reversal indicates the stock has located help in its demand zone, therefore we count on the increasing trend to persist from the existing levels in the brief term.
Hindustan Aeronautics Ltd (HAL)
Invest in, CMP: Rs 1,375, TARGET: Rs 1,450, SL: Rs 1,345
After hitting the all-time higher of 1486 the counter has witnessed a variety bound activity for a handful of sessions nevertheless existing variety breakout with incremental volume along with the formation of powerful bullish candlestick pattern indicates that the counter has adequate possible for additional upside from existing levels.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. Views expressed are the author’s personal.)