By Shrikant Chouhan
Tuesday was a volatile trading day. If we calculate the intraday variation, the Nifty/Sensex moved up and down by 750/2200 points. On a each day basis, the marketplace has formed an indecisive pattern and based on that upward activity is not ruled out. On that basis, levels of 14790/49600 and 14820/49700 will be essential. If the level of 14820/49700 is decisively crossed, the Nifty/Sensex can jump up to 14950/50100. If it goes under 14540/48800, then the Nifty could drop to 14450/48550 and 14350/48350 levels. Wednesday is an essential day for the marketplace and a level based trading strategy ought to be followed. For the Bank-Nifty, 32250 and 32700 ought to be the trading variety. Expect trending activity above and under the provided levels. Be stock particular in the marketplace.
Tata Power
Obtain, CMP: Rs 104.7, TARGET: Rs 111, SL: Rs 101
The stock had shown a phenomenal up move from the levels of 70 till 114 without having any considerable correction nonetheless 114 becomes the obstacle due to double top rated type of a formation which resulted in a value drop, nonetheless current variety bound movement with incremental volume points at great accumulation by bulls for the continuation of an uptrend.
Pidilite Industries
Obtain, CMP: Rs 1,874.4, TARGET: Rs 1,970, SL: Rs 1,830
In the previous final 3 months, the stock was trading in a rectangle formation forming a robust base for the counter, subsequently, a fresh breakout with a robust bullish candlestick pattern along with choose up in volume indicates a new leg of upward movement in the close to term.
Cadila Healthcare
Obtain, CMP: Rs 456.5, TARGET: Rs 480, SL: Rs 445
On the weekly scale, the stock was into a sloping channel right after creating the highs of about 500, at some point, its downward move stopped close to the various assistance zone of 420 and the robust rebound is observed in the counter with an enhance in volume activity, current trend line breakout confirms bullish momentum to stay in the coming time horizon.
United Breweries Ltd
Obtain, CMP: Rs 1,109.95, TARGET: Rs 1,170, SL: Rs 1,070
After the outstanding up move from the levels of 900 till 1320, the stock faced various resistance into the provide zone of 1300-1320. As a outcome, we observed a substantial drop in the share value. Nevertheless, it appears that the worst is behind as the stock is close to to its essential Fibonacci retracement zone. Hence we count on a robust up move from present levels.
(Shrikant Chouhan is the Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author’s personal.)