Nifty has taken out crucial resistance of 8,600; next targets seen at 9,000 & 9,390
Nifty has decisively surpassed the resistance of 8,600 and confirmed the bullish inverse head and shoulder pattern on the daily line charts. Support for the Nifty has now shifted up to 8,360. Next upside target for the Nifty is seen at 9,000 and 9,390.
BUY MARUTI (Rs 4,536): | Target: Rs 5,000 | Stop-loss: Rs 4,300
The stock price has risen more than 10 per cent with significant rise in volumes. RSI Oscillator has exited oversold zone with positive divergence on the daily charts. The stock price has closed above 5 DMA.
BUY TATASTEEL (Rs 276): | Target: Rs 305 | Stop-loss: Rs 261
The stock price has risen more than 8 per cent with significant rise in volumes. RSI Oscillator has exited oversold zone with positive divergence on the daily charts. It has closed above 5 AND 10DMA. Momentum Indicator MACD has shown positive crossover on the daily charts.
Disclaimer: Vinay Rajani is Technical Analyst at HDFC securities. Views expressed are his own. He may have positions in one or all of the above mentioned stocks.