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Nifty outlook and technical calls by Devarsh Vakil & Vinay Rajani - PCG Desk, HDFC Securities:
Nifty View: Nifty has been rising for last 6 sessions and it has registered new all-time high at 10,646. Though the trend is bullish and gains are extending on the daily basis, advance decline ratio does not reflect the confidence of the bulls in the trading. Support is now shifted upward to 10,550, which happened to be the previous top on the daily charts. As far as resistance is concerned, the levels to watch out for are 10,740 and 10,900.
Buy Torrent Power
SL: Rs 275
Target: Rs 310
Stock has closed at its new all-time high of 290. Stock price has broken out from the consolidation range 250-285, that was holding for last two months. Primary trend has s bullish with higher tops and higher bottoms on the weekly charts. Oscillators have been showing strength in the counter last many days. Considering the technical evidences discussed above, we recommend buying the stock between 290 and 280, for the target of 310, keeping a stop loss at 275 on closing basis.
Buy BLS International
CMP: Rs 280
SL: Rs 265
Target: Rs 300
Stock price has broken out from bullish “Flag” pattern on its weekly charts. Recently stock has registered new all-time high of 283.80 with significant jump in volumes. Short term moving averages are trading above long term moving averages. Oscillators like MACD, DMI and KST have turned bullish on the daily charts. Stock has also surpassed the triple top resistance placed at 277 odd levels. Considering the technical evidences discussed above, we recommend buying the stock between 280 and 270, for the target of 300, keeping a stop loss at 265 on closing basis.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.