Nifty outlook and top trading ideas by Devarsh Vakil & Vinay Rajani, technical analysts (PCG desk) at HDFC Securities:
has been forming higher top and higher bottom formation on the daily charts. At Present, Nifty
is placed above 5, 20, 50 and 100 DMAs, indicating bullish setup on time frames. It clearly seems that supply is getting absorbed on every dip and Nifty
is climbing wall of worries. All time high of 10,137 would remain next resistance, while support is now shifted upwards to 9,840. Oscillators are also showing strength on the charts. Considering the technical evidences, we advise remaining long in Nifty
with stoploss of 9,840 on closing basis.
Buy NCL Industries
CMP: Rs 240.15
SL: Rs 225
Target: Rs 270
Stock price has broken out from the consolidation holding for last 5 months. It has been forming higher top and higher bottoms on weekly and monthly chart. Stock price has closed at its new 52-week and all-time high. Volumes have been gradually rising along with the price rise on the monthly charts. Stock price is trading above short-term, medium-term and long-term moving averages, indicating uptrend on all time frames. Considering the technical evidences discussed above, we recommend buying the stock between Rs 240 and Rs 230, for the target of Rs 270, keeping a stoploss at Rs 225.
Buy Godrej Properties
CMP: Rs 607
SL: Rs 580
Target: Rs 680
Stock price has been taking support on its 20-week Exponential moving average. Higher tops and higher bottoms are well intact on weekly and monthly charts, indicating primary uptrend. Oscillators like ADX and KST have been turned bullish on the weekly charts. Short term moving averages are trading above long term moving averages. Volumes have been gradually going up along with the price rise, indicating strength in the existing trend. Considering the evidences discussed above, we recommend buying the stock between Rs 607 and Rs 590, for the target of Rs 680, keeping a stoploss at Rs 580.
Disclaimer: The analysts may have positions in any or all the stocks mentioned above.