 "Buy Bata India for a target of Rs 1,125, SL of Rs 1,040: HDFC Securities")
Nifty outlook and technical calls by Vinay Rajani, Senior Technical Analyst at HDFC Securities.
Close below 10333 would result into bearish trend reversal in Nifty
Nifty managed to recover sharply from the lower levels during Tuesday’s low to settle at 10549. There has been strong resistance in the range of 10558-10600 levels, which happens to be unfilled down gap formed on 10th Dec 2018. Far Resistance is seen at 10750, the 200 DMA. Any close below 10333 could push Nifty below 10000.
Buy Bata India at Rs 1071.55
Target: Rs 1125
Stop Loss: Rs 1040
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After small correction, stock resumed its uptrend by rising more than 5% with a jump in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms. The stock is on the verge of registering new all-time high above 1116.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 1125, keeping the stop loss at 1040 on closing basis.
Buy Titan at Rs 933
Target: Rs 975
Stop Loss: Rs 905
After small correction, stock resumed its uptrend by rising almost 3% with a jump in volumes. The stock has been holding above all important moving average parameters. Oscillators have been trading bullish on daily and weekly charts.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 975, keepingthe stop loss at 905 on closing basis.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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