 "Buy YES Bank with a target of Rs 1,545, says Chandan Taparia")
Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst & PFA at MOSL:
Outlook:
Nifty index opened positive and witnessed sustain buying interest till the end of the session. It has formed a Bullish Candle followed by a Hammer Candle on the last Friday and continued its momentum on the first session of July month by gaining around 100 points. Bulls have got its loosing grip after the weakness of last three weeks and surpassed previous week’s high of 9615. Now it has to continue to hold above 9560-9580 zone to witness an up move towards 9650 then 9700 zone while on the downside support exists at 9520 then 9480 mark.
Stocks:
YES BANK
Reco: BUY
Last Close: Rs 1492
Stop Loss: Rs 1465
Target: Rs 1545
It has surpassed its falling supply trend line and formed a positive price pattern on the Daily chart. Recently it has taken multiple support at Rs 1400 and given a consolidation breakout above Rs 1470 mark. We recommend to buy the stock with the stop loss of Rs 1465 for an upside target of Rs 1545.
BHARAT FORG
Reco: BUY
Last Close: Rs 1108
Stop Loss: Rs 1067
Target: Rs 1181
It formed a Hammer candle on the weekly chart and Price is at 78.6% retracement which coincides with a rising trend line. It has taken support at the lower band of the rising channel on weekly chart and provides a better risk – reward ratio at current levels.
TVS MOTORS
Reco: BUY
Last Close: Rs 552
Stop Loss: Rs 536
Target: Rs 575
It made a Bullish Fry pan bottom at the support of Rs 525-527 zone. It is respecting this multiple support from last five weeks and surpassed its falling supply trend line on the daily chart. Price has just moved higher from the support zone with rising volumes which offers a good risk – reward ratio at current levels.
Disclaimer: Chandan Taparia is a Derivatives and Technical Analyst at Motilal Oswal Securities.
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