 "Charts indicate continuation of up-trend in Nifty: HDFC Securities")
Hold Nifty longs with 11,290 Stop-loss
Nifty, on Tuesday, closed at the highest point of the rally which started from March 2020. Nifty has broken out from the rising wedge pattern on the daily chart, indicating the continuation of an uptrend. There is an intermediate resistance placed at 11,536 levels, which happens to be the partially-filled gap formed on February, 28, 2020. Above 11,536, Nifty would again find momentum. It would be advisable to hold on to the longs in Nifty with trailing on a stoploss basis. At present stop loss in longs should be at 11,290.
Stock recommendation
BUY BAJAJ FINANCE (Rs 3,656) | Target: Rs 3,900 | Stop-loss: Rs 3,510
The stock price has been making higher tops and higher bottoms. It has surpassed the previous top resistance of 3,556 with jump in volumes. Indicators and Oscillators have turned bullish on the short-term charts. The stock price, which is placed above all important moving averages, has been finding support at its 200-day EMA.
Disclaimer: Vinay Rajani is Technical Research Analyst at HDFC Securities. He may have positions in one or more stocks mentioned above. Views are personal.
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