 "Here's why HDFC Securities recommends buying Metropolis, Zensar Tech")
Nifty managed to close in green for 5 out of last 6 sessions. The index has risen 840 odd points from the recent swing low of 16,410. Now, it has reached the crucial resistance of the 50 days EMA and downward sloping trend line on the daily chart. The resistance is seen in the range of 17,250-17,350 for Nifty. Any close above 17,350 would negate the bearish developments on the chart. Support for the Nifty is seen at 17,000.
The stock has broken out from the consolidation, which held for last five months. It has been finding support on its 50 days EMA. Indicators and oscillators have turned bullish on daily and weekly charts. The stock has been forming higher tops and higher bottoms on weekly charts.
The stock price has broken out from inverted head and shoulder pattern on the daily chart. It has broken out from downward sloping trend line on the daily chart and is trading above all important moving averages. IT sector has been outperforming for last many months and same is expected to continue. Indicators and oscillators have turned bullish on daily chart.
-------------------------------------------------------------------------------------------------------------
Disclaimer: Vinay Rajani, Senior Technical & Derivative Analyst, HDFC securities. Views expressed are personal.
Stock Recommendations:
Buy Metropolis (3445.35) | Target: Rs 3625 | Stop-loss: Rs 3330
The stock has broken out from the consolidation, which held for last five months. It has been finding support on its 50 days EMA. Indicators and oscillators have turned bullish on daily and weekly charts. The stock has been forming higher tops and higher bottoms on weekly charts.
Buy Zensar Tech (498.70) | Target: Rs 540 | Stop-loss: Rs 480
The stock price has broken out from inverted head and shoulder pattern on the daily chart. It has broken out from downward sloping trend line on the daily chart and is trading above all important moving averages. IT sector has been outperforming for last many months and same is expected to continue. Indicators and oscillators have turned bullish on daily chart.
-------------------------------------------------------------------------------------------------------------
Disclaimer: Vinay Rajani, Senior Technical & Derivative Analyst, HDFC securities. Views expressed are personal.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%