 "Here's why Vinay Rajani recommends buying Hero MotoCorp, Amara Raja")
Nifty consolidated in the narrow range for the sixth consecutive session to close at 17,382. Nifty registered a fresh all time high at 17,438 but did not sustain at higher levels. The range for the Nifty has been 17,438-17,254 in previous 6 sessions. This range would act as a short term support and resistance. Primary trend of the Nifty is bullish.
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The stock has broken out from bullish inverted head and shoulder pattern on the daily charts. Jump in volumes has confirmed the price breakout in the stock. Indicators and Oscillators have turned bullish on the daily charts. Nifty Auto Index has surpassed the crucial resistance of its 50 days EMA.
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The stock seems to have reversed north after long underperformance. Stock has broken out from the bullish “Flag” pattern on the daily chart with higher volumes. Short term moving averages have crossed over medium term moving averages. Nifty Auto Index has surpassed the crucial resistance of its 50 days EMA. Stock has also surpassed the 50 days EMA resistance.
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Disclaimer: Vinay Rajani, Technical Research Analyst, HDFC securities. Views expressed are personal
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