 "Hold Nifty longs with 11,050 stop-loss: Vinay Rajani of HDFC Securities")
Nifty outlook
Nifty broke out from its 5-day consolidation range of 11,050-11,240 on Tuesday and closed at the highest point of the current upswing. Nifty is in continuation of an uptrend and longs should be held with the stoploss of 11,056. Resistances are seen at 11,350 and 11,500.
Stock recommendations
BUY Axis bank (Rs 436) | Target: Rs 465 | Stop-loss: Rs 420
The stock has formed a bullish hammer candlestick pattern after witnessing a healthy correction last week. It took support at upward sloping trend line, adjoining higher bottoms on the daily charts.
BUY Hindalco (Rs 164.4) | Target: Rs 174 | Stop-loss: Rs 158
The stock price has broken out from downward sloping channel on the daily chart. Volumes during the breakout remained high, which strengthens the chances of continuation of an uptrend. Stock price has been forming higher tops and higher bottoms on the daily chart.
Disclaimer: Vinay Rajani is Technical Analyst at HDFC Securities. Views are personal.
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