Nifty is headed towards 10,900, says Vinay Rajani of HDFC Securities

The support for Bank Nifty is seen at 21,500, while Nifty has got support at 10,300.

Nifty and Bank-Nifty headed towards the target of 10,900 and 24,000, respectively

Bank Nifty index has given bullish inverted head and shoulder pattern breakout on the daily charts. It has taken out crucial resistance of 21,800 on closing basis. Meanwhile, Nifty also closed on a strong wicket and is headed for the upside target of 10,900, the 200 days SMA. Support for Bank Nifty is seen at 21,500, while Nifty has got support at 10,300.

BUY JUBLFOOD (1755) | Target: Rs 1,850 | Stop-loss: Rs 1,700
 

The stock price has surpassed the crucial multiple top resistances placed at 1,745. Volumes during the price breakout were higher. Indicators and oscillators have been showing strength on the daily and weekly charts. The stock is trading above all important moving average parameters. Long buildup is seen in the future segment.

BUY MARICO (338.6) | Target: Rs 358 | Stop-loss: Rs 325
 

The stock price has broken out from symmetrical triangle pattern on its daily charts. Breakout is registered with the jump in volumes. FMCG index has resumed its uptrend. Stock has closed above its 200 DMA. 

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Disclaimer: Vinay Rajani is Technical Research Analyst at HDFC Securities. The analyst may have positions in one or more stocks. Views are personal.