 "Nifty needs to break 15,700-15,900 range for directional move: Vinay Rajani")
Nifty outlook
On June 28, the Nifty formed a bearish belt hold and engulfing pattern on the daily chart. Any level below 15,673 would violate the crucial support of the previous swing low on the daily chart. However, in the last six session, Nifty's range has been 15,700-15,900. This range needs to be broken on either side, to get back the directional move. Above 15,900, Nifty could move towards 16,300 target, while any level below 15,673 could drag Nifty towards 15,500 support.
On June 28, the Nifty formed a bearish belt hold and engulfing pattern on the daily chart. Any level below 15,673 would violate the crucial support of the previous swing low on the daily chart. However, in the last six session, Nifty's range has been 15,700-15,900. This range needs to be broken on either side, to get back the directional move. Above 15,900, Nifty could move towards 16,300 target, while any level below 15,673 could drag Nifty towards 15,500 support.
Recommendations
Buy CCL PRODUCTS (Rs 362): | Target: Rs 405 | Stop-loss: Rs 335
The stock price has broken out from last seven sessions' narrow consolidation. Flag pattern breakout is seen with rising volumes on daily charts. The primary trend of the stock has been bullish as the stock has been forming higher tops and higher bottoms on the daily and weekly charts. Tea, coffee, and sugar stocks have been performing very well for last couple of months. The stock is placed above medium to long term moving averages, indicating bullish trend on all time frames. Indicators and oscillators on weekly and monthly charts have turned bullish
Buy Tata Elxsi (Rs 4,006): | Target: Rs 4,250 | Stop-loss: Rs 3,850
The stock has broken out from symmetrical triangle with a jump in volumes on the daily charts. The IT sector has been in an uptrend for many months now and this is expected to continue. Indicators and oscillators on daily and weekly charts have turned bullish. Moreover, the stock has been finding support near its 20-day EMA (exponential moving average) support.
Disclaimer: Vinay Rajani is a Senior Technical and Derivative Research Analyst at HDFC Securities. The analyst doesn't have any holding in the stock. Views are personal
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