 "Nifty outlook and trading ideas by HDFC Sec: Buy SBI, Glenmark Pharma")
Markets getting strong technically; Expect Bank Nifty to Outperform
Nifty has been trading in the downward sloping channel on the daily charts. Close above 14750 would result in to fresh breakout on short term charts. Support has shifted up to 14500 odd levels and traders should remain long with that stop loss. Above 14750, Nifty could extend the rally towards 14980. BankNifty looks strong and is expected to outperform the Nifty in the coming days.
Stock picks:
Buy SBI (354) | Target: Rs 374 | Stop-loss: Rs 340
The stock witnessed healthy correction from 427 to 321 in the period of 18th February to 19 April 2021. On 27 th April 2021, stock has given breakout from the downward sloping trend line, which adjoins the major swing highs registered in last two months. It has also surpassed the crucial resistance of its 50 days EMA. Indicators and oscillators have turned bullish on short term charts.
Buy Glenmark Pharma (561) | Target: Rs 610 | Stop-loss Rs 530
After four days of running correction, stock resumed its upward journey by rising more than 1.5% on 27 th April 2021. Primary trend of the stock has been bullish with higher tops and higher bottoms. Stock recently broke out from the long term downward sloping trend-line on the monthly chart, which indicates healthy upside for medium to long term. Stock has broken out from last 10 month’s price consolidation with higher volumes.
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Disclaimer: Vinay Rajani is 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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Disclaimer: Vinay Rajani is 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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