 "Nifty outlook and weekly stock picks by Vinay Rajani of HDFC Securities")
Nifty in a Choppy trend; Markets expected to remain stock specific
Nifty has been trading in a choppy trend for the last six consecutive weeks, where rallies are sold in to and dips are getting bought in to. Sell on rallies and buy on dips kind of strategy has been playing out in the current market scenario as far as benchmark indices like Nifty and Bank Nifty are concerned. However primary trend of the Markets is bullish as short term moving averages are trading above medium to long term moving averages and Nifty has been holding higher tops and higher bottoms.
On 15th March 2021, Nifty found support on 50-DMA and bounced back sharply from the low. The upward sloping trend line, adjoining the week ended lows of 27 th March, 6 th Nov 2020 and 5 th Feb 2021, projects the strong support around 14,700 odd levels, which coincides with the 50 DMA support.
Stock recommndation:
Stock recommndation:
Buy Fortis Health (194) | Target: Rs 216 | Stop-loss: Rs 180
There are few sessions left to complete the entire quarter. So far, this is the highest quarterly close in Fortis. There are good chances that Fortis will confirm this breakout by sustaining above 183 odd levels by end of the March 2021. On the week ended 5th March 2021, the stock broke out from bullish “Flag” pattern on the weekly charts with higher volumes. It has been trading above all important moving average parameters. Indicators and oscillators like RSI, MACD and DMI have turned bullish on short term charts.
Buy Godrej Industries (507) | Target: Rs 555 | Stop-loss: Rs 470
The stock price has broken out from bullish inverted head and shoulder pattern on the monthly charts. It has recently taken out the crucial double top resistance placed at 483 odd levels. Moving average and Oscillator setup has bullish on daily and weekly charts.
==============================
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
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%