 "Remain long on Nifty; bet on Indian Bank, Tata Coffee, says Vinay Rajani")
Nifty50 on Tuesday closed at the fresh all-time high of 17,991. The trend of the index is bullish as it has been holding above its short to medium-term moving averages. Higher tops and higher bottoms are also well intact on daily and weekly charts. Traders are advised to remain long on Nifty with 17,800 as stop loss and keep trailing along with every rise in Nifty.
Stock Recommendations
Buy Indian Bank (160): | Target Rs 175 | Stop-loss Rs 150
The stock has broken out from ascending triangle on the weekly charts. It has surpassed the previous two tops on the weekly chart, accompanied by higher volumes. The primary trend of the stock has been bullish with higher tops and higher bottoms. It has been holding levels above its medium to long-term moving averages. The technical setup of Indian Bank is one of the strongest amongst all PSU Banks. Meanwhile, the Nifty PSU Bank index has also broken out from medium-term downward sloping trend line on the weekly charts.
Buy Tata Coffee (227.5): | Target Rs. 245 | Stop-loss Rs 216.5
The stock price has surpassed the multiple top resistance of Rs 218 on a closing basis, accompanied by higher volumes. The primary trend of the stock has been bullish with higher tops and higher bottoms. It has been holding levels above its medium to long-term moving averages and also trading above its super trend indicator on daily charts. The indicators and oscillators remain bullish on daily and weekly time frames.
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Stock Recommendations
Buy Indian Bank (160): | Target Rs 175 | Stop-loss Rs 150
The stock has broken out from ascending triangle on the weekly charts. It has surpassed the previous two tops on the weekly chart, accompanied by higher volumes. The primary trend of the stock has been bullish with higher tops and higher bottoms. It has been holding levels above its medium to long-term moving averages. The technical setup of Indian Bank is one of the strongest amongst all PSU Banks. Meanwhile, the Nifty PSU Bank index has also broken out from medium-term downward sloping trend line on the weekly charts.
Buy Tata Coffee (227.5): | Target Rs. 245 | Stop-loss Rs 216.5
The stock price has surpassed the multiple top resistance of Rs 218 on a closing basis, accompanied by higher volumes. The primary trend of the stock has been bullish with higher tops and higher bottoms. It has been holding levels above its medium to long-term moving averages and also trading above its super trend indicator on daily charts. The indicators and oscillators remain bullish on daily and weekly time frames.
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(Vinay Rajani is Technical Research Analyst at HDFC securities. Views expressed are personal)
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