 "Nifty showing signs of a trend reversal, says Vinay Rajani")
Nifty View
The Nifty has formed higher top and higher bottom on the daily line chart, which indicates bullish trend reversal for the short term. Nifty has closed above its 5 days EMA, which is the first sign of trend reversal.
Traders are advised to go long with 16,900 stoploss in the Nifty. Target for the Nifty is seen at 17500 for the next couple of weeks. FII’s have been heavily short in index future for last two months. Long to Short ratio by FII in Index Future reached to the oversold zone and therefore we can expect sharp short covering in benchmark indices.
BUY
Coromandel International
Last close: Rs 864
Target: Rs 988
Stop-Loss: Rs 937
The stock has been holding its uptrend in the falling market. Technical setup of Coromandel International is the strongest within the sector. The stock is placed above all important moving averages. Indicators and oscillators have been showing strength in the current uptrend
BUY
Zensar Tech
Last close: Rs 273
Target: Rs 302
Stop-Loss: Rs 255
The PSU sector has been outperforming for last couple of weeks. Stock price trading above its 20, 50, 100 and 200 DMA.
Indicators and oscillators have turned bullish on the daily charts. The stock Price has broken out from the downward sloping trend line on the weekly chart with rising volumes.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed 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%