 "Nifty view and stock call by HDFC Securities: Buy Ipca Labs, Bharti Airtel")
Exit Nifty longs if it breaks below 8800
Nifty has been trading in the rising wedge which is more like a pullback setup in the overall downtrend. Any level below 8,800 would confirm the bearish breakout from this wedge. Longs should be protected with strict stoploss of 8,800. On the higher side 9,390, the recent top would act as a resistance.
BUY IPCA LAB (1,601) | Target: Rs 1,690| Stop-loss: Rs 1,550
The stock is in overall uptrend with higher tops and higher bottoms on the weekly and monthly charts. It is placed above all important moving averages and has resumed its uptrend after running correction. Indicators and Oscillators setup is bullish on short to medium term charts.
BUY BHARTI AIRTEL (501) | Target: Rs 540 | Stop-loss: Rs 480
The stock is one of the strongest Nifty stocks, which holds its level above its 200 DMA. Bharti Airtel’s move remained resilient during the downtrend which the market witnessed in the current calendar year. The stock is placed above all important moving average parameters and has given bullish “Cup and Handle” pattern breakout on the weekly charts.
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Disclaimer: Vinay Rajani is technical analyst at HDFC Securities. He may have positions in one or all of the above stocks. Views are his own.
Disclaimer: Vinay Rajani is technical analyst at HDFC Securities. He may have positions in one or all of the above stocks. Views are his own.
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