 "Nifty violated the short-term support of 11,050: HDFC Securities")
Technical calls and Nifty outlook by Devarsh Vakil & Vinay Rajani - PCG Desk, HDFC Securities:
Nifty View:
Nifty Violated the short term Support of 11050: Nifty has violated its short term support of 5 days EMA placed at 11050, during yesterday’s session. Nifty fell more than 80 points and closed on a weak wicket yesterday. Market breadth has been going weak for last couple of weeks and due to few Largecaps outperformance, Nifty has been able to hold at higher levels till now. Next Support for the Nifty is seen somewhere around 10850, which happened to be the support provided by upward sloping trendline, adjoining previous tops on the weekly charts
Buy: Persistent Systems
CMP: Rs 780
Stop Loss: Rs 755
Target: Rs 830
Primary trend of the stock has been bullish with higher tops and higher bottoms. IT sector has been outperforming other sectors for last couple of weeks. Short term moving averages are trading above long term moving averages. Oscillators like MACD and ADX have been showing strength in the counter. Volumes have gone up significantly along with price rise in the month of January 2018. Considering the technical evidences discussed above, we recommend buying the stock between 780 and 765, for the target of 830, keeping a stop loss at 755 on closing basis.
Buy: Hindustan Unilever
CMP: Rs 1,400
Stop Loss: Rs 1,365
Target: Rs 1,470
Stock has shown resilient movement till date and has been holding its level around its all-time high. In last two sessions, Stock has broken out from the consolidation, which was seen after company posted strong set of quarterly results. Short term moving averages are trading above long term moving averages. Oscillators have also been showing strength on the long term charts Considering the technical evidences discussed above, we recommend buying the stock between 1400 and 1375, for the target of 1470, keeping a stop loss at 1365 on closing basis.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
Nifty View:
Nifty Violated the short term Support of 11050: Nifty has violated its short term support of 5 days EMA placed at 11050, during yesterday’s session. Nifty fell more than 80 points and closed on a weak wicket yesterday. Market breadth has been going weak for last couple of weeks and due to few Largecaps outperformance, Nifty has been able to hold at higher levels till now. Next Support for the Nifty is seen somewhere around 10850, which happened to be the support provided by upward sloping trendline, adjoining previous tops on the weekly charts
Buy: Persistent Systems
CMP: Rs 780
Stop Loss: Rs 755
Target: Rs 830
Primary trend of the stock has been bullish with higher tops and higher bottoms. IT sector has been outperforming other sectors for last couple of weeks. Short term moving averages are trading above long term moving averages. Oscillators like MACD and ADX have been showing strength in the counter. Volumes have gone up significantly along with price rise in the month of January 2018. Considering the technical evidences discussed above, we recommend buying the stock between 780 and 765, for the target of 830, keeping a stop loss at 755 on closing basis.
Buy: Hindustan Unilever
CMP: Rs 1,400
Stop Loss: Rs 1,365
Target: Rs 1,470
Stock has shown resilient movement till date and has been holding its level around its all-time high. In last two sessions, Stock has broken out from the consolidation, which was seen after company posted strong set of quarterly results. Short term moving averages are trading above long term moving averages. Oscillators have also been showing strength on the long term charts Considering the technical evidences discussed above, we recommend buying the stock between 1400 and 1375, for the target of 1470, keeping a stop loss at 1365 on closing basis.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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%