 "Support zone for Nifty shifted higher to 17,200-17,300, says Vinay Rajani")
Nifty View
By surpassing 17,428, the Nifty has formed higher top preceded by higher bottom. The Nifty has also surpassed the resistance of the 50 per cent retracement of the entire downswing seen from 18,096 to 16,747. The next resistance for the Nifty is seen at 18,000-18100 zone. The support zone for Nifty has shifted up to 17,200-17,300.
BUY
IndusInd Bank
Last close: Rs 1,223
Targets: Rs 1,290; Rs 1,340
Also Read
Stop Loss: Rs 1,190
The stock has broken out from symmetrical tringle pattern on the daily chart with jump in volumes. The BankNifty has been outperforming and same is expected to continue. Further, the stock price is trading above all important moving averages, which indicates bullish trend on all time frames.
BUY
Mahindra CIE
Last close: Rs 312
Targets: Rs 335; Rs 350
Stop Loss: Rs 295
For the week ended October 07, 2022, the stock broke out from the Flag pattern on the weekly chart with rising volumes. The stock price has surpassed the long term resistance of Rs 310 on closing basis. Indicators and oscillators have been showing strength on the weekly charts.
(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%