Technical calls from HDFC Securities: Buy ONGC, Grasim Industries
Nifty outlook and top trading ideas by Vinay Rajani - Technical Analyst, HDFC Securities.
 "Technical calls from HDFC Securities: Buy ONGC, Grasim Industries")
premium
Target of 12,000 and 12,400 on cards for Nifty50
Nifty broke out from the consolidation range of 11,550 to 11,760 to register an all-time high of 11,810 during Tuesday’s session. The index took support on its 20-day moving average (DMA) during previous week and resumed the uptrend. It is now heading for the upside targets of 12,000 and 12,400. Support is now shifted upward to 11,700 levels.
Nifty broke out from the consolidation range of 11,550 to 11,760 to register an all-time high of 11,810 during Tuesday’s session. The index took support on its 20-day moving average (DMA) during previous week and resumed the uptrend. It is now heading for the upside targets of 12,000 and 12,400. Support is now shifted upward to 11,700 levels.
ONGC
Recommendation: Buy
Last Close: Rs 160
Target: Rs 155
Stop-loss: Rs 168
Also Read
The stock has broken out from the consolidation range of Rs 155-160. It has been sustaining above its 200-DMA. Indicators and oscillators have been showing strength on the daily and weekly charts. Considering the technical evidences, we recommend buying the stock between CMP and Rs 157 for the target of Rs 168, keeping stop-loss at Rs 155 on closing basis.
GRASIM
Recommendation: Buy
Last Closing: Rs 885
Target: Rs 935
Stop-loss: Rs 860
The stock has witnessed bullish Inverse head and shoulder breakout on the daily charts. Downward sloping trend line breakout on the daily charts, bullish Flag Pattern breakout on the daily charts and 20-day EMA crossing over 50 days EMA, indicate a bullish trend. Considering the technical evidences discussed above, we recommend buying the stock at CMP and average it at Rs 870, for the target of Rs 935, keeping a stop-loss at Rs 860 on closing basis.
================================
The author is a research analyst working with HDFC Securities. Views expressed are his own.
The author is a research analyst working with HDFC Securities. Views expressed are his own.
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%