 "Vinay Rajani recommends to hold Nifty long with a stop at 17,500")
The NSE Nifty registered follow-up buying after bullish formation of “Morning Star” candlestick pattern on the daily chart. Nifty has closed at the five day’s high. In the last two trading sessions, the Nifty has been forming higher highs and higher lows. Indian Markets have been outperforming the global peers with good margin. There are good chances that Nifty would soon surpass the psychological level of 18,000-mark. Longs should be held with the stop loss of 17,500.
Buy
SBI Life Rs 1,262
Target Rs 1,325
Stop-loss Rs 1,227
The stock has broken out from the bullish cup and handle pattern on the daily chart. Price breakout is accompanied with rising volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms. Life Insurance companies have started outperforming and the same is likely to continue. Indicators and oscillators have also been showing strength on daily and weekly charts.
Buy
BPCL Rs 444
Target Rs 464
Stop-loss Rs 435
Energy sector has been performing very well for the last couple of months. Along with Energy, PSU stocks have also surged. BPCL, which, is part of PSU and energy sector has broken out from inverted head and shoulder pattern on the daily chart. The stock has closed at new all-time high levels with healthy volumes. Short term moving averages have been trading above medium to long term moving averages.
(Vinay Rajani, Technical Research Analyst, HDFC securities. Views expressed are personal)
Buy
SBI Life Rs 1,262
Target Rs 1,325
Stop-loss Rs 1,227
Also Read
The stock has broken out from the bullish cup and handle pattern on the daily chart. Price breakout is accompanied with rising volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms. Life Insurance companies have started outperforming and the same is likely to continue. Indicators and oscillators have also been showing strength on daily and weekly charts.
Buy
BPCL Rs 444
Target Rs 464
Stop-loss Rs 435
Energy sector has been performing very well for the last couple of months. Along with Energy, PSU stocks have also surged. BPCL, which, is part of PSU and energy sector has broken out from inverted head and shoulder pattern on the daily chart. The stock has closed at new all-time high levels with healthy volumes. Short term moving averages have been trading above medium to long term moving averages.
(Vinay Rajani, Technical Research Analyst, HDFC securities. Views expressed are personal)
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