Buy NTPC, CPSE ETF; Nifty resistance seen at 26,000, says HDFC Securities

Technical analyst Vinay Rajani of HDFC Securities expects NTPC and CPSEETF to rally to ₹392.50 and ₹111 on the upside, respectively.

NIFTY VIEW

  The Nifty continues to hold its uptrend with its level above all key moving averages. Indicators and oscillators like MACD and RSI are holding bullish setup on daily and weekly charts.  Short term resistance for the Nifty is seen near 26,000 above which index could extend the rally towards fresh all time high above 26,373. On the downside, band of 25,450-25,500 could offer strong support to the index.  CHECK Stock Market LIVE Updates  

STOCKS TO BUY  Buy NTPC at 366.90, SL 343.25, Tgt 392.50

  Stock price has broken out from downward sloping trend line. Primary trend of the stock has been bullish with higher tops and higher bottoms.  Stock is placed above long-term key moving averages, indicating uptrend on all time frames. Daily RSI is sustaining above 50, indicating sustained uptrend for the underlying. Daily MACD has given bullish crossover on its signal line 

Buy CPSE ETF at 100, SL 93.50, Tgts 107, 111

  ETF price has broken out from horizontal trend line on daily chart. Primary trend of the Stock has been bullish with higher tops and higher bottoms. ETF is placed above long-term key moving averages, indicating uptrend on all time frames.  Daily RSI is sustaining above 50, indicating sustained uptrend for the underlying. Daily MACD is placed above signal and zero line.  Disclaimer: Vinay Rajani (CMT) is a senior technical analyst at HDFC Securities. Views expressed are his own.