Nifty eyes 25,500 as uptrend strengthens; check two stocks to buy today

Nifty View

After one session of pause, Nifty resumed its upward rally today by gaining 169 points or 0.68 per cent, to close at 25,239. After opening almost flat, Nifty added gains throughout the session and closed near day’s high. Nifty has now surpassed the previous swing high of 25,154, resulting in higher top formation preceded by higher bottom on the daily chart. Support shifts up to 25,050 in Nifty, while on the upside 25,500 could offer resistance.

Buy Phoenix Mills | CMP: ₹1,616 | Target: ₹1,775 | Stop-loss: ₹1,510

Stock price has broken out from the downward sloping trend line on the weekly chart. Price breakout is accompanied with jump in volumes. Stock is placed above all 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 its signal line.

Buy Aadhar Housing Finance | CMP: ₹537.80 | Target: ₹606 | Stop-loss: ₹491

Stock price has recently registered fresh all time highs. Price breakout is accompanied with jump in volumes. Stock is placed above all 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 its signal line. Higher Top and Higher Bottoms on Daily Chart.

 

(Disclaimer: Vinay Rajani, CMT is a senior technical and derivative analyst at HDFC securities. Views expressed are his own.)