Nifty key levels to watch on September 3; check top stock picks for today

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Nifty View

 

The Nifty failed to surpass the nearest resistance of its 5-day DEMA (24613) on a closing basis. However, the fall from the highs is not a definitive sign that the bullish momentum has completely faded. A strong base near 24400 could lead to renewed demand at lower levels. For the trend reversal to be confirmed to the upside, a level above 24800 needs to be surpassed.

 

Buy BEML, CMP: ₹4,078 | Target ₹4,280 | Stop-loss: ₹3,840

 

Stock price has formed triple bottom formation near 3800 levels and bounced back. Stock is now placed above 50, 100 and 200 DEMA, suggesting positional uptrend. Price rise is accompanied by jump in volumes. Indicators and oscillators have turned bullish on the daily chart.

 

Buy IOB, CMP: ₹39.98 | Target ₹42.80 | Stop-loss: ₹38

  Stock price has broken out from the downward sloping trend line on the daily chart. Stock price has also broken out from the consolidation which was held for previous 6 trading sessions. Price rise is accompanied by jump in volumes. Indicators and oscillators have turned bullish on the daily chart.

 

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