 "Nifty likely to face resistance in 21,970-22,125 band: HDFC Securities")
Nifty View
The Nifty rose on Feb 06, almost negating the bearish pattern of the last two days. It however needs to close above 21,970 to remove any bearish expectations for the near term.
The Nifty could now face resistance in the 21,970-22,125 band while 21,727 could offer support on downfalls.
BUY
NCC
Last close: Rs 219
Also Read
Target: Rs 260
Stop-loss: Rs 182
On 10 Jan 2024, the stock broke out from the upward sloping trend line on the daily chart. Price breakout was accompanied with jump in volumes. On 18 Jan 2024, the stock witnessed throwback fall and reversed north, resuming its primary uptrend.
The stock price is placed above all important moving averages, indicating bullish trend on all time frames. Indicators and Oscillators like DMI and RSI have turned bullish on the daily charts.
BUY
Sonata Software
Last close: Rs 820
Target: Rs 880
Stop-loss: Rs 762
The stock price has broken out from symmetrical triangle on the daily chart. The stock has registered fresh all time highs with jump in volumes. Stock found support on its 20 DEMA and resumed it’s primary uptrend.
Indicators and Oscillators like DMI and RSI have turned bullish on the daily charts.
(Vinay Rajani, CMT, Senior Technical & Derivative Analyst, HDFC Securities. Views expressed are personal).
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