Nifty holds bullish trend; two breakout stocks with up to 6% returns

Nifty remains in a bullish zone, holding firm above key moving averages. Bank of Maharashtra and Maharashtra Seamless are the breakout stocks to watch

Nifty View

In a largely subdued trading session, the Nifty experienced a muted performance, remaining confined within the previous day's range. After an initial hour of volatility, the index saw minimal swings throughout the remainder of the session, ultimately closing with a modest gain of 24 points, or 0.10 per cent, at 25,541. 

 

Despite this quiet day, Nifty’s overarching trend remains bullish, as it continues to hold above all its key moving averages. Looking ahead, the level of 24,450 is expected to act as short-term support, while 25,670 could offer resistance to the index.  Track LIVE Stock Market Updates Here

Buy Bank of Maharashtra CMP: ₹58.3 | SL: ₹54.7 | Target: ₹61.7

The Bank of Maharashtra stock price has broken out from a bullish “Flag” pattern on the weekly chart. Short-term moving averages are trading above medium- and long-term moving averages, indicating bullish momentum. PSU Bank index has surpassed the previous swing resistance.

Buy Maharashtra Seamless CMP: ₹758 | SL: ₹743 | Target: ₹796

The Maharashtra Seamless stock price has broken out of a multi-week consolidation. Price breakout is accompanied by a jump in volumes. Indicators and oscillators have turned bullish on the daily chart. Stock is placed above all key moving averages. 

 

(Disclaimer: This article is by Vinay Rajani, senior technical and derivative Analyst at HDFC Securities. Views expressed are his own.)