Nifty outlook: Index sees bullish reversal trend; support lies at 25,500
Nifty outlook today shows bullish trend reversal after EMA breakout. Key support-resistance levels and HDFC Securities stock picks inside
 "Nifty outlook: Index sees bullish reversal trend; support lies at 25,500")
Nifty Outlook Today, February 4
Nifty's 1,770-point recovery from the recent swing low of 24,571 has reclaimed levels above the 20/50/100/200-day EMAs, confirming a bullish trend reversal across timeframes. Nifty's key support lies in the 25,500–25,650 band, with resistance at 25,863 and 26,373.
Stocks to Buy: HDFC Securities Recommendations
Buy Samvardhana Motherson at ₹120 | Stop loss: ₹108 | Share price target: ₹137
Samvardhana Motherson share price has broken out from a downward sloping trend line. Primary trend of the stock has been bullish with 'higher tops and higher bottoms'. The stock is placed above its 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 a bullish crossover on its signal line.
Buy Bharat Forge at ₹1,515 | Stop Loss: ₹1,370 | Share price target: ₹1,700
Bharat Forge share price has bounced back after finding support at the 100-DEMA. Primary trend of the stock has been bullish with 'higher tops and higher bottoms'. Bharat Forge shares are placed above key long-term moving averages, indicating uptrend on all time frames. Daily RSI is sustaining above 50, indicating sustained uptrend for the underlying stock. It has formed an inside bar candle on the daily chart after running correction.
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Disclaimer: Vinay Rajani (CMT) is a senior technical analyst at HDFC Securities. Views expressed are his own.