The Nifty fell for the third consecutive session, to close below 17,000 mark. The Nifty has reached near its 200-day EMA, placed at 16,900 odd level. Indicators and oscillators have turned bearish on the short term charts.
Below 16,900, the Nifty could drag towards next supports of 16,750 and 16,600. Resistance for Nifty has shifted down to 17,300 level.
Krishna Institute of Medical Sciences (KIMS)
Targets: Rs 1670; Rs 1,770
The stock price has been finding support at its 30-day EMA and has bounced back from there after giving a "Flag" pattern breakout on the daily chart. The volume during price rise has been high and volume during price fall remains very low.
The stock is trading above its 20-, 50-, 100- and 200-DMAs, indicating uptrend on all time frames. The DMI Indicator has been showing strength in the current uptrend.
Targets: Rs 4,725; Rs 4,900
The stock price has been finding support at its 50-day EMA and the stock has also reached at fresh all-time highs on a closing basis.
The primary trend of the stock has been bullish with higher top and higher bottom formation. Further, pharma sector has started outperforming after long time. The dtock is placed above all important moving averages, which indicates bullish trend on all time frames.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
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