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Nifty: Strong support Seen at 17,442
From the recent high of 18,114, the Nifty has witnessed a correction of 672 points. On April 12, 2022, the index found support at its previous swing high of 17,442 and then recovered. The 20 day-EMA support for the Nifty is placed at 17,450-odd levels. Nifty longs should be held with 17,442 stop loss. A break below 17442, could extend the correction towards next support of 17,000. On the upside 17,842 and 18,100 would act as resistances.
BUY - HGINFRA
Target: Rs 665
Stop Loss: Rs 600
Last Close: Rs 624
The stock has broken out from its downward sloping trend line on the daily chart. The price breakout is accompanied by jump in volume. The stock has surpassed the crucial resistance of previous swing high at Rs 620. The daily RSI has reached above benchmark level of 50, indicating rising momentum.
BUY - KAVERI SEEDS
Target: Rs 670
Stop Loss: Rs 590
Last Close: Rs 615
A downward sloping trend line breakout is seen on the weekly charts. The price breakout is also accompanied by jump in volume. Ths stock has surpassed the previous top resistance of Rs 585 on the weekly chart. The stock is now placed above all important moving average parameters.
(Vinay Rajani, Technical Research Analyst, HDFC securities. Views expressed are personal).
