On September 28, 2021, the Nifty hit a low of 17,576 and recovered more than 200 points from that level. The Nifty Bank index, too, witnessed sharp recovery of more than 700 points from the day’s low. Traders are advised to hold on the long positions with 17,576 as a stoploss for the Nifty. On the upside, range of 17950-18000 would act as a resistance.
Buy Cipla (Rs 977) | Target: Rs 1,025 | Stop-loss: Rs 950
The stock has broken out from a consolidation pattern which held for previous five sessions. Cipla is one of the best performing stock from the Pharma space in last couple of months. Primary trend of the stock has been bullish with higher tops and higher bottoms. Pharma Index has ended forming bullish “Hammer” candle stock pattern on September 28, 2021. Indicators and oscillators have also been showing strength on the daily and weekly charts.
Buy BEL (Rs 211) | Target: Rs 230 | Stop-loss: Rs 200
The stock has closed at an all-time high level with rising volumes. The stock has been holding levels above its medium to long-term moving average. PSE sector has been outperforming the overall market for last couple of weeks. Indicators and oscillators have turned bullish on the daily and weekly charts. Short-term moving averages are trading above medium to long-term moving averages.
Discliamer: Vinay Rajani, Technical Research Analyst, HDFC securities. Views expressed are personal