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Immediate target for Nifty is at 14,310: Vinay Rajani of HDFC Securities

Support for the Nifty index has shifted to 13,950 levels

Topics
Nifty Outlook | Stock calls | Markets

Vinay Rajani  |  Mumbai 

Every dip in the market is getting absorbed
Every dip in the market is getting absorbed

Remain Bullish with 13,900 Stoploss in Nifty; Target 14,310

Nifty is expected to remain in an uptrend. Every dip is getting absorbed by the market and momentum has been in the favour of the bulls. Support for the index has shifted to 13,950 levels; and unless that breaches, traders should remain bullish. Insurance and Capital good sectors are likely to perform well for the short term. Immediate resistance for the Nifty is seen at 14,310. Stoploss in longs should be kept on trailing basis.

Stock recommendation

Buy Godrej Consumers (761) | Target: Rs 795 | Stop-loss: Rs 740

The stock has formed rounding bottom formation on the daily chart. The stock price has surpassed the previous top resistance of 762 with fair volumes. It is placed above all important moving averages. Indicator and oscillator setup is bullish on daily and weekly chart.

Buy Apollo Hospitals (2,505): | Target: Rs 2,625 | Stop-loss: Rs 2,430

The stock price has broken out from last six week's price consolidation with higher volumes. It has closed at its all time high. Healthcare sector has been in the bullish trend for last many months and the same is expected to continue. Moving average and oscillator setup is bullish on the daily and weekly charts.

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Disclaimer: Vinay Rajani is Technical Research Analyst at HDFC Securities. The analyst doesn't have any holding in the stock. Views are personal.

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First Published: Wed, January 06 2021. 07:34 IST
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