Key Nifty levels to watch today
Nifty took support exactly on the upward sloping channel on the weekly charts. The level of 11,050 should be followed as a stop-loss on a closing basis in Nifty longs. Resistance zone for Nifty is seen at 11,433-11,536.
BUY AJANTA PHARMA (1477.5): | TARGET: Rs 1,590 | STOP-LOSS: Rs 1,425
The stock price has closed at 2-year highs with rising volumes. It consolidated for a while, formed a pennant pattern on the daily chart and broke out on March 3, 2020. This is one of the best performing stocks in the pharma space in last three months. The stock is also placed above all important moving average parameters.
BUY IPCA LAB (Rs 1,506) | TARGET: Rs 1,625 | STOP-LOSS: Rs 1,450
The stock price has registered new all time high at Rs 1,529 with healthy volumes. It broke out from the consolidation zone of last two weeks. The primary trend of the stock has been bullish with higher tops and higher bottoms formation. Oscillators and Indicators have also been showing strength in the uptrend for the stock.
Disclaimer: The author is a Technical Analyst at HDFC Securities and may have positions in one or all of the above mentioned stocks. Views expressed are personal.