By closing at all-time high levels, Nifty has resumed its primary uptrend. In the last two sessions, Nifty has rallied almost 8 per cent. Nifty Bank and Nifty Financial Services indices have outperformed by surging more than 11 per cent. While after the sharp rally there is a possibility of consolidation in the Index, at the same time, stock specific moves could continue on the upside. Support has shifted up to 14,400 odd levels in Nifty. Medium term target for the Nifty is seen somewhere at 15,470 levels, which happens to be 161.8 per cent Fibonacci retracement of the entire down move seen from Jan 2020 top to March 2020 bottom.
BUY AU SMALL BANK (962) | Target: Rs 1,050 | Stop loss: Rs 920
The stock price has surged more than 10 oer cent with significant jump in volumes in the last two sessions. It has broken out from the consolidation phase which it held for the last 10 weeks. Indicators and oscillators like ADX, RSI and ACD have been showing strength on the daily and weekly charts. NBFC as a sector has also resumed its primary uptrend after running correction.
BUY DALMIA BHARAT (1,262) | Target: Rs 1,350 | Stop loss: Rs 1,220
The stock rose more than 9 per cent with rising volumes in the last two sessions. It has formed "bullish cup and handle" formation on the daily chart. Moreover, the stock has closed at the all time high levels. This recent move has also taken out the crucial multiple top resistances placed at 1210 odd levels.
Disclaimer: Vinay Rajani is Senior Technical and Derivative Research Analyst at HDFC Securities. The analyst doesn't have any holding in the stock. Views are personal