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Nifty Outlook
Nifty rose for the fifth consecutive session on Tuesday to close at new record highs of 13,928. Previous top of 13,772 is expected to interchange its role from resistance to support now. Upside target for Nifty is seen at 14,300 odd levels, which happens to be the 138.2 per cent Fibonacci retracement of the downswing seen from 12,430 to 7,511.
Buy ICICI General Insurance (Rs 1,513): | Target: Rs. 1590 | Stop-loss: Rs 1450
The stock price has broken out from the bullish “Flag” pattern on the daily chart with a jump in volumes. After four weeks of consolidation, the stock has resumed its primary uptrend. Indicators and oscillators have been showing strength.
Buy Cipla (Rs 825): | Target: Rs. 870 | Stop-loss: Rs 800
The stock price has broken out from the last five month’s narrow consolidation. Recently, the stock registered a new all-time high at Rs 839 with rise in volumes. Short term moving averages are trading above medium to long term moving averages, indicating a bullish trend on all time frames.
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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.
