Nifty index opened positive above its immediate hurdle of 9,620 and headed towards 9,680 zone. It has negated its formation of lower top – lower bottom and has given the upside breakout from its falling channel on the hourly scale. Now it has to continue to hold above 9,620 zone to witness an up move towards its lifetime high of 9,709 and 9,750 mark, while on the downside supports are seen at 9,580 and 9,550.
ITC has corrected from the recent high of Rs 320 and has started to attract fresh buying interest from its multiple supports near Rs 299. The stock saw a smart rally on the last trading session and formed a bullish engulfing pattern. Positive sector outlook and price setup of the stock suggests a fresh rally for an upside target of Rs 325.
It has taken multiple supports at Rs 1156 and indicators are again giving a buy signal as it managed to hold the highest daily close in last seven trading sessions.
It has taken multiple support at Rs 420-425 zones and turned from its lower band of the trading range.
Disclaimer: Chandan Taparia is a Derivatives and Technical Analyst at Motilal Oswal Securities.
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