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The Nifty index, yet again, failed to register follow up buying post early morning gains. For the last 5 trading sessions, it has been trading in the range of 18,000-18,200. Sustainable level above 18,201 could result in to momentum buying in the coming sessions, which could take Nifty towards next resistance of 18,500.
PUT writing is seen at 17,900 strike in the Nifty, which can act as an immediate support.
Buy Greaves Cotton | Target: Rs. 157, 169 | Stop-loss: Rs 131.50
The stock price has started forming higher tops and higher bottoms on the daily chart. The price has surpassed crucial resistance of 50-day EMA. Price breakout is accompanied with rising volumes. Bullish Inverted head and Shoulder breakout is seen on the daily chart. Indicators and oscillators have tuned bullish on daily and weekly charts.
Buy Chennai Petro | Target: Rs. 254, 267 | Stop-loss: Rs 213
Downward sloping trend line breakout is seen on the weekly chart. Volumes were significantly higher when price rise was seen in the last week. After one week of price consolidation, the stock seems to have resumed its primary uptrend. RSI, on the weekly chart, has been rising and has reached above 50. MACD, on the weekly charts, too, has given bullish crossover on signal line. The stock is placed above its 20, 50 and 200 DMAs
Disclaimer: Vinay Rajani is senior technical and derivative research analyst at HDFC securities. Views expressed are personal.
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First Published: Wed, January 25 2023. 07:43 IST