Nifty outlook & trading ideas by HDFC Sec: Buy Bajaj Finance, Dr Reddy's
Bajaj Finance's stock price has broken out from symmetrical triangle on the daily charts, and rising volumes have confirmed the breakout
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Nifty outlook
Nifty made an attempt to surpass the crucial resistance of 15,915, but failed to do so. The index found resistance at 15,914 and ended with long-legged “Doji” candle on July 6, 2021. In the last one month, this was the third attempt by Nifty to surpass 15,900. However, the trend would be considered bullish unless Nifty breaks below its 20-day EMA, placed at 15,700-odd levels. On the upside, If 15,900 is taken out decisively; we can expect Nifty to reach 16,200 target immediately. Nifty Smallcap Index closed with bearish engulfing candlestick pattern on the daily chart. This could result in further profit booking in small caps.
Nifty made an attempt to surpass the crucial resistance of 15,915, but failed to do so. The index found resistance at 15,914 and ended with long-legged “Doji” candle on July 6, 2021. In the last one month, this was the third attempt by Nifty to surpass 15,900. However, the trend would be considered bullish unless Nifty breaks below its 20-day EMA, placed at 15,700-odd levels. On the upside, If 15,900 is taken out decisively; we can expect Nifty to reach 16,200 target immediately. Nifty Smallcap Index closed with bearish engulfing candlestick pattern on the daily chart. This could result in further profit booking in small caps.