Nifty's short-term trend has turned bullish: Nandish Shah of HDFC Sec

Oscillators like RSI and MFI have broken out from the downward slopping trendline, indicating strength in Nifty's current rally

Nifty outlook

The short-term trend of the Nifty has turned bullish as it closed above its 5- and 20-day EMA. Nifty has broken out on the daily line chart on Tuesday where it closed at highest level since March 16, 2021. Oscillators like RSI and MFI have broken out from the downward slopping trendline, indicating strength in the current rally. Therefore, our advice is to remain bullish and accumulate long positions with the stop loss of 14,500 level. On the higher side, an immediate resistance is seen in the vicinity of 15,000-15,100 levels

Recommendations

BUY AJANTA PHARMA (Rs 1,863): | Target: Rs 2,050