Nifty
Last close: 5905
It was another day for the markets to trade in a narrow range of 20 points and hovered around its previous close throughout the session, ended flat on last day of calendar year. Trader remained cautious as there is still not anything concrete from the US. Technically, Nifty is moving sideways in range of 5820-5940, any breakout can be the decisive move for near term. Nifty is likely to seek support around 5880-5860 and on the other side, may face hurdle around 5940-5960 for Tuesday.
ESCORTS (LONG)
Last close: Rs
Target: Rs 77-78
Stock was trading in the range of 60-70 levels from past six months which leads to form the “Symmetrical Triangle” on weekly charts which is bullish in nature. Stock has given the breakout of same during last traded week and still manages to trade above the breakout level. Consider the Volume and momentum indicators are also under bullish tone. Buy this stock for the upside target of 77-78 with SL of 72.
HINDALCO (LONG)
Last close: Rs
Target: Rs 135-137
Stock has given a decent upside rally from its recent low of 115 levels and trading in a stiff range of 126-133 levels from past few days which leads to form the “Bull Flag” pattern on daily charts which is bullish in nature. Buy this stock for the upside target of 135-137 with SL of 127.
UNITEDBK (LONG)
Last close: Rs
Target: Rs 83-84
Stock was formed the “Inverted Head and Shoulder” pattern on weekly charts and got the breakout of same during last traded months and subsequently breached its 200EMA on weekly charts which gives the positive outlook for the stock. Currently it’s moving sideways in rage of 72-77 levels to form the fresh buying pivot on charts. One can consider buy for the upside target of 83-84 with SL of 78.
GAIL (LONG)
Last close: Rs
Target: Rs 364-369
Stock was continuously trading in lower highs and higher lows on daily charts and got the breakout of same during last traded day. We can easily witness a positive divergence between the RSI and the price movement. Buy this stock for the upside target of 364-369 with SL of 352.
IVRCLINFRA (LONG)
Last close: Rs
Target: Rs 48-49
Stock is trading in lower highs and higher lows sort of ‘Symmetrical Triangle” on daily charts which is bullish in nature. There is no as such pattern breakout but the movement from past few days indicates that there will be a strong spurt in near term. Buy this stock for the upside target of 48-49 with SL of 44.50
By Mudit Goyal, technical analyst, SMC Global
