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Nifty outlook and technical calls by Vinay Rajani, Senior Technical Analyst at HDFC Securities:
Hold Nifty with 10,500 Stop Loss; Resistance 10,775-10,800
Nifty resumed its uptrend after running correction from 10,775 to 10,490. Nifty has managed to hold the higher top and higher bottom formation. A 20 DMA acted as a reversal point for the Nifty. It would be advisable to remain long in Nifty with a stop loss of 10,500. Bank Nifty looks stronger on charts and likely to outperform going further.
Buy Escorts at Rs 689
Target: Rs 743
Stop loss: Rs 655
The stock price has broken out from the consolidation, which held in for last 2 weeks. The stock price took support in the gap which was formed on 1st November between 629 and 636. Moving average and Oscillator setup seems bullish for the counter on the charts.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 743, keeping a stop loss at 655 on the closing basis.
Buy Canara Bank at Rs 267.55
Target: Rs 284
Stoploss: Rs 255
The stock price has broken out from the consolidation, which held in for last 6 sessions. The stock has surpassed the crucial resistance of its 200 DMA, placed at 262. The stock has been forming higher tops and higher bottoms on the short-term charts.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 284, keeping a stop loss at 255 on the closing basis.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
