Technical recommendations by HDFC Securities: Buy Kansai Nerolac, Escorts

Technical calls from Vinay Rajani, Technical & Derivatives Analyst, HDFC securities.

Nifty heading for 11496 and 11622 Targets

Nifty has broken out from the downward sloping trend line, adjoining 23rd Sep and 1st Oct 2019 highs. The index is now placed above its 20, 50, 100 and 200 DMAs, indicating a bullish trend. On the upside, we see targets of 11,496 and 11,622 in Nifty. Longs should be protected with the stop loss of 11,200.

Stock recommendation:

BUY KANSAI NEROLAC (Rs 519)

Target: Rs 560

Stop-loss: Rs 500
 

Stock is trading above all important moving average parameters. Stock price has been forming higher tops and higher bottoms on the daily and weekly