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Nifty
Last close: 8477
After massive rally on Friday, bulls were on the back foot on Monday as profit booking dragged the indices below 8500 levels. Since morning, Realty, Oil & Gas and Capital Goods sectors saw selling pressure whereas PSU banks showed decent buying interest after the announcement of “Indradhanush” plan by government.
On technical charts, Nifty is continuously trading in the wide range of 8320-8650 from past few weeks and also manages to hold the level above 200EMA. Either side break may be on the upper side (8650) or lower side (8320) can be the decisive move for near term. For next session, support is seen around 8440-8410 levels and resistance is seen at 8520-8540 levels for next session.
CROMPTON GREAVES (LONG)
Last close: Rs 188.95
Target: Rs 193-195
It appear from chart that stock was consolidating in the range of 176-198 levels from past few weeks, which lead to trade in lower highs and higher lows on daily charts. It is likely to give the breakout of downward sloping resistance line so one can buy in the range of 185-186 levels for the upside target of 193-195 levels with SL of 182.
EXIDE INDS (LONG)
Last close: Rs 162
Target: Rs 167-169
After finding support around 140 levels, stock rebounded sharply and broken all its important moving averages and continuously trading above the same. On Monday, stock went up by over 1.5% and gave the breakout of consolidation with decent volume. So, one can buy in the range of 159-160 levels for the upside target of 167-169 levels with SL below 154.
HAVELLS INDIA (SHORT)
Last close: Rs 266.90
Target: Rs 260-257
Stock was forming “Head and Shoulder” pattern on daily charts and gave the neckline breakdown of same during last traded week. On Monday, stock went down by 1.4% and confirms the further downside. So, one can sell in the range of 268-270 levels for the downside target of 260-257 levels with SL below 274.
Mudit Goyal is a technical analyst with SMC Global
Disclosure: We may or may not have position in the stocks discussed above
