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Top trading ideas by HDFC Securities: Buy HSIL, Surya Roshni

Nifty outlook and top trading ideas by Vinay Rajani - Technical Analyst, HDFC Securities.

Tata Investment Corp board approves Rs 4.5-billion share buyback
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Vinay Rajani Mumbai
Make hay while the sun shines

Nifty has formed “Cup and Handle” pattern on the weekly charts, which indicates the continuation of a primary bullish trend after running correction. The immediate target for the Nifty is seen at 12,430, which happens to be 138.2 per cent Fibonacci retracement of the entire swing seen from 11,760 (August 2018 Top) to 10,004(October 2018 bottom). As far as the support is concerned, it is seen around 11,850 for the Nifty. Midcap and Small-cap indices have developed golden crossover on the charts and therefore we expect huge outperformance coming from that segment.

BUY HSIL (Rs 296.7)

Target

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First Published: May 29 2019 | 7:27 AM IST

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