The NSE Nifty 50 has been recovering gradually for the last six trading sessions. Though move in benchmark indices have been sluggish, Midcap and Smallcap indices outperformed with a good margin. Breadth of the market has been bullish for the last 6 sessions. Short term support for the Nifty is seen at 17,800, while resistance for the same is seen at 18,200. We expect stock specific bullish moves to continue in the current week.
Buy
Oberoi Realty Rs 1,011
Target Rs 1,080
Stop-loss Rs 960
On 3rd November 2021, the stock broke out from the consolidation pattern, which held for previous six weeks. The price breakout is accompanied with rise in volumes. Stock price has been finding support at its 50-day EMA, currently placed at Rs 881. The stock has been one of the outperformer in realty space in the last couple of months. Indicators and oscillators have turned bullish on the daily and weekly charts. The stock has been forming higher tops and higher bottoms on the weekly charts. The stock price has retraced back to breakout levels and it is likely to resume its uptrend
Buy
Manappuram Finance Rs 221
Target Rs 250
Stop-loss Rs 205
In the month of October 2021, the stock hit a fresh all-time high of Rs 210.90 on the back of rising volumes. The stock has been forming higher tops and higher bottoms on the weekly and monthly charts. The stock price has been holding above all important moving averages and has also broken out from the ascending triangle on the monthly chart. In July 2021, the stock registered multi-month breakout with jump in volumes. However, post breakout stock witnessed running correction towards Rs 155 levels. In October 2021, the stock resumed the primary uptrend. Indicators and oscillators like DMI and RSI have turned bullish on the monthly charts.
Vinay Rajani, Technical Research Analyst, HDFC securities. Views expressed are personal.
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