Vinay Rajani of HDFC Securities recommends buying GSFC, Gujarat Alkalies

The technical analyst also expects the Nifty to rally to 17,484 to 17,794; the support is now raised up to 17,100 level.

The NSE Nifty closed at the highest point of the current upswing. The Nifty is up more than 1,650 points from the recent bottom of 15,671, registered on March 08, 2022. The Nifty has managed to sustain above its 5-day EMA, which is currently placed at 17,100-odd levels.

The Nifty seems to have found support in the gap area of 16,987- 17,175, formed on March 17, 2022. The Nifty and BankNifty both indices closed on a very strong wicket and therefore current uptrend is likely to be extended towards the next targets of 17,484 and 17,794. 

Going ahead, support for the Nifty has now shifted up to 17,100 and the same should be kept as a stoploss in trading long positions.

GSFC - BUY

Target: Rs 163

Stoploss: Rs 143 (Last close Rs 150.30)

The stock price has broken out from triple top resistance of Rs 139 on the daily charts. The stock price has also broken out from downward sloping trend line on the daily chart. Price breakout is accompanied by jump in volumes. Stock is placed above all important moving averages. Overall, the fertilizer sector too has been outperforming over the last couple of weeks.

Gujarat Alkalies - BUY

Target: Rs 815

Stoploss: Rs 735 (Last Close Rs 758.80)

The stock is currently trading in the symmetrical triangle on the weekly chart. For the last three sessions, the stock has been finding support at Rs 730-odd levels. Primary trend of the stock is bullish, as it has been holding its levels above all important moving averages.

(Vinay Rajani, Technical Research Analyst, HDFC securities. Views expressed are personal.)