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The NSE Nifty has surpassed the crucial resistance of the previous swing high placed at 17,992. The NSE benchmark has also broken out from the downward sloping trend line, which adjoins major swing highs on the weekly chart.
The support for the Nifty has now shifted up to 17,777 and the next upside target for the index is seen at 18,350 and 18,600.
Buy range: Rs 242.70 - Rs 230
Targets: Rs 262, Rs 282
Stop Loss: Rs 227
The stock price has broken out from multi-month consolidation and the price breakout is accompanied with a significant jump in volumes. The stock is trading above its 20, 50, 100 and 200 DMA, indicating uptrend on all time frames.
Indicator and oscillators like RSI, DMI and MACD have been showing strength in the current uptrend. Also, higher top and higher bottom formation is seen on the daily chart. Further, the FMCG Sector has started outperforming.
Buy range: Rs 620 - Rs 600
Targets: Rs 660, Rs 700
Stop Loss: Rs 590
The stock has broken out from the “Flag” pattern on the weekly chart and the breakout is accompanied with a jump in volumes. The stock has also broken out from the consolidation, which it held for previous three weeks.
The stock is placed above its 20,50, 100 and 200 DMA, which indicates bullish trend on all time frames. Indicators and Oscillators like DMI and MACD have been showing strength in the current uptrend.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
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First Published: Wed, September 14 2022. 07:50 IST