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Nifty View
Nifty broke the 6-session winning streak by falling 103 points to close at 25910. On a weekly expiry session, Nifty remained highly volatile with bears having an upper hand towards the end.
Nifty ended up forming a bearish “Engulfing” candlestick pattern on the daily chart, which indicates a probable short-term trend reversal sign. Break below the candle’s low could extend the fall towards the next support band of 25700-25750. On the upside, unless Nifty surpasses today’s high of 26030, short-term view should remain cautious.
ALSO READ | Nifty consolidation to continue? Top stocks now flashing 'Buy' calls
Buy M&M Finance CMP: ₹323 | Target: ₹360 | Stop-loss: ₹305
The M&M Finance stock price has broken out from the bullish pennant pattern on the daily chart. Stock is placed above all key moving averages, indicating bullish trend on all time frames. Indicators and oscillators have been showing strength in the current trend.
Buy Federal Bank CMP: ₹244.60 | Target: ₹258 | Stop-loss: ₹236
The Federal Bank stock price has broken out from the consolidation that held for the previous two weeks. The Banking and Finance sector has been outperforming for the last few months. Stock is placed above all key moving averages, indicating bullish trend on all time frames.
(Disclaimer: This article is by Vinay Rajani, senior technical and derivative Analyst at HDFC Securities. Views expressed are his own.)
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