Analyst shares Nifty strategy; bets on Jubilant FoodWorks, Pidilite

Vinay Rajani of HDFC Securities recommends 'Buy' on Jubilant FoodWorks and Pidilite shares today. Check target prices, support, resistance, and growth outlook for April 22 trades

Nifty outlook for Wednesday (April 22) by Vinay Rajani

Nifty extended its winning streak to three sessions on Tuesday, climbing 211 points to close at 24,576. From a muted start with a marginally positive open, it built steady momentum, finishing near the day's high. 

The Nifty index has now rallied nearly 11 per cent from the recent swing low of 24,182, and Tuesday's close is the highest level seen in this up move so far. The overall trend remains firmly positive, with Nifty now appearing to head toward its 200 DEMA near 24,800.

Stocks to buy today

Jubilant FoodWorks (JUBLFOOD) - Buy

CMP - ₹472 

 

Stop loss - ₹458 

Target - ₹485 

Jubilant FoodWorks stock price has broken out from inverted head and shoulder pattern on the daily chart with rise in volumes.  Stock price has surpassed 20 DEMA resistance. FMCG and QSR stocks have started outperforming the benchmark index.

Pidilite (PIDILITIND) - Buy

CMP - ₹1,405

Stop loss - ₹1,380

Target - ₹1,460 

Pidilite Industries stock price has reclaimed its level above 50 DEMA after long time. Indicators and oscillators have turned bullish on daily charts. Recent price rise is accompanied by healthy volumes.  =============================  Disclaimer: Vinay Rajani is senior technical and derivative analyst at HDFC Securities. Views expressed are his own.