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Nifty View
The Nifty swung between gains and losses before closing marginally in the green on July 25. At close, Nifty was up 0.04 per cent or 8.3 points at 19,680.6. Volumes on the NSE continued to be on the higher side.
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Broad market indices rose more than the Nifty even as the advance decline ratio ended in the positive at 1.02:1. The Nifty made a near hammer like pattern after a two day fall, suggesting possibility of a short term upward reversal. Nifty could stay in the 19,783 - 19,567 band for the near term.
BUY
Bank of India
Last close: Rs 82.80
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Target: Rs 92
Stop-loss: Rs 76.70
Downward sloping trend line breakout is seen on the daily chart. The stock price has surpassed previous top resistance of Rs 81.95. Higher tops and higher bottoms formation is seen on the daily chart.
The price rise in accompanied by jump in volumes, which confirms the bullish trend. Stock is placed above all important moving average, indicating bullish trend on all time frames.
BUY
Bank of Maharashtra
Last close: Rs 33.45
Target: Rs 39.50
Stop-loss: Rs 31
The stock price has broken out from inverted head and shoulder pattern on the weekly charts. The stock price has surpassed previous top resistance of 32.80. Higher tops and higher bottoms formation is seen on the Weekly chart.
The price rise in accompanied by jump in volumes, which confirms the bullish trend. Stock is placed above all important moving average, indicating bullish trend on all time frames.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
