Nifty bulls eye 25k to confirm trend; analysts bet on two stocks for upside

The much-awaited upward momentum for the Nifty index is likely to be confirmed only with a move above 25,000, HDFC Securities' Vinay Rajani said

Nifty View

The Nifty index has gained 95 points (0.39 per cent) to close at 24,868, marking its fifth consecutive session of gains. By closing above 24,791, the index successfully reclaimed its level above the 50-day DEMA. This places the Nifty above its 5, 10, 20, and 50-day DEMAs, signalling a bullish trend on short-term charts. However, the much-awaited upward momentum is likely to be confirmed only with a move above 25,000. Short-term support has now shifted up to 24,750. 

Top Stocks to Buy - Recommendations by Vinay Rajani, HDFC Securities

Buy Sansera Engineering, CMP: ₹1,399 | Target: ₹1,471 | Stop-loss ₹1,364

The stock price of Sansera Engineering has broken out from the downward-sloping trend line on the daily chart. The stock is now placed above 50, 100 and 200 DEMA, suggesting a positional uptrend. Price rise is accompanied by a jump in volumes. Indicators and oscillators have turned bullish on the daily chart. 

 

Buy Samvardhana Motherson CMP: ₹98.80  | Target ₹104.50  | Stop-loss ₹94

Samvardhana Motherson's stock price is on the verge of breaking out from a 'Flag' pattern on the weekly chart. The stock price has recently reclaimed its level above the crucial 200 DEMA resistance. Price rise is accompanied by a jump in volumes. Indicators and oscillators have turned bullish on the daily chart. The auto sector has been showing good bullish momentum.  

 

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(Disclaimer: Vinay Rajani, CMT is a senior technical and derivative analyst at HDFC Securities. Views expressed are his own.)