Nifty guide, June 11: Outlook remains bullish; top breakout stocks in focus

Nifty key levels: Positional trend remains bullish with support seen in the band of 24,900-25,000. The 25,200 level could offer resistance

Nifty View

Nifty continued its muted move for the second consecutive session by closing flat at 25,104. Positional trend remains bullish with support seen in the band of 24,900-25,000 for Nifty. On the higher side, 25,200 could offer resistance.  Track LIVE Stock Market Updates Here

 

Buy JSW Infra CMP ₹311.65 | Target ₹350 | Stop-loss ₹279

The stock price has broken out of a symmetrical triangle pattern on the weekly chart. The price rise was accompanied by a jump in volumes. The stock price has been sustaining above 50 Double Exponential Moving Average (DEMA) and 200 DEMA. Weekly RSI has reached above 50, indicating a sustainable uptrend. Weekly Moving Average Convergence Divergence (MACD) is now placed above the signal and equilibrium line.

 

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Buy Kajaria Ceramics CMP ₹1,062 | Target ₹1,128 | Stop-loss ₹1,000

The stock price has broken out from a bullish “Flag” pattern on the daily chart. Stock is placed above all key moving averages, which indicates a bullish trend on all time frames. Weekly RSI is placed above 50, indicating a sustainable uptrend. Weekly MACD is also placed above the signal and equilibrium line.

 

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