Nifty holding above key DMAs, to make new high on breakout from this hurdle

Nifty View

Primary trend of the Nifty is bullish as it has been holding above 20,50 and 100 DMAs. Higher tops and higher bottom formation is also intact on Nifty daily and weekly charts. At present, Nifty is in the formation of “Flag” pattern on the daily chart. Bullish breakout from this pattern would be confirmed above 19,868 hurdle.

A level above 19,868 would push Nifty towards new all time high where we can expect the target of 20,400. Existing long positions should be held with the stoploss of 19,500 in Nifty where change of polarity level comes in to play.

Buy Voltamp | Last close: Rs 4,665 | Target: Rs 5,000; Rs 5,290 | Stop-loss: Rs 4,316

The stock price has broken out from bullish “Flag” pattern on the daily charts. Primary trend of the stock is bullish as it has been holding its level above all important moving averages. Indicators and oscillators have been showing strength in the current uptrend. Volumes have been rising along with the price rise. The stock price has resumed its uptrend after taking support on its previous top on the daily chart.
 

Buy Kalyani Steels | Last close: Rs 428.70 | Target: Rs 468; Rs 510 | Stop-loss: Rs 387 

The stock has surpassed the previous top resistance of 392 on the weekly charts. It has recently caught the momentum along with jump in volumes. The metal sector has started outperforming and the same is expected to continue. Indicators and oscillators have turned bullish on the weekly charts. The stock price has been holding higher tops and higher bottoms on weekly and monthly chart.