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Nifty50 index needs to break above 18,500 for fresh breakout

On the downside, 18,100 is expected to provide support in Nifty

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Vinay Rajani Mumbai

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Nifty View
The Nifty index rose for a third consecutive session on Tuesday but failed to surpass the previous top resistance of 18,459. Existing trend of the Nifty is bullish as it has been holding its level above all important moving averages. For fresh breakout, Nifty needs to surpass 18,500 resistance, where call writing has been happening. On the downside, 18,100 is expected to provide support in Nifty.

Stock recommendation:

Buy Karur Vysya Bank (CMP: Rs 105.20) | Target: Rs 111 | Stop-loss: Rs 101
The stock price has broken out from bullish "Flag" pattern on the weekly chart with a jump in volumes. Primary trend of the stock is bullish as stock is placed above all important moving average. The momentum indicators have turned bullish on the daily and weekly charts.
 
Buy Equitas Bank (CMP: Rs 81.85) | Target: Rs. 87, 96 | Stop-loss: Rs 74.80
The primary trend of the stock has been bullish as it has been forming "higher tops and higher bottoms" on the weekly charts.The stock price has recently registered new all-time high at Rs 83.85. and has been finding support on its 13-days EMA.

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Disclaimer: Vinay Rajani is CMT (Senior Technical and Derivative Research Analyst) at HDFC Securities. Views expressed are personal. He doesn't hold any position in the above mentioned stocks.

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First Published: May 24 2023 | 7:30 AM IST

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