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Nifty likely to hit 19,000 soon; support seen at 18,660

Among individual stocks, Vinay Rajani the technical & derivative analyst of HDFC Securities recommends to Buy Surya Roshni and Bajaj Electricals.

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Vinay Rajani Mumbai

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Nifty View

On June 27, the Nifty bounced back sharply and closed on a strong wicket. Bulls came back with vengeance in BankNifty, which broke out from the crucial resistance of 44,000-44,100 and closed above it.

On the monthly expiry session, FinNifty registered new all-time high of 19,809 today. Nifty managed to protect 20 days EMA support and rose for the second consecutive session.

At present 20 DEMA is placed at 18,662, which has become short term support for the Nifty. Market trend seems to have resumed on the upside and Nifty is expected to reach the target of 19,000 soon. 

Surya Roshni
Last close: Rs 890.7
Target: Rs 945
Stop-loss: Rs 860

The stock price has broken out from the consolidation which held for last 8 trading sessions. Stock has registered new all time high with jump in volumes. Primary trend of the stock is bullish with higher tops and higher bottom on the weekly charts. 

Bajaj Electricals
Last close: Rs 1,254
Target: Rs 1,360
Stop-loss: Rs 1,196

The stock price has broken out from the bullish inverted head and shoulder pattern on the daily chart. Stock is placed above all important moving averages, which indicates bullish trend on all time frames.

(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).

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First Published: Jun 28 2023 | 8:05 AM IST

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