 "Stock Market, Market, BSE, NSE, Nifty")
Nifty View
Following a recovery of more than 1,900 points from the swing low of 21,964, Nifty appears to have entered a profit-booking phase. Nevertheless, the overall trend of the index remains bullish, and on the downside, 23,400 should provide support. On the upside, 23,869 is expected to serve as short-term resistance, above which, resistance can be seen at 24,125.
Stock recommendations
Buy Healthcare Global (₹526) | Target: ₹578/₹625 | Stop-loss: ₹481
The stock price is on the verge of breaking out from big consolidation. It is hovering around its 52-week and all time high. Stock is placed above all important moving averages. Daily RSI has reached above 50, indicating a sustainable up trend. Daily MACD is placed above the equilibrium and signal line. The stock has started forming higher top and higher bottom on daily chart.
Buy HBL Engine (₹470) | Target: ₹521| Stop-loss: ₹462
Daily RSI has reached above 50, indicating a sustainable uptrend. Daily MACD is above the signal line. The stock is above 10 and 20 days EMA. It has broken out from previous swing highs. Indicators and oscillators have turned bullish on daily charts.
(This article is by Vinay Rajani, CMT, senior technical and derivative analyst at HDFC securities. Views expressed are his own.)
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