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Nifty fell for the fourth consecutive session on November 12, 2024, and closed at its lowest in 4.5 months. The index formed a long bear candle and broke the near term supports in the fall seen over the last few days. It now seems headed to 23,670. On bounces 24,151 may be tough to breach in the near term.
While Nifty has remained oversold for some time and it may be late for some profit booking, we may still see sell on rises in the near term.
Sell Siemens Nov Fut (6,795): | Target Rs 6,450| Stop loss Rs 7,000
The stock price has given a break out from the bearish “Flag” pattern on the daily chart. The scrip has been finding resistance at its 20 and 50-day EMA, which indicates a down trend on short term charts.
The capital goods sector has been underperforming for the last few weeks and the same is expected to continue. Indicators and oscillators have turned bearish on the daily charts.
Sell Vedanta Nov Fut (444.60): | Target Rs. 426 | Stop-loss Rs 454
The stock price has broken down from the consolidation, which held for the last three weeks. The scrip has reached below its 20 and 50 days EMA, which indicates the downtrend on the short term chart. Indicators and oscillators have turned bearish on the daily charts. (This article is by Vinay Rajani, senior technical and derivative analyst at HDFC securities. View expressed are his own.)
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