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Nifty ended on a flat note in a volatile session on September 24 after crossing 26,000 for the first time. At close, Nifty was up 0.05 per cent or 11.8 points at 25,950.9. Cash market volumes on the NSE were 11.4 per cent higher than the previous session.
Nifty has formed a spinning top like pattern on Sept 24 after remaining in a 125 points range. Nifty could now face resistance from 26,250 while 25,611-25,791 band could offer support.
Nifty has formed a spinning top like pattern on Sept 24 after remaining in a 125 points range. Nifty could now face resistance from 26,250 while 25,611-25,791 band could offer support.
Buy Union Bank (Rs 127) | Target: Rs 145.5 | Stop Loss: Rs 118
Stock has surpassed the crucial resistances of 20, 50 and 200 DEMA. Price rise was accompanied by healthy volumes. Stock is trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on daily charts. Stock price has started forming higher tops and higher bottoms on short term charts
Buy Hindustan Copper (Rs 342.50) | Target: Rs 370 | Stop Loss: Rs 323
Stock has surpassed the previous swing high resistance of 336 and close above that. Stock is trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on daily and weekly chart. Metal as a sectoral index has also turned bullish on short term charts.
(Disclaimer: Vinay Rajani, CMT is a senior technical and derivative analyst at HDFC securities. Views expressed are his own.)
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