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Amit Trivedi, YES Securities
Post Friday’s thud, the Nifty recouped some of its losses, marking day’s high at 14,807. Today’s price action took the form of an inside bar pattern, closing at 14,762 turning the Nifty breadth turned positive. Moreover, all the sectoral indices ended in the green, barring PSU Bank index. Nifty is likely to digest its recent decline. However, levels of 15,950-15,050 could act as an immediate hurdle zone.
Bank Nifty traded above 35,000 through most of the session. However, the level of 36,000 is likely to act as a resistance.
Media index stood out strongly, gaining 4.5%. Positive follow through could attract further buying interest.
The Nifty Midcap 100 index registered a record closing. It represents strength within this space and further outperformance is likely.
Equity recommendations
Buy near Rs 94.5-93.5
Stop loss: Rs 88.5
Target: Rs 106
With sustained moves above the short-term averages, a series of ascending tops and bottoms are intact. Positive follow up action could resume, prevailing uptrend.
Buy near Rs 130-131
Stop loss: Rs 125
Target: Rs 141
Appearance of a bullish candle with a break above recent peak ensures shift of range on the upside. Sustenance above Rs 130 could lift the stock towards Rs 141 zone.
Amit Trivedi is CMT, Technical Analyst - Institutional Equities, YES Securities. Views are his own.
Post Friday’s thud, the Nifty recouped some of its losses, marking day’s high at 14,807. Today’s price action took the form of an inside bar pattern, closing at 14,762 turning the Nifty breadth turned positive. Moreover, all the sectoral indices ended in the green, barring PSU Bank index. Nifty is likely to digest its recent decline. However, levels of 15,950-15,050 could act as an immediate hurdle zone.
Bank Nifty traded above 35,000 through most of the session. However, the level of 36,000 is likely to act as a resistance.
Media index stood out strongly, gaining 4.5%. Positive follow through could attract further buying interest.
The Nifty Midcap 100 index registered a record closing. It represents strength within this space and further outperformance is likely.
Equity recommendations
Buy near Rs 94.5-93.5
Stop loss: Rs 88.5
Target: Rs 106
With sustained moves above the short-term averages, a series of ascending tops and bottoms are intact. Positive follow up action could resume, prevailing uptrend.
Buy near Rs 130-131
Stop loss: Rs 125
Target: Rs 141
Appearance of a bullish candle with a break above recent peak ensures shift of range on the upside. Sustenance above Rs 130 could lift the stock towards Rs 141 zone.
Amit Trivedi is CMT, Technical Analyst - Institutional Equities, YES Securities. Views are his own.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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