Related
Aditya Agarwala, YES Securities
Benchmark index Nifty50 continued to rise for the second day in a row, breaking out of a narrow flag consolidation pattern to shut shop above the 18,000 mark. A sustained trade above 18,025 will extend the up move to take the index to levels of 18,120-18,200. However, failure to breakout of the pattern and trade below 17,900 may trigger profit-booking dragging it lower to levels of 17,800-17,700. Moreover, RSI has also turned higher from 60 levels suggesting bulls' dominance at the moment.
Equity recommendation
BUY at CMP: Rs 1753
Target: Rs 1870
Stop Loss: Rs 1680
The stock has resumed uptrend after breaking out of a narrow consolidation zone on healthy volumes confirming the bullishness. RSI has also turned upwards from the lower end of the bull zone.
P I Industries
SELL at CMP: Rs 2887
Target: Rs 2775
Stop Loss: Rs 2950
The stock is on the verge of a breakdown from trendline support suggesting weakness. Further, it has also closed below its 200-DMA which suggests extended weakness.
(The author, Aditya Agarwala, is Senior Technical Analyst at YES Securities. Views are his own.)
Benchmark index Nifty50 continued to rise for the second day in a row, breaking out of a narrow flag consolidation pattern to shut shop above the 18,000 mark. A sustained trade above 18,025 will extend the up move to take the index to levels of 18,120-18,200. However, failure to breakout of the pattern and trade below 17,900 may trigger profit-booking dragging it lower to levels of 17,800-17,700. Moreover, RSI has also turned higher from 60 levels suggesting bulls' dominance at the moment.
Equity recommendation
BUY at CMP: Rs 1753
Target: Rs 1870
Stop Loss: Rs 1680
The stock has resumed uptrend after breaking out of a narrow consolidation zone on healthy volumes confirming the bullishness. RSI has also turned upwards from the lower end of the bull zone.
P I Industries
SELL at CMP: Rs 2887
Target: Rs 2775
Stop Loss: Rs 2950
The stock is on the verge of a breakdown from trendline support suggesting weakness. Further, it has also closed below its 200-DMA which suggests extended weakness.
(The author, Aditya Agarwala, is Senior Technical Analyst at 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.)
Pick the best companies to invest
BECOME AN ETPRIME MEMBERRead More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Pick the best stocks for yourself
Powered by