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Aditya Agarwala, YES Securities
Indian benchmark index Nifty50 ended sharply lower for the second day in a row, as it tested the key support area of 17,900. Though the intermediate trend of the market has turned choppy; however, 17,900-17,800 are the key support areas that traders should watch for in the coming sessions. A sustained trade above this cluster of key supports may trigger a short-covering rally taking the index higher to levels of 18,060-18,150.
On the flip side, failure to hold this support of 17,900-17,800 levels may extend the profit-booking to levels of 17,760-17,560. Moreover, RSI on the shorter time frame is now reaching oversold territory while largely index remains in an uptrend suggesting that a short-covering rally may play out.
Equity recommendation
Axis Bank
BUY at CMP: Rs 730
Target: Rs 760
Stop Loss: Rs 715
The stock has turned upwards after taking support at the previous cluster of supports. Further, a sustained trade above Rs 735 will take it beyond its 200-DMA confirming the bullishness. RSI is also suggesting the same.
BUY at CMP: Rs 937
Target: Rs 985
Stop Loss: Rs 910
The stock is on the verge of a breakout from a sideways consolidation phase suggesting bullishness building up. Further, it has taken support at the 200-DMA confirming strength.
(The author, Aditya Agarwala, CMT, is Technical Analyst – Research at YES Securities. Views are his own.)
Indian benchmark index Nifty50 ended sharply lower for the second day in a row, as it tested the key support area of 17,900. Though the intermediate trend of the market has turned choppy; however, 17,900-17,800 are the key support areas that traders should watch for in the coming sessions. A sustained trade above this cluster of key supports may trigger a short-covering rally taking the index higher to levels of 18,060-18,150.
On the flip side, failure to hold this support of 17,900-17,800 levels may extend the profit-booking to levels of 17,760-17,560. Moreover, RSI on the shorter time frame is now reaching oversold territory while largely index remains in an uptrend suggesting that a short-covering rally may play out.
Equity recommendation
Axis Bank
BUY at CMP: Rs 730
Target: Rs 760
Stop Loss: Rs 715
The stock has turned upwards after taking support at the previous cluster of supports. Further, a sustained trade above Rs 735 will take it beyond its 200-DMA confirming the bullishness. RSI is also suggesting the same.
BUY at CMP: Rs 937
Target: Rs 985
Stop Loss: Rs 910
The stock is on the verge of a breakout from a sideways consolidation phase suggesting bullishness building up. Further, it has taken support at the 200-DMA confirming strength.
(The author, Aditya Agarwala, CMT, is Technical Analyst – Research 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.)
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