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Amit Trivedi, YES Securities
Nifty50 index rallied for the third straight session on Wednesday, however, the session’s high/low range was confined to 120 points, which is its lowest daily range in the recent past. Undertone for the market remained positive as throughout the session it traded in the positive territory. The appearance of an upward gap ensures a shift of the base on the upside. Mild consolidation is possible to digest the recent swift up-move; however, on the flip side, levels of 17,500 could turn out as the immediate support zone.
Surpassing the recent high of 38,850, Bank Nifty outperformed the benchmark index. Stocks specific rally within the banking space is possible.
The IT index rallied for the fourth session in a row. Positive traction on standalone charts along with positive internal breadth indicates that rally in the IT index is likely to continue.
Recommendations
Buy Grasim Industries near Rs 1,770
Stop loss: Rs 1,720
Target: Rs 1,870
After losing 14% from the record high, bulls outstripped bears near 100-Day EMA. Swift recovery thereafter could mean the resumption of an uptrend in the stock.
Buy LIC Housing Finance 410 Feb call option near Rs 12-13
Stop loss: Rs 6
Target: Rs 25
Forming a bullish candle, the stock has managed to surpass the hurdle zone of Rs 395 which stalled the prior month’s rally. Sustenance above Rs 400 is likely to unlock further upside potential in the stock.
(The author, Amit Trivedi, CMT, is Technical Analyst–Research at YES Securities. Views are his own.)
Nifty50 index rallied for the third straight session on Wednesday, however, the session’s high/low range was confined to 120 points, which is its lowest daily range in the recent past. Undertone for the market remained positive as throughout the session it traded in the positive territory. The appearance of an upward gap ensures a shift of the base on the upside. Mild consolidation is possible to digest the recent swift up-move; however, on the flip side, levels of 17,500 could turn out as the immediate support zone.
Surpassing the recent high of 38,850, Bank Nifty outperformed the benchmark index. Stocks specific rally within the banking space is possible.
The IT index rallied for the fourth session in a row. Positive traction on standalone charts along with positive internal breadth indicates that rally in the IT index is likely to continue.
Recommendations
Buy Grasim Industries near Rs 1,770
Stop loss: Rs 1,720
Target: Rs 1,870
After losing 14% from the record high, bulls outstripped bears near 100-Day EMA. Swift recovery thereafter could mean the resumption of an uptrend in the stock.
Buy LIC Housing Finance 410 Feb call option near Rs 12-13
Stop loss: Rs 6
Target: Rs 25
Forming a bullish candle, the stock has managed to surpass the hurdle zone of Rs 395 which stalled the prior month’s rally. Sustenance above Rs 400 is likely to unlock further upside potential in the stock.
(The author, Amit Trivedi, 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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