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The Nifty 50 index showed volatility throughout the session on March 6 but closed on a strong note. The short-term trend appears positive, as the index concluded the day above the 21-day EMA (exponential moving average) of 22,120 on the daily chart.
The momentum indicator RSI (relative strength index) shows a bullish crossover, indicating a positive momentum for the short term. The bulls are likely to maintain control as long as the index stays above 22,350.
Looking ahead, there is potential for the Nifty to reach a level anywhere between 22,600 and 22,700 on the higher end.
The Bank Nifty index remains under the influence of a bullish trend, approaching its all-time high levels. The ongoing bullish sentiment is evident, backed by a robust support zone at 47,500-47,400 that serves as a defensive line for the index.
Anticipated to surpass its historical highs in the next few trading sessions, the Bank Nifty sets its sights on upside potential targets at 49,000/50,000 in the near term.
Here are three buy calls for short term:
Axis Bank: Buy | LTP: Rs 1,125 | Stop-Loss: Rs 1,095 | Target: Rs 1,265-1,290 | Return: 15 percent
Axis Bank has exhibited a robust breakout on the daily chart, breaking free from a parallel uptrend channel with significant volumes. Supporting the bullish momentum, the momentum indicator RSI has undergone a positive crossover.
The lower-end support is firmly established at Rs 1,095, serving as a cushion for the bulls. Upside potential targets for the stock are set at Rs 1,160 and Rs 1,185.
Zensar Technologies: Buy | LTP: Rs 563.5 | Stop-Loss: Rs 520 | Target: Rs 610-630 | Return: 12 percent
Zensar Technologies has exhibited a robust bullish reversal, forming a compelling candle on the daily chart alongside a sharp surge in volumes. The stock is positioned for a breakout from a falling trendline, strategically placed at Rs 575.
Notably, Zensar Technologies has surpassed its 20-day moving average with breakthrough volumes, underscoring the stock's inherent strength. The lower-end support is firmly established at Rs 520, serving as a cushion for the bulls. Upside potential targets for the stock are set at Rs 610 and Rs 630.
Tata Consumer Products: Buy | LTP: Rs 1,220 | Stop-Loss: Rs 1,178 | Target: Rs 1,280/1,300 | Return: 6.5 percent
Tata Consumer Products has been exhibiting an upward trend, forming higher highs and higher lows on the weekly timeframe. The stock recently experienced a breakout from a consolidation phase on the daily chart, signaling increased optimism.
Furthermore, the overall trend remains positive as the stock is trading above the crucial moving average on the daily timeframe. The daily RSI has crossed into bullish territory, reinforcing a positive short-term momentum.
In the near term, the stock is poised to trade with a positive bias. Investors may consider initiating a long position with a potential target set at Rs 1,300. On the downside, a support level is identified at Rs 1,178.
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