The Nifty rose for the 6th straight session on Tuesday, to close at 17,825. The positional trend on the Nifty is bullish as it has maintained higher top and higher bottom formation on the daily chart.
The next resistance for Nifty is seen at 18,114, which happens to be previous swing top on the weekly chart.
Longs should be held with the trailing stop loss of 17,600 on a closing basis.
Buy Range: Rs 164.25 – Rs 159
Targets: Rs 178, Rs 190
Stop-loss: Rs 156
The stock has broken out from the downward sloping channel on the weekly line chart. The breakout is accompanied with rising volumes.
Indicators and oscillators have turned bullish on the weekly chart. The stock has been forming higher top and higher bottom on the daily chart.
Tata Motors DVR
Buy Range: Rs 240.65 – Rs 234
Targets: Rs254, Rs 263
Stop-loss: Rs 230
The stock has surpassed the crucial double top resistance placed at Rs 236 odd levels. The stock has also broken out from last 5 week’s price consolidation with jump in volumes.
The stock is placed above all important moving averages, which indicates bullish trend on all time frames. The auto sector has been outperforming and expected to continue for next few weeks.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
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