After uptrend, Nifty witnessing range-bound activity; buy TechM, BPCL, others to pocket short-term gains
时间:2024-06-17 14:58:53 阅读(143)
By Shrikant Chouhan
After a promising uptrend rally the market witnessing range bound activity. However, the short term uptrend formation is still in to the positive. In addition, on intraday charts the index is consistently forming higher bottom formation which is also supportive for the bulls. we are of the view that, as long as the index is trading above 18,200 the uptrend formation is likely to continue. Above which, the index could move up till 18,400-18,475. On the flip side, below 18,200 the market could slip till 18,125-18,100.
After the sharp up move, Tech Mahindra is trading in a range-bound movement well above its short term moving averages. As a result, the formation of a Flag chart pattern on the daily scale is formed which points to bullish movement to resume in the near term.
BPCLBUY | CMP: Rs 366.3 | TARGET: Rs 385 | SL: Rs 359BPCL has shown a remarkable rally from the lows in the last few weeks and the trend of the stock is still in the rising direction. The higher high and higher low series on weekly chart formation is evident in the counter. Hence, the formation is indicating a bullish continuation pattern to continue in the coming horizon.
ICICI BankBUY | CMP: Rs 933.25 | TARGET: Rs 980 | SL: Rs 915ICICI Bank is trading in a rising channel constantly. The higher high and higher low chart formations are apparent in the counter. Additionally, trend indicators such as MACD and ADX are showing bullish strength. Therefore, upward movement from the current level is very likely to remain in the near future.
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. Views expressed are author’s own. Please consult your financial advisor before investing.)
猜你喜欢
- Daily gold price, silver, petrol, diesel rates- Everyday updates on FinancialExpress
- Gold Price Today, 23 March- Gold prices gain on US Fed’s less hawkish stance; Sec Yellen’s comments drive fear
- SGX Nifty in red- Delhivery IPO, Venus Pipes IPO, Nifty outlook, global market set up; key things to watch out
- Gold Price Today, 26 May- Gold near two-month lows, set for third weekly fall; US debt ceiling talks eyed
- DreamFolks debuts at 56% premium on bourses
- GoMechanic inks MoU with iACE to upskill over 5,000 mechanic partners
- Share Market Highlights- Nifty ends above 18100, Sensex rises 800 points, Nifty IT up nearly 3%; M&M, TCS gain
- Good time to invest in BFSIs, charts suggest once in a decade investment opportunity
- SGX Nifty hints at weak opening for Sensex, Nifty; 5 things to know before Monday’s opening bell