Nifty cleared short-term resistance, reversal formation likely to continue; TechM, ICICI Bank among stocks to buy
Nifty cleared short-term resistance, reversal formation likely to continue; TechM, ICICI Bank among stocks to buy By Shrikant Chouhan Last Tuesday, the benchmark indices bounce back sharply. Nifty ended 151 points higher while the Sensex was up by 600 points. Among sectors, FMCG and PSU Banks rallied over 1 percent whereas despite strong momentum, realty index shed over 1 percent. BUY | CMP: Rs 865 | TARGET: Rs 910 | SL: Rs 845 The stock was in a sloping channel for the past few weeks. Eventually, its downward move stopped near the important demand zone. Moreover, the strong rebound in the counter and recent trend line breakout confirms that the bullish momentum to remain in the near future. BUY | CMP: Rs 1078 | TARGET: Rs 1130 | SL: Rs 1055 The stock is continuously trading in an ascending triangle chart formation, which clearly suggests bullish momentum to remain in the short term. In addition, on the weekly scale, the stock has formed a higher bottom formation indicating good strength in the counter for the fresh breakout. BUY | CMP: Rs 1096 | TARGET: Rs 1150 | SL: Rs 1070 For the last couple of weeks, the stock is trading into a rising channel pattern forming the higher top and higher bottom series continuously. The strong bullish activity on the daily chart suggest that the counter is likely to maintain a bullish continuation formation in the near term. BUY | CMP: Rs 1012.15 | TARGET: Rs 1060 | SL: Rs 990 On the daily charts, after hitting the high of 1070 the counter went into a corrective pattern and witnessed consolidation. After the consolidation of last few sessions, the counter has formed an inverted hammer candlestick pattern near its support area. In addition, the rise in volume activity hints at a strong reversal from the current levels for a new leg of up move in the coming horizon. (Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. Views expressed are the author’s own.)
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