Aditya Agarwala, YES Securities
Bulls came back with a bang on Thursday, taking the Nifty index back above levels of 15,800 following a dismal start to the week. Going ahead, a sustained trade beyond the immediate hurdle of 15,840 will extend the uptrend, taking the index to levels of 15,900-15,950, which is the upper end of the trading range and a stiff resistance zone. However, failure to trade above this immediate hurdle of 15,840 would trigger profit booking at 15,715-15,630. Technical indicator RSI has also entered the bull territory, suggesting continuation of the uptrend.
Equity recommendation
: BUY
- CMP: Rs 270
- Target: Rs 290
- Stop loss: Rs 260
The stock has resumed uptrend after breaking out of a narrow consolidation phase and trendline resistance on good volumes. Technical indicator RSI turning upwards from the 60-level suggests extended upside in the stock.
McDowell -N: BUY
- CMP: Rs 675
- Target: Rs 715
- Stop loss: Rs 655
The stock has turned upwards after taking support at the 50-DMA, which also happens to be the 23.6% Fibonacci retracement level. Further, it continues to make higher highs and higher lows, suggesting bullishness. RSI has also turned upwards from the lower end of the bull zone, i.e., 40 suggesting an up move from here on.
(Aditya Agarwala is Senior Technical Analyst, YES Securities. Views are his own.)
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