Financial News

If Nifty continues to trade below 15,600, it may touch 15,510; HCL Tech, Sun Pharma look strong on charts

Products You May Like

HCL Tech, Sun Pharma, Asian painst, niftyFor the market, the quick hurdle can be 15700/52300. Picture: Reuters

By Shrikant Chouhan

After a powerful uptrend rally from 14885 to 15660, the benchmark indices witnessed a slender vary exercise close to an all-time excessive stage. Nevertheless, the bigger texture of the market continues to be on the bullish facet and more likely to proceed within the close to time period. Amongst sectors, the transfer of the Nifty IT Index is encouraging and we recommend accumulating expertise shares for this month. The Nifty 50/ Sensex 30 Index has closed beneath 15600/52000 which signifies day merchants might take a cautious stance close to all-time excessive stage, and if the index manages to commerce beneath 15600 then the Nifty might go to the degrees of 15510/51750 to 15450/51500. On the flip facet, for the market the quick hurdle can be 15700/52300, buying and selling above the identical we are able to anticipate the continuation of the uptrend wave up 15770/52500 or 15850/52800 ranges.

Associated Information

Shares in focus this week

Adani Ports and Special Economic Zone

BUY, CMP: Rs 798.5, TARGET: Rs 840, SL: Rs 780

Previous few weeks Adaniports was buying and selling in a decent vary with the next low sequence formation, in the meantime, on the every day scale, the inventory has given a breakout of the Ascending Channel chart sample with incremental quantity exercise which signifies the start of a brand new up transfer within the counter.

Sun Pharmaceutical Industries

BUY, CMP: Rs 671.15, TARGET: Rs 705, SL: Rs 655

The inventory had been in an outstanding uptrend from the lows of 550 forming a bullish continuation chart patterns, presently resulting from some revenue reserving a short lived pause within the momentum is seen nonetheless evidently a powerful reversal may be very seemingly from the retracement zone on the every day chart for additional upward motion.

HCL Technologies

BUY, CMP: Rs 951, TARGET: Rs 999, SL: Rs 930

There’s a good base which is fashioned round 900 which is able to act as a powerful help space for the counter, moreover, after the reversal, the inventory is in a gradual up transfer and buying and selling in a rising channel nicely above its short-term shifting averages, therefore we anticipate bullish momentum to maintain within the close to future.

Asian Paints

SELL, CMP: Rs 2,924.95, TARGET: Rs 2,780, SL: Rs 2,980

The inventory has made an all-time excessive of 2989 and evidently the bulls are dropping the tempo for additional upside motion as seen on intraday charts the place after the consolidation the inventory got here on the draw back by breaking its short-term shifting averages indicating additional bearishness.

(Shrikant Chouhan is Govt Vice President (Fairness Technical Analysis), Kotak Securities. Views expressed are the writer’s personal.)

Get dwell Stock Prices from BSE, NSE, US Market and newest NAV, portfolio of Mutual Funds, Take a look at newest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and observe us on Twitter.

Monetary Categorical is now on Telegram. Click here to join our channel and keep up to date with the most recent Biz information and updates.

Products You May Like

Articles You May Like

Review: 2021 Yalumba Y Series Viognier
Tasting the Sherry-Aged Spirits of Gonzalez Byass (2022)
Cardi B Wears Jamaica-Inspired Bikini While On Vacation For Holidays: Video
Paul Simon’s Wife: All About His 30 Year Marriage, Relationship With Carrie Fisher & More
‘Friday Night Lights’ & More Shows & Movies You Won’t Be Able To Watch On Netflix In 2023: Full List