Nifty managed to hold 8,720 and witnessed a recovery towards 8,783 levels. It formed a Bullish Harami pattern on daily chart as it traded inside the trading range of previous session. However it has multiple hurdles near to 8,820 and above that only bulls will get comfort in the market to extend this move towards 8,888 and 8,968. Overall index has been consolidating in between 8,720 to 8,820 zones and requires a decisive range breakout to start the fresh leg of rally.
Last Close: 422
Stop Loss: 410
Stock recorded a fresh life time highs along with positive sector outlook. Major trend is positive and recent momentum could extend its move towards 444 levels.
Last Close: 376
Stop Loss: 366
It has rebounded from its multiple support of 366 and witnessed a smart recovery. Stock has seen buying interest at every small decline and also trading above its 50 DMA raising expectation for a bullish momentum to pick up.
Last Close: 438
Stop Loss: 423
It has made bottom on monthly chart and moving upwards from last four weeks. It has surpassed its immediate supply trend line and overall price structure suggests a better risk to reward ratio. Thus recommending to buy on declines with strict trading stop loss of 423 levels.
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Chandan Taparia is an Deivatives and Technical Analyst at Motilal Oswal Securities.