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Next target for Nifty is seen at 11,550: Vinay Rajani of HDFC Securities

The index has broken out from the rising wedge pattern on the daily chart
Hold Nifty longs with 11,200 Stop-loss

Nifty closed at the highest point since March 2020 lows. The index has broken out from the rising wedge pattern on the daily chart, indicating continuation of an uptrend. Next upside target for Nifty is seen at 11,500-11,550 levels. Traders are advised to hold Nifty longs with 11,200 stoploss and keep it trailing as Nifty rises.

BUY SRF (3,972) | Target: Rs 4,350 | Stop-loss: Rs 3,800

The stock has broken out from the “Flag” pattern on the daily chart with the primary trend of the stock being bullish with higher tops and higher bottoms. The stock has seen a long build on the derivative front. Indicators and oscillators have been showing strength in the current trend.

BUY SANOFI INDIA (8,444) | Target: Rs 8,989 | Stop-loss: Rs 8,100

Last Week, the stock price registered new all time high at 8,528 with rising volumes. Primary trend is bullish as it has been sustaining above all important moving averages and has also been forming higher tops and higher bottoms. The stock has broken out from last four month’s price consolidation. 

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Disclaimer: Disclaimer: Vinay Rajani is Technical Research Analyst at HDFC Securities. He may have positions in one or more stocks mentioned above. Views are personal.



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