Any level below 10,030 could take Nifty towards 9,900
Buy Nifty around 9,900 | Target: 10,300 | Stop Loss: 9,700
Nifty has been weakening for the last two trading sessions. The index has failed to close above the resistance of 10,300. There has been good amount of call writing happening at 10,300 strike price in the derivative side. Nifty is on the verge of breaking 5 days EMA support placed at 10,030. Any level below 10,030 could take Nifty towards 9,900. However looking at the strong setup on the medium term charts, it would be advisable to buy Nifty around 9,900, for the upside target of 10,300, keeping stop loss at 9,700.
Buy DR REDDY (4,120) | Target: Rs 4,350 | Stop Loss: Rs 3,950
Primary Trend of the stock is bullish with higher tops and higher bottoms on the daily charts. Short term Moving averages are trading above medium to long term moving averages. The stock has registered fresh 52-week high at Rs 4,142. Indicators and oscillators have been showing strength on the daily and weekly charts. Pharma sector has also been outperforming.
Buy L&T INFOTECH (1,889): | Target: Rs 2,000| Stop Loss: Rs 1,840
The stock price has broken out from last 5 session’s consolidation. Volumes have also gone up significantly along with the price rise. The stock is placed above all important moving averages, which indicates bullish trend on all time frames. Indicators and Oscillators have been showing strength on the short to medium term charts.
Disclaimer: Vinay Rajani is Technical Research Analyst at HDFC Securities. He may have positions in one or all of the above mentioned stocks. Views are his own.