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Nifty outlook and stock pick by HDFC Sec: Buy UltraTech Cement, Sanofi

Primary trend of UltraTech Cement stock has been bullish as the stock has been sustaining above its 200 days EMA
Hold Nifty longs with 11,200 Stoploss

Nifty has registered the highest level of recent rally at 11,373. The index has been forming higher tops and higher bottoms on the daily charts. Nifty is placed above 20,50,100 and 200 days moving averages, indicating bullish trend on all time frames. Holding Nifty longs with trailing stoploss would be better strategy. It is advisable to hold Nifty longs with 11,200 stoploss. 

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

The stock has witnessed running correction from the recent high of Rs 4,287. Primary trend of the stock has been bullish as the stock has been sustaining above its 200 days EMA. Recent correction should be considered as a buying opportunity. 

BUY SANOFI INDIA (8,470) | Target: Rs 8,989 | Stop-loss: Rs 8,100

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


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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