Any level below 8,950 would result into trend line breakdown on the short term charts for Nifty
Nifty in consolidation; Breakdown below 8,950, Breakout above 9,300
For the last five trading sessions, Nifty has been consolidating and has not been able to catch up with the bullishness witnessed in the global markets.
Any level below 8,950 would result into trend line breakdown on the short term charts, while level above 9,280 would give bullish confirmation.
BUY JK CEMENT (Rs 1,171) | Target: Rs 1,250| Stop-loss: Rs 1,130
The stock price has closed above its 200 DMA with jump in volumes. It has given bullish “Flag” pattern breakout on the daily charts. The cement sector has been showing strength for the last couple of weeks. Indicators and oscillators are also placed well on the charts.
BUY DIXON TECH (Rs 4,510) | Target: Rs 4,800 | Stop-loss: Rs 4,350
The stock price has broken out from the consolidation which was held for last two weeks. It rose almost 4 per cent with significant jump in volumes. The stock is placed above all important moving averages.
Disclaimer: Vinay Rajani is a Technical Research Analyst at HDFC securities. Views are personal.