Although we have seen a rally in the past couple of sessions, the broader structure still looks weak for Nifty
SELL NIFTY | TARGET: 9,300 | STOP LOSS: 9,600
The Nifty index continued its upmove on the expiry day and also filled a gap that was placed at 9400. Although we have seen a rally in the past couple of sessions, the broader structure still looks weak and if Nifty is unable to surpass its previous swing high which is placed at 9584.5, we can expect profit booking at higher levels. so we advise aggressive traders to initiate a short position with the strict stop loss of 9600.
BUY TITAN | TARGET: Rs 950 | STOP LOSS: Rs 875
The stock has breached its downward sloping trend line on the higher side. The Momentum oscillator MACD has also provided fresh buy crossover on the daily chart. The stock is also trading well above its 21-day short term moving average which is currently placed at 870. Based on the above rationale we believe the momentum is likely to continue towards 950 which is the immediate target.
BUY HCL TECH | TARGET: Rs 575 | STOP LOSS: Rs 525
The stock has provided breakout from its one-month consolidation and made a big bullish candle on the daily chart. It has also breached its 200-DMA which was placed at 540. Based on the above rationale we believe the momentum is likely to continue towards 575 which is the immediate target.
BUY BAJAJ-AUTO | TARGET: Rs 2,520 | STOP LOSS: Rs 2,750
The stock has formed a dragonfly doji candlestick pattern on the daily chart, which is considered as a trend reversal. So, we can expect the positive momentum to continue on the higher side. The volume activity also supported the price action.
Disclaimer: Nilesh Jain isTechnical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or more stocks. Views are his own.