: Rs 1,460-1,470
: Banking has started seeing traction for the last couple of sessions and private banking majors are leading from the front. Among the top counters, HDFC Bank
has also rebounded sharply and surpassed the resistance zone of moving averages ribbon on the daily chart. Indications are in the favor of prevailing momentum to continue. Thus, we advise creating fresh longs in the mentioned zone.
: Rs 780-790
: We’ve seen a sharp rebound in the auto pack of late and most stocks are trading in tandem with the move. M&M has also surged strongly after retesting to the support zone of long-term moving averages(200 EMA) on the daily chart. The chart pattern and indication from the auto index are pointing towards a steady rise from hereon.
: Rs 990-1,000
has been trading with a corrective bias for the last three months, after making a new record high at 1,132 in February 2021. It retraced to the support zone of medium-term moving average (100 EMA) on the daily chart and formed a base after hovering around that zone for a month. Indications are in the favor of a strong rebound in near future. Traders shouldn’t miss this opportunity and accumulate in the mentioned zone.
Disclaimer: Ajit Mishra is VP - Research at Religare