Aditya Agarwala, YES Securities
Nifty50 closed marginally in the red following a sharp recovery in the previous session as bears made sure the index stays below the 20-DMA line placed at 18,050, which is acting as a key hurdle on the upside. Further, heading into the weekly expiry session and auspicious Muhurat trading, Nifty50 has entered a narrow trading range between 17,800 and 18,050. A sustained trade above 17,800 could trigger an up move, taking the index higher to levels of 18,050 where bears continue to maintain selling pressure. However, failure to hold onto the lower end of the range, i.e. 17800 could resume fresh selling dragging Nifty50 lower to the levels of 17,700-17,600.
Equity recommendation
HDFC Bank
BUY at CMP Rs 1607
Target: Rs 1890
Stop Loss: Rs 1560
The stock has turned upwards after taking support at the trendline and the 50-DMA. Further, volumes have been good in the buying, as bullish candlestick following the hammer candlestick suggesting bullishness. Moreover, RSI has formed a positive reversal confirming the uptrend.
BUY at CMP Rs 972
Target: Rs 1070
Stop Loss: Rs 920
The stock is on the verge of a breakout from an Ascending Triangle pattern neckline suggesting bullishness dominant. Further, RSI moving back above the 60-level confirms the uptrend.
(The author, Aditya Agarwala is Senior Technical Analyst at YES Securities. Views are his own.)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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Aditya Agarwala, YES Securities Nifty50 closed marginally in the red following a sharp recovery in the previous session as bears made sure the index stays below the 20-DMA line placed at 18,050, which is acting as a key hurdle on the upside. Further, heading into the weekly expiry session and auspicious Muhurat trading, Nifty50 has entered a narrow trading range between 17,800 and 18,050. A sustained trade above 17,800 could trigger an up move, taking the index higher to levels of 18,050 where bears continue to maintain selling pressure. However, failure to hold onto the lower end of the range, i.e. 17800 could resume fresh selling dragging Nifty50 lower to the levels of 17,700-17,600. Equity recommendation HDFC BankBUY at CMP Rs 1607 Target: Rs 1890 Stop Loss: Rs 1560 The stock has turned upwards after taking support at the trendline and the 50-DMA. Further, volumes have been good in the buying, as bullish candlestick following the hammer candlestick suggesting bullishness. Moreover, RSI has formed a positive reversal confirming the uptrend. BUY at CMP Rs 972 Target: Rs 1070 Stop Loss: Rs 920 The stock is on the verge of a breakout from an Ascending Triangle pattern neckline suggesting bullishness dominant. Further, RSI moving back above the 60-level confirms the uptrend. (The author, Aditya Agarwala is Senior Technical Analyst at YES Securities. Views are his own.) (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.) Download The Economic Times News App to get Daily Market Updates & Live Business News.