nifty view:
Nifty has formed a higher top and higher bottom on the daily line chart, indicating a bullish trend reversal for the short term. Nifty has closed above its 5 days EMA which is the first sign of trend reversal.
Traders are advised to go long in Nifty with a stoploss of 16,900. The target for Nifty is being seen at 17500 for the next few weeks. There has been a huge shortage of FIIs in index futures for the last two months. The long to short ratio by FIIs has reached oversold zone in index futures and hence we can expect sharp short covering in the benchmark index.
Purchase
Coromandel International
Last Close: Rs 864
Target: Rs 988
Stop-loss: Rs 937
The stock continues to rise amidst the fall in the market. The technical setup of Coromandel International is one of the strongest in the region. The stock is placed above all important moving averages. Indicators and oscillators are showing strength in the current bullish trend
Purchase
zensar tech
Final Close: Rs 273
Target: Rs 302
Stop-loss: Rs 255
The PSU sector has been doing well over the past few weeks. The stock price is trading above its 20, 50, 100 and 200 DMA.
The indicators and oscillators on the daily charts are turning bullish. The share price has broken a downward sloping trend line with increasing volumes on the weekly chart.
(Vinay Rajani, Senior Technical & Derivatives Research Analyst, HDFC Securities. Views expressed are personal).
