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Home News Nifty showing signs of a trend reversal, says Vinay Rajani

Nifty showing signs of a trend reversal, says Vinay Rajani

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.




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




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).



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