Vidnyan Sawant, AVP - Technical Research at GEPL Capital
After a remedy of around 12% from the highest point of 18,604 levels, the Nifty has reached as far down as possible close to 16,400 - 16,370 zone which concurs with 50% Fibonacci retracement of past advance from 14,151 – 18,604 levels and climbed with the development of Higher Top Higher Bottom example. Likewise it has supported over its 5-week high which demonstrates the Nifty has continued its upswing.
On the day by day graphs, the Nifty has supported over immensely significant moving midpoints like 20, 50, 100 and 200 days which gives affirmation of the bullish opinions for the medium to long haul.
Notwithstanding, the force pointer like RSI (relative strength list) is supporting over 60 imprint on constantly outlines which demonstrate market has solid positive energy for the medium to long haul.
We accept, the Nifty will confront solid obstruction at 18,210 and 18,604 imprint. On the other side, the help levels would be put at 17,380 and 16,830 levels.
The following are three purchase calls for next 2-3 weeks:
Pidilite Industries: Buy | LTP: Rs 2,646 | Stop-Loss: Rs 2,530 | Target: Rs 2,845-3,003 | Return: 7.5-13.5 percent
In the current week, the stock has given a solid breakout at Rs 2,532 levels with colossal volume affirmation and made a new Life time high at Rs 2,662 levels and it has supported at record significant levels which demonstrates solid bullish hint of the stock.
The energy pointer RSI has supported over 65 levels on constantly outlines which affirms solid positive force of the stock for the medium to long haul.
Checking out the costs activity and the force pointers and other specialized boundaries we accept this stock has a ton of potential gain possible left.
Going on we expect the costs will move towards Rs 2,845 levels (50 percent augmentation level of Rs 1,185 – Rs 2,532 projected from Rs 2,171) trailed by Rs 3,003 imprint (61.8 percent expansion level of Rs 1,185 – Rs 2,532 projected from Rs 2,171).
The stop-misfortune for this exchange set up would be Rs 2,530 degrees of shutting premise.
HDFC Bank: Buy | LTP: Rs 1,539.75 | Stop-Loss: Rs 1,400 | Target: Rs 1,725-1,804 | Return: 12-17 percent
HDFC Bank has made a Double Bottom value design close to solid help zone of Rs 1,400 – Rs 1,370 levels and bobbed back. Right now the stock is supporting over its 5-week's high which shows solid bullish opinions of the stocks for medium to long haul.
The week after week RSI is put over 50 imprint likewise the stock has settled over its 20-week SMA (Rs 1,559) (basic moving normal).
According to the force markers and the specialized markers all point towards the chance of the costs moving higher towards the Rs 1,725 imprint (life-time high). Assuming this level is penetrated, we may see the costs move towards Rs 1,804 (50 percent augmentation level of Rs 738 – Rs 1,641 projected from Rs 1,353).
The stop-misfortune for this exchange set up would be Rs 1,400 degrees of shutting premise.
Asian Paints: Buy | LTP: Rs 3,514.65 | Stop-Loss: Rs 3,330 | Target: Rs 3,835-4,102 | Return: 9-17 percent
The stock has been making new life time highs reliably since August 2020 which shows solid positive hint of the stock. The stock has shaped CIP arrangement (Change In Polarity) at Rs 2,850 levels and climbed which shows bullish suggestion of the stock.
In the current week also, the stock has made new life time high at Rs 3,540 imprint with a major bullish light. This up move is upheld by solid volume affirmation. On the week by week diagrams, the stock has given a breakout of 'SOUCER' value design showing positive strength of pattern.
The force marker like RSI is supporting over 60 imprint on constantly outlines demonstrating solid positive energy of the stock.
According to value design, we feel that the stock costs gain force and move higher toward the Rs 3,835 (78.6 percent augmentation level of Rs 2,260 – Rs 3,505 projected from Rs 2,857) levels and ultimately towards Rs 4,102 (100% expansion level of Rs 2,260 – Rs 3,505 projected from Rs 2,857).
Financial backers can gather the stock now and hold for an objective of Rs 3,835 and Rs 4,102 with a stop-loss of Rs 3,330 on shutting premise.
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