Buy Deltacorp for a target of Rs 280, SL of Rs 245: HDFC Securities

Nifty outlook and technical calls by Vinay Rajani, Senior Technical Analyst at HDFC Securities.

Nifty heading for 11300 Target; Support shifted upward to 10750

Nifty gained for the 6th session on a trot, to close at 10908, the highest level since 1st October 2018. Nifty has broken out from the crucial downward sloping trend line resistance of 10840. Next Target for Nifty is now seen at 11300. Support for the Nifty is now shifted upward to 10750.

Buy Deltacorp at Rs 257 

Target: Rs 280 

Stop Loss: Rs 245

The stock has surpassed the crucial resistance of 200 DMA. The stock has broken out from the consolidation seen in last 1 month. Volumes have risen along with the price rise. Oscillators and Indicators have been showing strength in the counter.

Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 280, keeping the stop loss at 245 on closing basis.

Buy Coromandel International at Rs 446

Target: Rs 394

Stop Loss: Rs 499

The stock price has broken out from inverse head and shoulder breakout on the weekly chart. The stock has surpassed the crucial resistance of 200 DMA. Moving average and Oscillator setup is bullish on daily and weekly charts. Bullish hammer candlestick pattern is seen on the month ended Oct 2018.

Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of 499, keeping the stop loss at 394 on closing basis.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.