Home / Markets / News / Nifty outlook and stock picks by Nilesh Jain of Anand Rathi: Buy IRCTC, TCS
Nifty outlook and stock picks by Nilesh Jain of Anand Rathi: Buy IRCTC, TCS
The momentum indicators and oscillators are very well in the buy mode on daily as well as weekly scales which hints of a further positive momentum in TCS
Premium
he momentum indicators and oscillators on the weekly scale are very well on buy mode
The Nifty index found support near 11,250 levels and recovered from the same. It has formed a dragonfly doji candlestick pattern on the daily chart which is considered as a bullish reversal pattern. The momentum indicators and oscillators on the weekly scale are very well on buy mode. The volatility index “India VIX” has also started cooling down which is giving comforts to the bulls. Hence, aggressive traders can initiate a long position for a pullback towards 11,450-11,500 levels.
The counter has provided a breakout from a descending triangle formation on the daily chart. The volume activity has also supported the breakout which was at its two month high. The momentum indicator RSI has also provided a breakout from its downward sloping trend line and a buy crossover can also be seen on the MACD.
BUY HAVELLS | TARGET: Rs 700 | STOP LOSS: Rs 630
The stock is making a higher top and higher bottom formation pattern on the daily chart. It is also taking constant support of its 21-DMA which is currently placed at 630 levels. The momentum indicator and oscillator are on buy mode on the weekly scale which hints of further positive momentum in the counter.
BUY TCS | TARGET: Rs 2,420 | STOP LOSS: Rs 2,280
The stock has provided a breakout from a descending triangle pattern on the daily chart. It is trading well above its short term and long term moving averages. The momentum indicators and oscillators are very well in the buy mode on daily as well as weekly scales which hints of a further positive momentum in the counter. It has also surpassed its 21-DMA which is placed at 2260 which will now act as immediate support.
================================== Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks, Views are personal.
To read the full story, Subscribe Now at just Rs 249 a month