Nifty outlook & stock picks by Vinay Rajani: Buy L&T Tech, Gujarat Gas

L&T Tech's stock price has broken out from the long-term consolidation, which it held for the last two months

Nifty outlook

The Nifty50 index, on Tuesday, managed to close at the highest level in the last three sessions, near the 15,100 levels. Meanwhile, the 8-day, 13-day and 21-day EMAs have converged, which shows the consolidation in the current market trend. However, stock-specific bullish moves are still there in the market. On the index level, traders should remain bullish on Nifty with a stop loss of 14,862. On the upside, Nifty has got resistance at 15,273 and 15,432. 

Recommendations
 

BUY LTTS (Rs 2,761): | Target: Rs 2950 | Stop-loss: Rs 2,700 

The stock has managed to close at the all-time levels. The stock price has broken out from the long-term consolidation, which it held for the last two months. It is also trading above all important moving averages, which indicates bullish trend on all time frames. Moreover, indicators and oscillators have shown strength in the current uptrend.  

BUY GUJARAT GAS (Rs 544) | Target: Rs 580 | Stop-loss: Rs 520  

The stock has been consolidating for the last five consecutive sessions. The stock's primary trend has been bullish with higher tops and higher bottoms. It has been finding support on its 8-day EMA, which is currently placed at 530 odd levels. Momentum indicators are suggesting continuation of an uptrend in the counter.
Disclaimer: Vinay Rajani is Senior Technical and Derivative Research Analyst at HDFC Securities. The analyst doesn't have any holding in the stock. Views are personal