Technical calls by HDFC Securities: Buy Surya Roshni, KEC International

Nifty outlook and top trading ideas by Vinay Rajani - Technical Analyst, HDFC Securities.

Nifty View

Nifty finally closed at the new all-time high levels of 11134. After long time Mid-cap and small-cap witnessed sustainable bounce and breadth of the market improved significantly. It seems that good time is ahead for the Mid-cap and small-cap stocks, at least for the short term. Earlier, the resistance of 11078 is likely to interchange its role as a support for Nifty going forward. Upside target for the Nifty is seen at 11395.

Buy Surya Roshni

CMP: Rs 350

Target: Rs 380

Stop-loss: Rs 330

Stock price formed multiple bottoms in the range of 300-315 and bounced northward with the jump in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms on the monthly chart. The stock price has surpassed the crucial resistance of its 50 DMA. We recommend buying Surya Roshni for the upside target of 380, keeping SL at 330.

Buy KEC International

CMP: Rs 344.60

Target: Rs 370

Stop-loss: Rs 325

Stock price formed multiple bottoms in the range of 315-320 and bounced northward with a jump in volumes. The stock has been one of the out-performer in the mid-cap space for last 7 months. Oscillators and indicators have turned bullish on the short-term charts. We recommend buying KEC International for the upside target of 370, keeping SL at 325.

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