 "Bias for Nifty likely to remain bearish below 17,210: HDFC Securities")
Nifty View
The Nifty has been moving in the narrow range for last nine trading sessions. During these nine trading sessions, the lowest level is 16,828, which can act as a strong support.
Any sustainable level below 16,828 on the Nifty, could intensify the selling pressure in the market. Trend of the Nifty would be considered bearish, unless Nifty surpasses the crucial resistance 17,210.
BUY
Mahanagar Gas (MGL)
Last close: Rs 979
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Target: Rs 1,025; Rs 1,050
Stop-Loss: Rs 945
The primary trend of the stock has been bullish, as it has been forming higher tops and higher bottoms on the weekly charts. On the daily chart, stock is on the verge of breaking out from “Flag” pattern.
The stock is placed above all important moving averages. Indicators and oscillators have been showing strength in the current uptrend.
BUY
Dr.Reddy's
Last close: Rs 4,541
Target: Rs 4,750; Rs 4,890
Stop-Loss: Rs 4,409
The stock is placed above all important moving averages, indicating bullish trend on all time frames. Pharma sector has started outperforming from last couple of sessions. Indicators and oscillators have been showing bullish trend. Volumes have been rising along with price rise.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC Securities. Views expressed are personal).