 "Hold Nifty longs with a stop at 19,276, suggests HDFC Securities")
Nifty View
In the second half of the session on Tuesday, Nifty recovered almost 100 points from the first half's low and ended the session near day's high. The Bank Nifty found support on its 200-DEMA and reversed north during the session.
200-DEMA for Nifty and BankNifty are placed at 19,447 and 43,996 respectively. These levels could offer resistance for both benchmark indices. Existing longs in Nifty should be held with the stoploss of 19,276.
BUY
EIHOTEL (EIH)
Last price: Rs 238.05
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Target: Rs 255
Stop-loss: Rs 231
On October 30, the stock broke out from the downward sloping trend line on the daily charts. On November 06, the stock price broke out from bullish “Flag” pattern on the daily charts, indicating continuation of an uptrend.
The stock price has formed strong base in the zone of Rs 205-210 and bounced back. The stock is placed above 50-, 100- and 200-DEMA, indicating bullish trend on all time frames. Indicators and Oscillators like MACD, DMI and RSI have turned bullish on the daily charts.
BUY
Dodla Dairy
Last close: Rs 737.90
Target: Rs 799
Stop-loss: Rs 710
The stock price has broken out from last 8 week's price consolidation. The stock price has closed above 50-days EMA decisively. Indicators and oscillators have turned bullish on the daily chart.
The stock is placed above 20-, 50-, 100- and 200-DEMA, indicating bullish trend on all time frames.
(Vinay Rajani, CMT, Senior Technical & Derivative Analyst, HDFC Securities. Views expressed are personal).