 "ICICI Bank, Eicher Motors can zoom up to 6-7% says HDFC Securities")
Nifty fell marginally on April 09, forming a bearish dark cloud cover like pattern. While the fact that the Nifty keeps making fresh new highs is encouraging, it tends to give up intra day gains which is a bit worrying. This indicates the possibility of a small correction. Nifty could stay in the 22,768-22,529 band for the near term.
Buy ICICI Bank(CMP-1,107): | Target Rs 1,180| Stop-loss Rs 1,063
Stock price has broken out from the consolidation, which held for the last 6 weeks. Price rise is accompanied by a rise in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart.
Stock is placed above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have been showing strength in the current uptrend
Buy Eicher Motors(CMP-4,250): | Target Rs 4,550 | Stop-loss Rs 4,050
By surpassing the previous swing high of Rs 4,200, Stock has registered fresh all time at Rs 4,303. Primary trend of the stock is bullish, as it has been forming higher tops and higher bottoms on the weekly charts. Auto sector has been outperforming for the last couple of weeks.
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Disclaimer: Vinay Rajani is CMT, Senior Technical and Derivative Research Analyst at HDFC Securities. Views are his own.