 "Vinay Rajani of HDFC Securities recommends buying these 2 stocks on Nov 27")
After a sharp jump of 1,000 points from the recent swing low of 23,263, Nifty started consolidating for the last two trading sessions. Nifty has been finding resistance at its 50-day EMA, placed at 24,400 odd levels. There is a unfilled gap, recently formed in the range of 23,956-24,135, which could provide support in the near term. Above 24,400, Nifty could extend its rally towards 24,700.
Buy Karur Vysya Bank (230) | Target: Rs 249| Stop loss: Rs 214
The stock price found support on upward sloping trend adjoining the lows of the week ended May 12, 2023, and June 7, 2024. On the week ending October 18, 2024, the stock broke out from the downward-sloping trend line on the weekly charts, which indicates the resumption of the primary uptrend.
The weekly stochastics oscillator has turned bullish. The price breakout was accompanied by a rise in volumes. The stock price has been forming higher tops and higher bottoms on the weekly charts.
Buy Federal Bank (213) | Target: Rs 240 | Stop loss: Rs 195
the stock has registered a fresh all time high at 210.60. The stock price has resumed its primary bullish trend after showing a running correction.
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The stock is placed above all important moving averages, indicating a bullish trend in all time frames. Indicators and oscillators have turned bullish on the weekly chart.
(This article is by Vinay Rajani, CMT, senior technical and derivative analyst at HDFC securities. Views expressed are this own.)