 "Zydus Life, ICICI Bank: Stocks to buy in current market set-up")
Nifty View
After gap up opening of 145 points, Nifty could not hold on to the gains and turned south. Nifty nosedived by more than 1.5 per cent to close at 21,238.80.
By breaking previous swing low of 21,285, Nifty has conformed lower top and lower bottom formation on the daily chart, which indicates bearish trend reversal.
Nifty is now headed towards the next support zone of 20,850-20,900. On the upside, 21,750 has become ceiling in the Nifty for the short term.
BUY
Zydus Life
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Last close: Rs 729
Target: Rs 765
Stop-loss: Rs 710
The stock price has shown resilient move against the market's fall on January 23, 2024. The stock rose more than 3 per cent with jump in volumes.
Primary trend of the stock and pharma sector has been bullish. The stock price is placed above all important moving averages, indicating bullish trend on all-time frames.
BUY
ICICI Bank
Last close: Rs 1,028
Target: Rs 1,080
Stop-loss: Rs 995
The stock price has surpassed crucial resistance of Rs 1,015 and managed to get close above that. Short term moving averages are trading above long term moving averages, which confirms the uptrend in the stock.
Indicators and Oscillators like MACD and RSI have turned bullish on the daily charts.
(Vinay Rajani, CMT, Senior Technical & Derivative Analyst, HDFC Securities. Views expressed are personal).