Nifty view & technical calls from HDFC Securities: Buy L&T Infotech, CDSL

Technical calls from Mr. Nandish Shah, Technical & Derivatives Analyst, HDFC securities

Remain long in Nifty with the stop loss of 11,900; Target 12,400

After a minor profit booking on Friday and Monday, the Nifty resumed its uptrend Tuesday by rising by 76 points to close at 12,108 levels.

The short-term and medium-term trend of the Nifty remain positive with Nifty trading above its 20,50 and 200-day EMA. Oscillators and momentum Indicators like RSI and MACD turned positive on the daily chart.

If we take entire rally started from 11,614 (February 3, 2020 Bottom) to 12,160 (February 6, 2020 top), 38.2 per cent retracement of that swing comes at 11,952. Previous week’s pivot support is