Bank Nifty to see bullish moves above 48,400; MOIL, KPIL top buy calls

Bank Nifty ended the previous session with "Doji" candlestick pattern on the daily chart, which indicates indecision amongst the traders, as per Vinay Rajani

Nifty View
 

Nifty broke the five day-winning streak by falling 65 points to close at 22,032. Nifty hit a fresh all time high at 22,124 and witnessed minor profit booking during the session.

Previous swing high of 21,834 is expected to act as a strong support for the Nifty. Short term resistance for the Nifty is seen

on the zone of 22,200-22,250.

Bank Nifty ended the previous session with “Doji” candlestick pattern on the daily chart, which indicates indecision amongst the traders.

A level above 48,400 could bring back the bullish momentum in the Bank Nifty.
 

Buy MOIL | CMP: Rs 335 | Target: Rs 360 | Stop-loss: Rs 315
 

 

The stock broke out from the consolidation, which it held for last 8 weeks. Price breakout is accompanied by jump in volumes, which confirms the uptrend.

The stock is placed above all important moving averages, indicating bullish trend on all time frames. Indicators and Oscillators like MACD and RSI have turned bullish on the daily charts.

Buy KPIL | CMP: Rs 748 | Target: Rs 799 | Stop-loss: Rs 715
 

The stock has surpassed the crucial double top resistance placed near 722 and has been sustaining above that.

On Jan 16, it broke out from the bullish “Flag” pattern on the daily charts, which indicates continuation of an uptrend. Short term moving averages are trading above long term moving averages, which confirms the uptrend in the stock.

Disclaimer: Vinay Rajani is CMT, Senior Technical & Derivative Analyst at HDFC Securities. He does not have any holding in the stocks above.