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Nifty fell for the third consecutive session forming lower top lower bottom formation compared to the previous day. Nervousness ahead of the election results is on the rise as is evident from the poor advance decline ratio and falling volumes. Nifty could stay in the 22,795-23,111 band for the near term.
Buy Pidilite (Rs 3,046): | Target Rs 3,130 | Stop-loss: Rs 2,990
Pidilite stock price has broken out from the downward sloping trend line on the weekly chart. Stock has surpassed the previous swing high resistance. Price rise was accompanied by rise in volumes. Stock price has been trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on weekly charts.
Buy Hero MotoCorp (Rs 5,176): | Target: Rs 5,290 | Stop-loss: Rs 5,140
On April 26, Hero MotoCorp stock broke out from the downward sloping trend line on the daily chart. Price rise was accompanied by rise in volumes. Post breakout, stock witnessed correction and reached a gap support on the daily chart. After taking support in the gap, sock resumed its primary uptrend.Indicators and oscillators have turned bullish on the daily chart
(Vinay Rajani is CMT (Senior Technical and Derivative Research Analyst) at HDFC Securities. Views expressed are his own.)
