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Nifty View
The Nifty has been finding support on its 50 days-EMA, which is currently placed at 19,274. On the higher side, downward sloping trend line adjoining previous swing highs on the daily chart, projects the strong resistance at 19,500-odd levels.
The benchmark index is likely to find directional move if band of 19,270-19,500 is taken out decisively on the either side. Breadth of the market is very strong, as Midcap and Small cap indices have been outperforming.
BUY
Tata Communications
Last close: Rs 1,782
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Target: Rs 1,890
Stop-loss: Rs 1,700
The primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly charts. Stock price has been finding support on its 20 DEMA.
The stock has recently shown throwback fall towards its previous top support. ADX Indicator has turned in to bullish trend. Stock is placed above all important moving averages, which indicates bullish trend on all time frames.
BUY
India Glycols
Last close: Rs 755.80
Target: Rs 850
Stop-loss: Rs 664
The downward sloping trend line breakout on the weekly chart. Price rise in accompanied by jump in volumes, which confirms the bullish trend.
The stock is placed above all important moving average, indicating bullish trend on all time frames. Indicators and oscillators like MACD and RSI have turned on weekly chart. Stock has recently surpassed its 200 days EMA resistance
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC Securities. Views expressed are personal).
