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Nifty View
The Nifty rose on February 27 snapping a two-day decline and formed a bull candle encompassing the body of the negative candle of the previous session. The Nifty seems to be consolidating in a sideways move. It could now stay in the 22,075-22,297 band for the near term and breach of this could determine its short-term trend.
BUY
JK Lakshmi Cement
Last close: Rs 941
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Target: Rs 1,120
Stop-loss: Rs 880
The stock price has broken out from the consolidation which held in last three weeks. The price breakout is accompanied with jump in volumes. 50-DEMA has been acting as a bullish reversal point for the stock for mast many weeks.
The primary trend of the stock is bullish with higher tops and higher bottoms on the weekly charts. Cement Stocks have been outperforming for last couple of months.
BUY
Motherson Sumi Wiring
Last close: Rs 72.35
Target: Rs 84
Stop-loss: Rs 67.70
The stock price has surpassed the crucial double top resistance of Rs 67 and has been sustaining above it. The primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart.
The stock is placed above all important moving averages, indicating bullish trend on all time frames. Price rise is accompanied by rise in volumes. Indicators and oscillators have been showing strength in the current uptrend.
(Vinay Rajani, CMT, Senior Technical & Derivative Analyst, HDFC Securities. Views expressed are personal).
