 "MOIL, MOIL Logo")
Nifty continued to gain in the third consecutive session on May 14 after rising through the day with minimal corrections. Nifty formed a bullish candle on May 14, but did not close at its intraday high.
It can now rise towards the 22,302-22,348 band while 22,131 could offer support in the near term.
It can now rise towards the 22,302-22,348 band while 22,131 could offer support in the near term.
Buy MOIL(Rs 439): | Target: Rs 459.50 | Stop loss: Rs 425
Stock has resumed an uptrend after minor correction. Primary trend of the stock has been bullish with higher tops and higher bottoms on the daily and weekly charts. PSU and metal stocks have started outperforming again. Indicators and oscillators have turned bullish on short term charts.
Buy Tech Mahindra (Rs 1,275): | Target: Rs 1,380 | Stop loss: Rs 1,215
On April 26, 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, CMT, is a senior technical & derivative analyst at HDFC Securities. Views expressed are his own)
