Nifty needs to cross 19,523 to resume uptrend, has support at 19,300

Any level below 19,300 could lead to correction in the Nifty50 index, show charts

Nifty View

After a gap up opening of more than 70 points, the Nifty extended the rise and hit the day's high at 19,515 on Tuesday, July 11. It, however, failed to surpass the recent high of 19,523 and fell more than 90 points from the day's high in the second half to end the session with a gain of 84 points at 19,439.

The range of 19,300-19,523 needs to be tracked as a support and resistance for Nifty. Any level above 19,523 would resume an uptrend, while level below 19,300 could lead to correction.

Stock recommnedation:

Buy Linde India (CMP: Rs 4,434) | Target: Rs 4,650, 4,740 | Stop-loss: Rs 4,300

 

The stock broke out from the last three weeks' consolidation with a jump in volumes. The stock price is holding above all important moving average, which indicates bullish trend on all time frame. Indicators and oscillators have been showing strength in the current uptrend.

Buy GRSE (CMP: Rs 616) | Target: Rs 655, 680 | Stop-loss: Rs 585

The stock price has registered a new all-time high as it broke out from thr last four weeks' price consolidation. Price breakout is accompanied with a rise in volumes. It has been forming 'higher tops and higher bottoms' on the weekly charts.

============================
Disclaimer: Vinay Rajani is a senior technical and derivative research analyst at HDFC Securities. Views expressed are personal.