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Nifty has broken out from the narrow consolidation, which held for previous 6 trading sessions. Nifty has registered a new all time high at 23,754. Resistances for Nifty are seen at 23,824 and 24,125, which happens to be 123.6 per cent and 138.2 per cent Fibonacci retracement levels of the entire fall which was registered from 23,338 (Top of 3rd June 2024) to 21,281 (Bottom of 4th June 2024). Support for the Nifty has shifted up at 23,500.
Buy Birlasoft (Rs 695.75): | Targets : Rs 750, 785 | Stop-loss Rs 665
Birlasoft stock price has broken out from the consolidation, which held for the previous two weeks. Price breakout is accompanied by rise in volumes. Stock has been trading above its 20, 50, 100 and 200 DEMA, which indicates bullish trend on all time frames.
Buy Zensar Technologies (Rs 703): | Targets Rs 795, 900 | Stop-loss Rs 635
Zensar Technologies stock price has broken out from the triple top resistance of 660. Price rise was accompanied by healthy 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 and monthly charts. Stock price has been forming higher tops and higher bottoms on the weekly and monthly charts
(Vinay Rajani, CMT is a senior technical and derivative analyst at HDFC securities. Views expressed are his own)
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