Vinay Rajani expects Nifty to remain bullish, sees 18,735 as next hurdle



Nifty View


The Nifty rose for the sixth consecutive session, to close at new all-time high of 18,618. The previous swing high of 18,442 has become strong support for the Nifty and unless that is breached on closing basis, short term trend is expected to remain bullish.


The next resistance for Nifty is seen at 18,735, which happens to be 61.8 per cent Fibonacci extension level.


BUY


Triveni Engineering


Buy Range: Rs 302 – Rs 280


Target: Rs 355


Stop Loss: Rs 270


The stock has registered symmetrical Triangle Breakout on the daily chart. Price breakout is accompanied with rising volumes. Higher tops and higher bottoms are seen on the daily chart.


The stock price is placed above all important moving averages. Sugar Sector has started outperforming after long time. Indicators and oscillators have turned bullish on daily and weekly charts.


BUY


GMM Pfaudler


Buy Range: Rs 1,898 – Rs 1,780


Targets: Rs 2,060; Rs 2,170


Stop Loss: Rs 1,740


On Week ended September 02, 2022, the stock broke out from multiple top resistance at Rs 1,750 and also from the consolidation with significant jump in volumes.


Post breakout, the stock rallied towards Rs 2,097-odd level and fell in the consolidation. The stock continued to remain in narrow consolidation for last two months.


On November 16, 2022, the stock touched lower band of the consolidation and reversed north with rise in volumes. Indicator and oscillators like RSI and MACD have been showing strength in current uptrend. The stock price has been finding support on its 50-day EMA, placed at Rs 1,821.


(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).



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