Vinay Rajani of HDFC Securities sees support for Nifty around 17,400-17,150

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Nifty View


The Nifty has been consolidating in the range of 17,400-17,600 for last few sessions. The index made a short term top at 17,778 on August 30, 2022 and that becomes the near term resistance for Nifty.


For confirmation of medium term uptrend resuming, the Nifty has to surpass the 17,800 resistance. On the downside 17,400 and 17,150 are crucial supports to watch out for.


BUY


HG Infra


Last close: Rs 622


Targets: Rs 670, Rs 730


Stop Loss: Rs 590


The stock has broken out from the “Flag” pattern on the daily chart. The price breakout is accompanied by rising volumes and the stock is placed above 20, 50 and 200 days EMA, which indicates bullish trend on all time frame.


BUY


CreditAccess Grameen


Last close: Rs 1052


Targets: Rs 1,177, Rs 1,240


Stop Loss: Rs 982


The stock has broken out from the symmetrical triangle on the daily chart. The price breakout is accompanied with jump in volumes. The stock has also broken out from the consolidation, which held for previous 10 trading sessions and is placed above its 20,50, 100 and 200 DMA, which indicates bullish trend on all time frames.


Indicators and oscillators like DMI and MACD have been showing strength in the current uptrend. Further, the finance Sector has been outperforming and same is expected to continue.


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

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