The Nifty continued its upward trajectory to make a splash on the uncharted zone. Post a gap-up opening, it erased early positive factors. However, renewed shopping for emerged close to the 14,600 zone. Eventually forming a small bodied bullish candle, Nifty ended at 147,90, up 142 factors. Nifty and sectoral breadth remained positive. Appearance of a decrease shadow and swift restoration from day’s low ensures a shift of base on the upside, Immediate ground for Nifty is now seen close to 14,600-14,550.
Bank Nifty rallied for the straight fifth session. During the intraday decline, it defended ranges of 34,000. Ongoing outperformance is prone to proceed and Bank Nifty may inch larger until 35,000-35,300 zone. 90% of the Bank Nifty parts ended within the inexperienced.
Energy index rallied over 2%. Stock-specific rally inside the power area is prone to proceed. Positive traction is seen within the auto ancillary shares by way of worth and quantity spurt. All the parts of the Pharma index ended larger, besides Auro Pharma. Post 11% correction within the prior month, the Pharma index has resumed its prevailing uptrend.
Buy close to Rs 97-96.5
- Stop loss: Rs 94
- Target: Rs 103
Swift reversal from assist zone together with optimistic breakthrough above short-term averages warrants optimistic outlook for the stock.
Buy close to Rs 400-397
- Stop loss: Rs 387
- Target: Rs 425
After going through sharp downticks within the earlier month, the stock rebounded within the current previous and has surpassed ranges of 400. Positive comply with by means of may entice additional brief overlaying, which can raise stock until Rs 425 zone.
(Amit Trivedi is CMT, Technical Analyst – Institutional Equities, YES Securities. Views are his personal.)