Markets are in continuation of an uptrend. For the Nifty, immediate target is seen at 13,590, which happens to be the 123.6 per cent retracement of the entire fall seen from 12,430 (Jan 2020 Top) to 7,511(March 2020 Bottom). The far target is seen at 14,300-odd levels, where 138.2 per cent retracement levels are placed. As far as support is concerned, 13,145 is a crucial level to watch out for.
BUY Nippon Life India Asset Management (Rs 304): | Target: Rs. 341 | Stop-loss: Rs 289
The stock price as broken out from last three weeks of consolidation. It surged over 3 per cent on December 7 with significant jump in volumes. Asset management companies have started getting traction recently. Short-term moving averages have crossed over medium-to-long term moving averages in the recent past. Stock price has reclaimed a level above its 200-day EMA.
BUY L&T Technology Services (Rs 1,810): | Target: Rs 2,020| Stop-loss: Rs 1,730
The stock is on the verge of registering new all-time high above 1,872. On the week ended December 4, 2020, the stock closed at the highest level on the weekly basis. In the week gone by, the stock broke out from the long consolidation which held for seven consecutive weeks. It has also broken out from the downward sloping trend line, adjoining previous major tops.
Disclaimer: Vinay Rajani is Technical Research Analyst at HDFC Securities. The analyst doesn’t have any holding in the stock. Views are personal.
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