Immediate Nifty target at 13,590: Vinay Rajani of HDFC Securities

Nifty outlook

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.

Stock recommendations

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 The analyst doesn’t have any holding in the stock. Views are personal.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link
#Nifty #target #Vinay #Rajani #HDFC #Securities

Leave a Comment