Zee Business Managing Editor Anil Singhvi says day’s support range for Nifty is 11550 – 11600 and days higher range is 11775 – 11850. For New Positions, Singhvi says one should buy Nifty with Stop loss of 11640 and Target of 11750, 11775, 11825 and 11875 and Sell Nifty in 11800 – 11850 range with stop loss of 11900 and target of 11775, 11750 and 11725.
Currently, Nifty is trading up 130 points over 11800 levels and Sensex trades near 40240 up over 480 points. Market expert, Sumeet Bagadia, Executive Director at Choice Broking has shared his view on Axis Bank, Shriram Transport Finance, Hindalco and TVS Motor; here are some reading strategies for traders.
View on Axis Bank:
On the daily chart, the stock has been forming Ascending Triangle Patterns, which is a bullish continuation pattern and indicates that buyers are more aggressive than sellers. Moreover, the price has also traded above Ichimoku Cloud formation, which suggests bullishness in the counter for long term. Furthermore, a momentum indicator RSI reading is at 60 levels and stochastic indicator is showing positive crossover, which may support prices to move higher. So based on the above technical parameters, Sumeet recommends a long position in Axis Bank at Rs 534 with the stop loss of Rs 500 for the upside target of Rs 600.
View on Shriram Transport Finance:
On the daily timeframe, the stock has been hovering near to its upper line of the Symmetrical Triangle Pattern, which could be a breakout point. Moreover, price has sustained above 100 days Exponential Moving Average, which suggests a bullish trend for near term. Additionally, a momentum indicator RSI has shown a positive crossover, which indicates a bullish set-up in the counter. Hence, Sumeet is expecting a bullish move for near term. Sumeet recommends Buy on Shriram Transport in cash at Rs 760 with a stop loss of Rs 725 and target of 810 / 830.
View on Hindalco:
On a daily chart, recently the stock has taken the support of its Lower Band of Broadening Rising Wedge formation in which the stock has been trading since the last many days which suggests a bounce back movement in the counter. Moreover, the stock has taken the support of its 100 Days Moving Average which is placed at 171.50 level which shows a positive trend in the counter. Even the daily momentum indicator RSI reading is at 51.46 level with upward Rising Trendline which points out for a positive breath in the counter. Sumeet recommends Buy on Hindalco in Cash at Rs 176.60 & Upto 174 with a stop loss of Rs 165 and target of Rs 200.
See Zee Business Live TV Streaming Below:
View on TVS Motor:
On a daily chart, the stock has taken the support of its Lower Band of Broadening Triangle formation which suggests a northward movement in the counter towards its Upper Band of the formation. Moreover, the stock has taken the support of its 100 Days Moving Average which shows a bounce back movement in the counter. Even volume activity was at an accentuated level with rise in price which shows a valid movement can be seen in the counter during an upcoming trading session. Sumeet recommends Buy on TVS Motor in Cash at Rs 462 & Upto 450 with stop loss of 435 and target of Rs 500 – Rs 520.