Convenient view
Nifty has shown a one day up and one day down pattern in the last seven sessions. This shows the indecision on the part of investors and traders ahead of the bill vote and the US Fed meeting.
Nifty has formed a bearish dark cloud pattern on the daily charts. It could now face resistance at 21,813, while 21,429 could provide support.
Buy NCC | CMP: Rs 212 | Target: Rs 260 | Stop loss: Rs 182
On January 10, the stock broke out of the upward trend line on the daily chart. The price breakout was accompanied by a jump in volumes.
On January 18, the price witnessed a pullback and returned to the north, where the primary uptrend resumed. It is placed above all major moving averages, indicating a bullish trend on all time frames.
Indicators and oscillators such as DMI and RSI have turned bullish on the daily charts.
Buy Bank of Maharashtra | CMP: Rs 53.70 | Target: Rs 60 | Stop loss: Rs 50
The stock price has surpassed the previous top resistance of 52 and has held steady above it. In September 2023, the price broke out of the downward long-term trendline on the monthly chart.
The short-term moving averages are trading above the long-term moving averages, confirming the stock’s uptrend. Indicators and oscillators such as MACD and RSI have turned bullish on the weekly charts.
Disclaimer: Vinay Rajani is CMT, Senior Technical and Derivative Research Analyst at HDFC Securities. Opinions are his own.
First print: January 31, 2024 | 7:17 am IST