By Subash Gangadharan
Nifty has rallied this week after taking a breather in the previous week. In the process, the Nifty has crossed its previous swing high of 17442, thereby remaining in a strong uptrend. Technical indicators too are giving positive signals as the index trades above the 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back and are in rising mode now. Nifty could now attempt to target the next intermediate highs of 17639-17795 in the coming sessions. Short term trend reversal levels for the Nifty are now at 17003.
BEML has shown relative strength this week. While the Nifty index has gained 2.01% this week, BEML has gained 11.0% over the same time period. In the process, the stock has also broken out of its recent trading range on the back of above-average volumes.
Zooming into the weekly chart, we can also observe that the stock has recently bounced back from the 50 week SMA. The stock is also trading above the 20 day SMA and daily momentum indicators like the 14-day RSI too are in rising mode now, which augurs well for the uptrend to continue.
With the intermediate technical setup looking positive, we believe the stock has the potential to move higher and take out its previous intermediate highs in the coming weeks. We, therefore, recommend a buy between the 1695-1715 levels. CMP is 1705. Stop-loss is at 1520 while the target is at 1980.
Buy Home First Finance Company
Home First has recently reversed its intermediate downtrend when its crossed its previous swing high of 733. On Wednesday, the stock broke out of its recent trading range of 700-760 on the back of above-average volumes.
Technical indicators are giving positive signals as the stock trades above the 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back and are in rising mode now. The Relative Strength Comparative indicator too is beginning to move higher, indicating the stock is likely to outperform the Nifty in the coming sessions.
With the intermediate technical setup looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy between the 770-780 levels. CMP is 776. Stop-loss is at 700 while the target is at 900.
(Subash Gangadharan is a Senior Derivative & Technical Analyst at HDFC securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
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