The derivative analyst from HDFC Securities recommends this strategy based on the following four rationales
The short-to-medium term outlook for the stock will stay highly bullish, as long as ITC defends its 200-DMA, indicates daily chart
The Religare Broking analyst also recommends buying Apollo Tyres
The broader trend for the Nifty remains bullish, with short-term support and resistance at 17,254-17,438 for the NSE index
Century Textile and VIP Industries are the two stock recommendations by HDFC Securities
The stock price has broken out from the downward sloping trendline, adjoining the highs of June 12, 2021, and August 3, 2021, with higher volumes.
Concor has been trading with a corrective bias for the last two months, after making a new record high at Rs 748 levels in June 2021
Info Edge (Naukri) has finally witnessed a breakout from a broader consolidation range of Rs 4,200-5,600 after spending nearly eight months there
Nifty is expected to surpass the intraday all-time high of 16,702
The stock of BSE has witnessed a decent correction from 1,400 level and has bottomed out at 1,070, near the significant 50EMA level of 1,065, and is showing signs of reversal
Tata Motors has formed a fresh shorting pivot and is likely to resume the corrective phase.
We are not at all advising to go against the current trend; but at least taking some money off the table on existing positions is always a good ploy, he says
IndusInd Bank stock has managed to move past the 50EMA level of Rs 1,000 and improve the bias
IIFL Wealth Management is heading towards a new all time high, as per charts
A clear breakdown on price action and chart patterns may lead to slide in these stocks
Bandhan Bank has been trading in a steady downtrend and is facing selling pressure on every rise
Bector Food has seen a secular rally from its 52-weeks low of Rs 328 odd zones and since then there has been no major correction in the counter
UltraTech Cement and Grasim Industries are only a few bucks short of their lifetime high of Rs 7,055 and Rs 1,547, respectively
The sideways formation of Triple Bottom is seen as the most reliable and profitable pattern
The traders and investors are cautious of heavy profit booking in the indices. However, there aren't any major technical signals to support this view