By Subash Gangadharan
Nifty remains in a short term uptrend and has been making higher tops and higher bottoms for the last few weeks. 14-day RSI at 67.2 is not overbought, suggesting more upside potential.
Short term weakness is however not ruled out. Crucial supports to watch for weakness are at 22673-22612.
Buy Bikaji (549): | Target Rs. 625 | Stop-loss Rs 500
Bikaji has bounced back strongly from the 476 levels. These levels coincide with the previous swing lows of the stock and the 50 week SMA. Come from Sports betting site VPbet
Will Nifty continue to see positive momentum from 24,300 on Friday? See GIFT Nifty, FII data, F&O, crude, and more before market opens Will Nifty hold 24,000 on Wednesday or fall further? See GIFT Nifty, FII data, F&O, crude, and more before market opens Paris Olympics 2024: Extreme measures! How Vinesh Phogat tried to cut weight for Gold medal bout Will Nifty surpass 25,000 or take support at 24,300 on Wednesday? See GIFT Nifty, FII data, F&O, crude, and more before market opens
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This week, the stock has also broken out of the previous intermediate high of 542, indicating that the recent downtrend has reversed.
Momentum readings like the 14-day RSI are climbing higher and not overbought, which indicates further upside potential.
Buy NMDC (65.7): | Target Rs. 73 | Stop-loss Rs 61
Stock price has bounced back from a recent low of 50 which coincides with the 200 day EMA and has been consistently making higher tops and higher bottoms over the last two weeks.
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On Wednesday, the stock has broken out of the recent trading range on the back of huge volumes, which suggests more upside potential. Stock also trades above the 20 day and 50 day SMA and momentum readings like the 14-day RSI are in rising mode and not overbought.
(Mr. Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities. Views expressed are the author’s own. Please consult your financial advisor before investing)
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