Nifty rose for the ninth consecutive session with minor gains. Nifty smallcap index hit fresh all time high and closed with strong wicket. Trend of the Nifty is bullish and long positions should be held with 24,875 stoploss on closing basis. On the higher side, 25,078, 25,300 and 25,500 are the next resistances.
Buy Ceat Ltd (Rs 2,875): | Target: Rs 3,193 | Stop-loss: Rs 2,575
Stock is on the verge of breaking out from inverted head and shoulder pattern on the daily chart. Price rise was accompanied by healthy volumes. Stock is trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on daily and weekly chart. Stock price has started forming higher tops and higher bottoms on the daily charts
Buy Radico Khaitan (Rs 1,817): | Target: Rs 1,990, 2,090 | Stop-loss: Rs 1650
Stock has broken out from multi week consolidation pattern on the weekly charts. Price rise was accompanied by healthy volumes. Stock is trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on daily and weekly chart. Stock price has started forming higher tops and higher bottoms on the daily charts.
(Vinay Rajani, senior technical and derivative analyst at HDFC Securities. Views expressed are his own.)
First Published: Aug 28 2024 | 6:22 AM IST
