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Illustration: Binay Sinha
After a large fall in the previous session, Nifty seems to be consolidating and did not see a large follow through selling. Nifty could face resistance from the 25956-26011 band while 25446 could offer support in the near term.
Buy Coforge(Rs 7,115): | Target Rs. 7,600 | Stop-loss Rs 6,800
Stock price has broken out from last three week’s narrow consolidation. Stock is placed near its all-time high and has been outperforming the IT sector. Stock is trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on weekly charts.
Buy Coromandel International (Rs 1,726): | Target Rs. 1,860| Stop-loss Rs 1,636
Stock has broken out from bullish “Flag” pattern on the weekly chart with jump in volumes. Stock price has reclaimed its level above its 50 days EMA. 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.
(Vinay Rajani, senior technical and derivative analyst at HDFC Securities. Views expressed are his own.)
First Published: Oct 03 2024 | 7:20 AM IST
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