Nifty rose for the fifth consecutive session on Tuesday to shut at new record highs of 13,928. Preceding top of 13,772 is expected to interchange its role from resistance to make stronger now. Upside target for Nifty is seen at 14,300 ordinary levels, which happens to be the 138.2 per cent Fibonacci retracement of the downswing seen from 12,430 to 7,511.
Buy ICICI General Insurance (Rs 1,513): | Target: Rs. 1590 | Stop-loss: Rs 1450
The inventory price has broken out from the bullish “Flag” sample on the day-to-day chart with a hop in volumes. After four weeks of consolidation, the inventory has resumed its primary uptrend. Indicators and oscillators have been showing strength.
Buy Cipla (Rs 825): | Target: Rs. 870 | Stop-loss: Rs 800
The inventory price has broken out from the final five month’s narrow consolidation. Recently, the inventory registered a new all-time high at Rs 839 with rise in volumes. Short term moving averages are trading above medium to long term moving averages, indicating a bullish trend on all time frames.
Disclaimer: Vinay Rajani is Technical Research Analyst at HDFC Securities. The analyst doesn’t have any holding in the inventory. Views are personal.
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