Amit Trivedi, YES Securities
Nifty50 has jumped 9.3 per cent from the prior month’s low. In Wednesday’s session, intraday decline found support near 17750, while momentum on the upside picked up as it sustained above the level of 17800. Eventually, Nifty50 ended above 17900 – up 0.6 per cent, forming another bullish candle on the daily chart. Nifty-breadth was mildly positive, while sectoral trends turned mixed. Going ahead, minor consolidation can’t be ruled out to digest the recent up move, however shifting the base higher – levels of 17700 is likely to act as an immediate floor.
Surpassing the prior month’s peak, Bank Nifty jumped over 6 per cent this week so far. Stock-specific rally within the banking space is expected to continue.
The FMCG index continued to climb higher, while the IT index faced sharp downticks. The Metal index is gradually gaining positive traction, sustenance could attract out-performance.
Recommendation
Buy
near Rs 1240
Stop loss: Rs 1210
Target: Rs 1300
Appearances of multiple bullish candles witnessed a positive breakthrough in the downward slanting trend lines. The positive follow-up action is likely to continue the recent up move till the Rs 1300 level.
(The author, Amit Trivedi, CMT is Technical Analyst–Research at YES SECURITIES. Views are his own.)
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