Nifty View
The Nifty continued to trade in a choppy trend and failed to register follow up buying after yesterday’s pullback rally. The index lost almost a per cent and closed below previous day’s low.
The Nifty has formed lower top at 18,141 and turned south and therefore unless 18,141 is taken out decisively, trend would remain bearish for Nifty.
Strong support for Nifty is seen at 17,774, below which bearish momentum is likely to accelerate towards 17,500 level.
BUY
Indian Oil Corporation (IOC)
Last close: Rs 80.55
Targets: Rs 86
Stop Loss: Rs 77.4
The stock price has surpassed crucial resistance of previous top placed at Rs 79. Price breakout is accompanied with rising volumes.
The stock price has been forming higher tops and higher bottoms on the daily charts and the stock price is placed above all important moving averages. Indicators and oscillators have tuned bullish on daily and weekly charts.
BUY
SBI Life Insurance
Last close: Rs 1,301.40
Targets: Rs 1,370
Stop Loss: Rs 1,271
The stock price has surpassed crucial resistance of previous top placed at Rs 1,295. The stock is placed above its 50, 100 and 200 DMA, which indicates bullish trend on all time frames.
Life Insurance sector has recently picked up the momentum. Indicators and oscillators have turned bullish on daily and weekly charts.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
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