By Aditya Agarwala
Nifty50 ended the June F&O expiry session in the green with a gain of 103 points. For the June series, the index gained almost 3 per cent, closing beyond crucial resistance at 15,500. However, it has now entered a sideways consolidation phase after hitting a new all-time high, with key supports between 15,450 and 15,400 (the previous high will now act as support on the downside), and intermediate support at 15,600. On the upside, 15,900 is acting as a hurdle as the index has made a double top at this level. A successful close beyond 15,900 will help the index resume its upward journey, taking the index higher to levels of 16,100-16,200. On the downside, the 20-day moving average is currently acting as a support line and technical indicator RSI continues to oscillate in bull territory, suggesting that bullishness is still intact.
Equity recommendation
Nifty50 ended the June F&O expiry session in the green with a gain of 103 points. For the June series, the index gained almost 3 per cent, closing beyond crucial resistance at 15,500. However, it has now entered a sideways consolidation phase after hitting a new all-time high, with key supports between 15,450 and 15,400 (the previous high will now act as support on the downside), and intermediate support at 15,600. On the upside, 15,900 is acting as a hurdle as the index has made a double top at this level. A successful close beyond 15,900 will help the index resume its upward journey, taking the index higher to levels of 16,100-16,200. On the downside, the 20-day moving average is currently acting as a support line and technical indicator RSI continues to oscillate in bull territory, suggesting that bullishness is still intact.
Equity recommendation
- Buy at CMP of Rs 1,080 for a target of Rs 1,200 with a stop loss at Rs 1,020
The stock has resumed an uptrend after breaking out of a narrow consolidation phase on good volumes. RSI has also turned upwards, making higher lows and confirming bullishness. Further, it took support at the cluster of its key short-term moving averages, which is a sign of bullishness.
- Buy at CMP of Rs 333 for a target of Rs 360 with a stop loss at Rs 315
The stock has resumed an uptrend after breaking out of trendline resistance on good volumes, confirming bullishness. Technical indicators are also in bull territory, confirming strength in the stock.
(Aditya Agarwala is Senior Technical Analyst at YES Securities)
