Headline Indices ended lower for the second day running amidst volatility. Further, the Nifty50 index turned sharply lower post breakdown from the trendline support of 15,200. However, on the downside, 15,000 will act as a demand zone.
If bulls manage to keep the index above 15,000 levels, a short covering rally may be triggered. Moreover, a trade above 15,150 will extend the gains, taking the index higher to levels of 15,300-15,400.
Equity recommendation
BUY @ Rs 432
Target: Rs 460
Stop loss: Rs 412
the stock has broken out of a rounding bottom resistance on good volumes, triggering resumption of the uptrend. Further, a sustained trade beyond Rs 430 will extend the gains in the coming sessions. RSI is also suggesting an up move.
BUY at Rs 2,470
Target: Rs 2,560
Stop loss: Rs 2,400
The stock has turned upwards on good volumes after forming a double bottom, triggering a resumption of the uptrend. Moreover, it took support at the trendline in the recent correction and resumed its upward journey, confirming bullishness. RSI has turned upwards, closing beyond the 60-level after making a higher low, which is a sign of strength.
Aditya Agarwala is
Senior Technical Analyst, YES Securities. Views are his own.
