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Technical calls by HDFC Securities for today: Buy ITC, Bajaj Electricals

Vinay Rajani/Mumbai 11 Jul 18 | 06:30 AM

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Nifty outlook and top trading ideas by Vinay Rajani - Technical Analyst, HDFC Securities:

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Buy ITC (Rs 277)

Target: Rs 294

Stop loss: Rs 268


Most of the large-cap FMCG stocks hit new all-time highs during the last two months. However, in the case of ITC, it is still placed 25% below from the all-time high of 368 registered in July 2017. Recently ITC has taken support on the long-term trend line on the weekly charts and reversed northward. Stock price reclaimed a level above its 20 and 50 DMA, indicating a bullish trend reversal.  We recommend buying ITC for the upside target of 294, keeping SL at 268.


Buy Bajaj Electric (Rs 551)

Target: Rs 590

Stop loss: Rs 523


The stock has been holding above its crucial support of 200 DMA, currently placed at 512. Stock Price has recently broken out from the consolidation range of 515-550, holding for last 5 weeks. On Tuesday, July 10, 2018, Stock surged more than 5%, with a significant jump in volumes. Oscillators and indicators have turned bullish on the short-term charts. We recommend buying Bajaj Electric for the upside target of 590, keeping SL at 523.


Nifty View


Nifty has finally broken out from the consolidation range 10,600-10,800. Nifty is reached above its 20, 50, 100 and 200 DMA, indicating positional uptrend. Next Resistances for Nifty are seen at 11,020 and 11,395. As far as Support is concerned it now shifted upward to 10,800.


Disclaimer: The analyst may have positions in any or all the stocks mentioned above.


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