Trading Strategies: Aurobindo Pharma, hero MotoCorp, JSW Energy
Last close: 5139
On Friday, Nifty saw a positive opening of 30 points on back of strong global cues and in the later half market extended their morning gain due to buying witnessed in the rate sensitive stock ahead of RBI mid-quarterly policy review. All sectors were ended in the green but major buying visible in Auto, banking, reality and capital good stock. On Chart, Nifty has given closing above short term and long term moving averages that shows the strength is still remaining in the markets. Key Resistance would be around 5200-5220 while the key support would be around 5060.
“If there is follow through of last week gain’s then this is the right time for making long positions"
Last close: Rs 108.55
Target: Rs 115
Stock was facing selling pressure from the high of 140 levels resulting to test 100 levels with declining market. Afterward it traded sideways in range 100-115 for two months which leads to form the “Symmetrical Triangle" formation on daily charts which is bullish in nature. So buy this stock for the upside target of 115 with SL of 105.
Last close: Rs 2000
Target: Rs 2070
It corrected sharply from high 2250 to 1810 with correction in broader index. Prior to the reversal, it traded sideways in range of 1800-1900 to form the fresh buying pivot. After the breakout of consolidation range it started moving higher while forming the “Bull Flag" formation on daily charts. Buy this stock for the upside target of 2070 with SL of 1990.
Last close: Rs 49.50
Target: Rs 53-54
In Bull Run, It raised sharply from 38 to 76 levels in short span but also corrected in the same manner & tested its earlier support zone of 39-41 levels. Prior to the reversal, it traded sideways in range of 42-46 levels for 1 month. After the breakout of same, stock has started moving higher with strong spurt in volume. On Friday, stock has broken its 50 EMA on daily charts so buying momentum can continue for coming session. Buy this stock for the upside target of 53-54 with SL of 47.50
Source: Mudit Goyal, techncial analyst, SMC Global
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