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10,300-10,350 is the strong resistance zone in Nifty: HDFC Securities

Devarsh Vakil & Vinay Rajani/New Delhi 15 Nov 17 | 08:21 AM

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Nifty outlook and key trading ideas by Devarsh Vakil & Vinay Rajani - PCG Desk, HDFC Securities:

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Nifty View

From the All-time high of 10,490 registered on 6th Nov 2017, Nifty has corrected more than 300 points to 10,175. Nifty formed major bottom at 9,687 on Sept 28, 2017 and if were to apply Fibonacci retracement of the entire upswing from 9,687 to 10,490, then 50% Fibonacci retracement comes at 10089, which can act as a support going forward. On the upside 10,300-10,350 is the strong resistance zone in Nifty.

Buy CROMPTON GREAVES CONSUMER

CMP: Rs 248

Stop Loss: Rs 235

Target: Rs 275

Stock price has recently registered new all-time and 52 week high. Stock has surpassed the crucial multiple top resistance of 245 on closing basis and with higher volumes. Primary trend of the Stock is bullish with higher tops and higher bottoms. Stock price is placed above all important moving averages, indicating bullishness on all time frame. Company has also posted good Q2FY18 Results, which raises the confidence in initiating long positions from current price. Considering the technical evidences discussed above, we recommend buying the stock between 248 and 240, for the target of 275, keeping a stoploss at 235 on closing basis. 

Buy TEXMACO RAIL

CMP: Rs 116.5

Stop Loss: Rs 110

Target: Rs 126

Stock price has broken out from bullish “Flag" pattern on its daily chart with jump in volumes. Railway Stocks have been showing traction for last couple of Months.  Stock price is on the verge of breaking multiple top resistance of 120. Oscillators like MACD, KST and ADX have been showing strength on the daily and weekly charts.  Considering the technical evidences discussed above, we recommend buying the stock between 116.50 and 112, for the target of 126, keeping a stoploss at 110 on closing basis. 

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

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Sensex

Company Price Gain (%)
Adani Ports414.303.27
H D F C1,718.301.53
St Bk of India335.201.35
Asian Paints1,174.351.12
Maruti Suzuki8,514.301.08

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