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Technicals Technical Chart Visualize Screener. NIFTY 50 10, Drag according to your convenience. Traders should continue to remain optimistic in the market and focus more on individual stocks to find potential trades.
The Nifty50 failed to reclaim its crucial resistance level of 8, on Friday, but managed to rally 2. It was a remarkable week for traders, as the bulls took over Dalal Street after the recent corrective move. More importantly, this bounceback led to strong buying interest across the broader market. Due to the recent recovery, this support has become sacrosanct for the index.
In this scenario, the Nifty50 may extend the rally towards 8, and 8, levels. On the flipside, the 8, and 8, levels would be seen strong supports in the forthcoming week. The index is likely to remain volatile but a lot of individual stocks are showing potential to outperform.
Based on various brokerage recommendations, we have collated a list of eight stock trading strategies for the next sessions. Rs 1, Target price: A strong support zone is visible in the chart around Rs 1,, levels.
The stock has bounced back from its support of short-term moving average of days periods and started to gain momentum. Most of the momentum indicators are favouring further upside. Rs 5, Target price: It is on the verge of breaking out above its medium-term consolidation formation. The momentum indicators are showing signs of strength. The stock is likely to gain momentum and is expected to move higher. Traders may initiate a long position on a breakout above 5,, for the target of Rs 5, with the stop loss of Rs 5, The stock is trading above its medium-term moving averages of days periods in the daily chart.
Traders can initiate long for the target of Rs 1, with the stop loss of Rs 1, Rs Target price: After a strong rally, the stock has entered a short-term consolidation. In such case, the stock is likely to test the level of , buy with the stop loss of Rs 3, Target price: Overall, the stock is nicely poised for further down if it moves below its nearest support level at Rs 3, The stock is trading below its both short and medium term moving averages of 10 and days period on the short-term chart.
Traders can initiate short positions for the target of Rs 3, with the stop loss of Rs 3, Buy Stop loss Rs 2, Target price: However, prices are currently trading near the previous support which can be seen on the daily chart.
Considering the positive indications on all the mentioned time charts, we are expecting the stock to give a pull-back move in near term. The stop loss for this trade set up can be kept at Rs. Looking at the daily chart, it seems that the stock is in a process of forming a base around this support.
Traders are advised to buy this stock at current levels and on declines to Rs. Last month, the stock made a low of Rs Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.
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