Nifty View
Nifty has closed above its 10 days EMA for the first time since the U.S.-Iran- Israel war started. Nifty has also surpassed the previous week’s high for the first time in this period, which is encouraging sign for bulls. Short term trend seems to have reversed for Nifty. Resistance for the index is seen near 23500, while today’s low of 22719 could offer support.
Buy GPIL at ₹285 | Stop loss ₹275 | Target ₹300
GPIL stock price closed at an all time high with rise in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms. Stock is placed above long-term key moving averages, indicating uptrend on all time frames. Metal sector has been outperforming.
Buy Tata Elxsi at ₹4,360 | Stop loss ₹4,100 | Target ₹4,550
Tata Elxsi stock price has reclaimed its level above 20 DEMA after long time. IT sector has started outperforming. Indicators and oscillators have turned bullish on daily charts. Recent price rise is accompanied by healthy volumes. ========================================
(Disclaimer: This article is by Vinay Rajani, senior technical and derivative analyst at HDFC Securities. Views expressed are his own.)
