Nifty outlook On June 28, the Nifty formed a bearish belt hold and engulfing pattern on the daily chart. Any level below 15,673 would violate the crucial support of the previous swing low on the daily chart. However, in the last six session, Nifty s range has been 15,700-15,900. This range needs to be broken on either side, to get back the directional move. Above 15,900, Nifty could move towards 16,300 target, while any level below 15,673 could drag Nifty towards 15,500 support.
Recommendations
Buy CCL PRODUCTS (Rs 362): | Target: Rs 405 | Stop-loss: Rs 335 The stock price has broken out from last seven sessions narrow consolidation. Flag pattern breakout is seen with rising volumes on daily charts. The primary trend of the stock has been bullish as the stock has been forming higher tops and higher bottoms on the daily and weekly charts. Tea, coffee, and sugar stocks have been performing very well for last couple of months. The stock is placed above medium to long term moving
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Nifty has been trading in the downward sloping channel since February 16, 2021. Trading in channel indicates that Market is passing through consolidation phase. During this phase, trend remain choppy and direction less. However, looking at the recent developments on the Nifty charts, it seems that Index is likely to breakout from the consolidation soon. Major reason has been the strong breadth in the Market. Strong Advance-Decline ratio in consolidating market indicates the chances of upward trend sooner or later. Indicators and oscillators like MACD, DMI and RSI have shown some early sign of breakout in the Index. Daily MACD has reached above the equilibrium line. RSI has been positing higher bottoms and has also shifted its range upward. DMI indicator has turned bullish, as +DI has crossed –DI line on the upside.