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Nifty outlook and weekly stock picks by Vinay Rajani of HDFC Securities

Nifty in a Choppy trend; Markets expected to remain stock specific Nifty has been trading in a choppy trend for the last six consecutive weeks, where rallies are sold in to and dips are getting bought in to. Sell on rallies and buy on dips kind of strategy has been playing out in the current market scenario as far as benchmark indices like Nifty and Bank Nifty are concerned. However primary trend of the Markets is bullish as short term moving averages are trading above medium to long term moving averages and Nifty has been holding higher tops and higher bottoms.

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Nifty outlook & stock picks by Vinay Rajani: Buy L&T Tech, Gujarat Gas

Nifty outlook & stock picks by Vinay Rajani: Buy L&T Tech, Gujarat Gas
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Research analystVinay rajaniSenior technicalDerivative research analystஆராய்ச்சி ஆய்வாளர்வினய் ரஜனிமூத்தவர் தொழில்நுட்ப

Short-term trend in Nifty bearish, stay stock-specific: Vinay Rajani

Despite the recent recovery from the last week s low, Nifty is still having bearish formation of lower top and lower bottom formation on the daily charts. Unless Nifty closes above 15,180, trend would be considered bearish. However, the trend of midcap and smallcap stocks has been strong and stock specific bullishness is likely to continue. Supports for the Nifty are seen at 14,760 and 14,638. Stock recommendation: BUY Torrent Power (390) | Target: Rs 420 | Stop-loss: Rs 370 The stock registered new all-time high in February 2021 by surpassing the multi-month consolidation. Volumes went up significantly during the price breakout. Power sector, too, has been outperforming for last one month and the trend is likely to continue in the coming days. The stock price is forming higher tops and higher bottoms. Besides, the stock has been trading above all important moving average parameters. Indicators and oscillators like RSI, MACD and DMI have turned bullish on short term charts.

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Traders can lighten long positions in 15,000-15,100 zone: Vinay Rajani

The Nifty50 index has breached the crucial support of 14,753, which happened to be the previous top on the daily Chart. It has also violated the supports derived from 5, 10 and 20 days SMA. RSI oscillator has also exited overbought zone with negative divergence on the daily chart. However, we can not rule out the stock specific bullish moves. Current market setup is offering trading opportunities in both directions. As far as Nifty is concerned 15,000-15,100 is a zone, which should be utilized to lighten the trading long commitments. Support for the Nifty is seen at 14,336 odd levels, where 50 days EMA is placed.

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Hold Nifty longs with stoploss at 15,200: Vinay Rajani of HDFC Securities

Nifty outlook Nifty has been taking support at its 5-day EMA and holding the short-term trend on the upside. The primary trend of the market is up, but although momentum is diminishing for the last couple of days, as far as Nifty is concerned. However, unless Nifty breaks the near-term support, which is placed at 15,200, traders should continue to hold on to their long positions. Short-term resistance for the Nifty is seen at 15,470-odd levels. Stock recommendations Buy CANFIN HOMES (Rs 514): | Target: Rs 580 | Stop-loss: Rs 469 The stock price has broken out from medium-term downward sloping trend line on the weekly chart. It has broken out from the last 12 weeks narrow price consolidation. Volumes have been rising gradually along with price rise. The primary trend of the stock has been bullish with higher tops and higher bottoms. Moreover, the stock has been trading above all important moving average parameters. Indicators and oscillators like RSI, MACD and DMI have turned

Research analystVinay rajaniSenior technicalDerivative research analystMarket technicalsStock technicalsTechnical analysisStock ideasTrading ideasNifty viewBlue dartCan fin homesஆராய்ச்சி ஆய்வாளர்வினய் ரஜனிமூத்தவர் தொழில்நுட்பசந்தை தொழில்நுட்பங்கள்