Nifty index opened positive and rallied by around 100 points towards 9,225. It formed a Bullish candle on daily chart and closed near its falling supply trend line. It made a strong conviction bar indicating buyers are firmly in control of the market. Now a decisive hold above 9,218 could lead the index towards new life-time high territory of 9,280, while on the downside supports are seen at 9,191 and 9,135.
Last Close: Rs 415
Stop Loss: Rs 407
Target: Rs 435
Price action in Voltas shows a sharp uptrend. Prices see a corrective decline and this decline is now taking support at the rising trend line. The overall capital goods sector is seeing a revival of fortunes. With this stock in a sharp intermediate uptrend, higher levels are possible. We recommend a buy for a target of Rs 435 with a stop below Rs 407.
Last Close: Rs 293
Stop Loss: Rs 284
Target: Rs 305
The stock is making higher top-higher bottom formation on weekly chart and is holding the gains post its major trend line breakout.
Last Close: Rs 1732
Stop Loss: Rs 1705
Target: Rs 1780
Given a breakout from its Pole and Flag pattern on daily chart and trading at multiple months high levels. Positive sector outlook and accumulation of longs are supporting the stock to head to higher levels.
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Chandan Taparia is a Deivatives and Technical Analyst at Motilal Oswal Securities.