Nifty has been trading in the downward sloping channel on the daily charts. The current level of Nifty is placed very near to the support derived from this channel. Any close below 14,190 would be considered bearish and trading longs in Nifty should be squared off in that case. On the higher side, 14,560 would play a crucial role as resistance. The sustained level below 14,190 could drag Nifty towards 13,600-odd levels.
Buy Wipro (469): | Target price: Rs 510| Stop-loss: Rs 443
Wipro has been the best performing stock in the IT sector over the last couple of weeks. The stock recently surpassed the previous top resistance of 452 on the daily chart with fair volumes. It also registered a new all-time high above Rs 356. The stock is placed above all important moving averages, which indicates bullish trend on all time frames.
Buy PI Industries (2560): | Target price:Rs. 2825| Stop-loss Rs 2390
The chemical sector has been in the limelight for the last many months. PI Industry, one of the outperformers in the chemical space, is trading near its all-time high. The volumes have gone up along with the prices in the last one week. Indicators and oscillators have been showing strength in the current trend.
Disclaimer: Vinay Rajani is Senior Technical and Derivative Research Analyst at HDFC Securities. The analyst doesn’t have any holding in the stock. Views are personal