By Abhishek MondalGuiness Securities
The NSE benchmark Nifty50 settled almost flat in a choppy trading session, modestly up by 22.90 points as caution prevailed ahead of the key economic data of retail inflation and IIP.
On Tuesday, after a gap up opening, markets remained range-bound for most of the day but managed to close above 10400 levels with modest gains of 0.22 percent at 10,402.25; forming a Doji Candle pattern on the daily scale.
If the Nifty50 manages to hold and sustain above 10,440-mark (50DMA) in the next few trading sessions, it can move higher till the resistance of 10,560 levels (50 percent retracement of January to March fall – 10,561).
The immediate support is seen around 10,348 (100DEMA) and 10,300 levels. The Relative Strength Index – RSI on the Daily Chart is at 55.77; showing upward momentum and MACD is trading with positive crossover but still remains below the zero line, which indicates that the bias could remain neutral to bullish for the next few trading sessions.
KNR Constructions has given a breakout from ascending triangle pattern above Rs 302-303 levels on Monday with higher volumes in the daily scale.
The Daily Relative Strength Index (RSI) is making the higher bottom and higher top and the MACD is trading with a positive crossover near the zero line whereas +DI continuously trading above –DI.
Positional traders can buy the stock around current level and add on dips around Rs 305-307 with a stop loss below Rs 291 (closing) for the target of Rs 350 and return of 12.18 percent.
Disclaimer: The author is Research Analyst, Guiness Securities. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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