By Achin Goel
NSE's benchmark Nifty has remained in the green so far on the weekly chart. On the weekly chart, the index made a Twizer Bottoms around 10000 and moved up northwards.
Moreover, in its recent rally, Nifty has reclaimed its crucial 200-Days moving average (DMA). Also, the index has been sustaining higher after it broke out above the falling channel.
On the options front, increased interest in 10,200 Put suggests a positive shift in the Nifty range. However, a proximity to resistance levels may induce some small correction which we think would provide a buying opportunity in the near term.
On the higher end Nifty may extend its gain towards 10,650/10,850.
Tata Consultancy Services: BUY | Target: Rs 3250 |Stop loss: Rs 2890 | Return: 8%
The stock has given a trend-line breakout on the daily chart which indicates a reversal of the previous bearish trend. The stock has moved above 38.2 percent of the previous fall from Rs 3259 to Rs 2781.
In addition, 50-DMA and 200-DMA are in a positive crossover which is known as golden cross. The daily RSI (14) has given a trend line breakout. Another momentum indicator MACD is in the bullish crossover. Traders can accumulate the stock in the range of Rs 3000-3015 for the target of Rs 3250 and a stop loss below Rs 2890.
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