Applying the measured move principle, Bank Nifty could potentially rally towards the 66,000 level over the next three to four months, said Rahul Ghose, the Founder and CEO of Octanom Tech and Hedged, in an interview with Moneycontrol.
He is bullish on HUDCO and Lupin for December. "Housing & Urban Development Corporation is on the verge of a symmetrical triangle breakout, while Lupin is forming a rounding bottom pattern on the weekly chart and shows signs of an upward move toward Rs 2,340–2,350 levels," he reasoned.
What is your outlook for December after the upward move seen over the past three consecutive months? Can the Nifty reach the 27,000 mark?
The monthly closing for both the Nifty and Bank Nifty indices has been strong, forming consecutive bullish candles and closing near their monthly highs. This price action builds a solid case for continued bullish momentum. While the Nifty is yet to decisively breach its all-time high, unlike the Bank Nifty, both the price structure and candlestick formations suggest it could do so soon.
Technically, the 27,000 level in December may appear stretched, but it remains achievable, provided foreign institutional investor (FII) inflows stay positive, global risk sentiment remains supportive, and there are no adverse policy surprises. Any dips towards 26,000–25,800 should attract buying interest.
Do you expect Natural Gas futures on the MCX to extend their rally for a fourth consecutive month after the 44 percent surge during the September–November period?
Natural Gas futures continue to display strong bullish structure on higher time frames, with no visible resistance until the Rs 580–600 zone. However, daily and weekly oscillators are entering overbought territory, making fresh entries at current levels less attractive from a risk–reward perspective.
Any pullback toward the Rs 380–390 region could offer a favourable buying opportunity. Medium- to long-term targets of Rs 500–530 appear realistic.
What is your Bank Nifty target for December, and what is the rationale behind it?
Predicting precise levels for December is challenging, but structurally, the Bank Nifty appears to be in an ongoing ABC pattern. Wave A was an impulse move of roughly 9,100 points, Wave B represented a corrective phase, and Wave C seems to have begun from the 53,779 low.
Applying the measured move principle, Bank Nifty could potentially rally towards the 66,000 level over the next three to four months.
Which two stocks are your top picks for December based on technical parameters?
HUDCO
Housing & Urban Development Corporation (HUDCO) is on the verge of a symmetrical triangle breakout. Momentum oscillators indicate an impending breakout above the Rs 248 level, with short-term potential targets around Rs 350. The weekly MACD and RSI readings also reinforce this bullish outlook.
Lupin is forming a rounding bottom pattern on the weekly chart and shows signs of an upward move toward the Rs 2,340–2,350 levels. The stock has been consistently taking support at its weekly 20 EMA, with momentum indicators turning positive.
Are the charts indicating a potential target of around Rs 200 for Welspun Living?
Welspun Living faces strong resistance in the Rs 160–170 range. A breakout above this zone could open the path to a Rs 200 target. Currently, the stock is consolidating within a rectangular range; a decisive breakout on strong volumes would be the key trigger for the next move. Until then, sideways price action within this band is likely.
Do you see a Cup-and-Handle–type pattern forming in Latent View Analytics?
Latent View Analytics is developing a U-shaped structure resembling the “cup” portion of a potential Cup-and-Handle pattern—a bullish continuation setup that typically signals further upside. However, it is premature to confirm a breakout from this formation.
The stock is currently trading near resistance between Rs 520 and Rs 550. It may require additional consolidation before a clearly tradable pattern emerges.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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