The Nifty is in a consolidation phase around the significant psychological level of 21,000, following an impressive rally. The immediate support level stands at 20,850. As long as the index remains above this level, the bullish momentum is poised to persist.
If it falls below this point, it could trigger minor rush to book profits, with 20,700–20,500 emerging as the subsequent support range. On the upside, key resistance levels include 21,025, 21,175, and 21,375.
In case of Bank Nifty, it is consolidating above the 47,000 mark, with immediate target levels at 47,500, 47,700, and 48,000. A dip below 46,800 may lead to a test of the critical support level at 46,300, which previously served as a resistance level. The overall market structure remains bullish as long as Bank Nifty remains above the 46,300 mark.
Here are three buy calls for next 2-3 weeks:
Carborundum Universal: Buy | LTP: Rs 1,215.55 | Stop-Loss: Rs 1,150 | Target: Rs 1,350 | Return: 11 percent
The stock is in a bullish trend, consolidating around the 200-DMA (moving average) before breaking out from a symmetrical triangle on the daily chart. Anticipating fresh bullish momentum, the immediate resistance is at Rs 1,260–1,300, with potential for further gains to Rs 1,350–1,400.
Strong support lies around the cluster of moving averages near Rs 1,140, complemented by positive momentum indicated by RSI (relative strength index).
RCF: Buy | LTP: Rs 159.4 | Stop-Loss: Rs 144 | Target: Rs 190 | Return: 19 percent
Rashtriya Chemicals and Fertilisers has broken out of a rounding bottom formation with substantial volume, surpassing multi-year resistance for a potential rally. Immediate targets stand at Rs 190–200, with further upside potential to Rs 225–250.
Strong support is at the previous breakout level of Rs 145. Although daily chart momentum indicators suggest overbought conditions, they may persist, indicating sustained bullish momentum in the near term.
Chalet Hotels: Buy | LTP: Rs 614.6 | Stop-Loss: Rs 570 | Target: Rs 700 | Return: 14 percent
In a robust uptrend, the stock is gaining momentum, breaking out from a symmetrical triangle with substantial volume. The RSI, surpassing 60, reinforces the bullish stance.
The pattern breakout signals a target of Rs 700, with a resilient downside support at Rs 580—marked by a cluster of moving averages.
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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