The Nifty broke out from the consolidation, which was seen through the last five trading sessions, and registered a fresh all-time high of 22,697 on April 8. The index managed to outperform global indices by staying resilient in the last couple of weeks. The next resistance for the index is seen in the zone of 22,800-23,000, where Calls have been written.
FIIs are still having more short position than longs, which can lead to a short-covering from their side in the index future segment. Historically, April has been one of the best-performing months for the Nifty, which increases the probability for the benchmark index to remain in uptrend.
Recent swing low of 22,300 is expected to act as a strong support for the Nifty and the same should be utilised as a stop-loss in trading long position.
By surpassing the swing high of 48,636, made on December 28, 2023, Bank Nifty has registered fresh all-time high of 48,719. The Bank Nifty index is now headed for the upside target of 50,000 in the coming weeks.
Support for the Bank Nifty has shifted in the range of 47,700-48,000 and same should be utilised to create fresh long positions. Midcap, Smallcap and Microcap indices are also holding strong technical setup and they are expected to continue their uptrend.
Here are three buy calls for short term:
Redington: Buy | LTP: Rs 222 | Stop-Loss: Rs 199.5 | Target: Rs 255 | Return: 15 percent
The stock price has broken out from the consolidation, which held for last six weeks. Price rise is accompanied by rise in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart.
The stock is placed above all important moving averages, indicating a bullish trend on all time frames. Indicators and oscillators have been showing strength in the current uptrend.
PNC Infratech: Buy | LTP: Rs 464 | Stop-Loss: Rs 426 | Target: Rs 530 | Return: 14 percent
The stock price has broken out from the multi-week consolidation with a spike in volumes. The infrastructure space has been outperforming for the last may weeks and this is expected to continue.
Primary trend of the stock is bullish as the stock has been forming higher tops and higher bottoms on the weekly charts. The stock is placed above all important moving averages.
Graphite India: Buy | LTP: Rs 661 | Stop-Loss: Rs 601 | Target: Rs 760 | Return: 15 percent
The stock price has broken out from the narrow consolidation, which held in last five weeks. Breakout is accompanied by a jump in volumes. Stock price has also broken out from downward sloping trend line on the monthly chart.
the stock is placed above all important moving averages, indicating bullish trend on all time frames.
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