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Hot Stocks | Bet on IOC, HCL Tech, Control Print for up to 14% return. Here's why

IOC has broken out on the weekly chart from the downward sloping trendline adjoining the highs of April 22, 2022 and December 16, 2022. Trend of the stock is positive as stock price is trading above its important moving averages.

January 24, 2023 / 06:27 AM IST
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  • nselive
Todays L/H

The Nifty broke the two-day losing streak on January 23 on the back of strong global cues and closed with 91 points gain at 18,119.

The short-term trend in the Nifty looks positive as the index trades above its five-day and 11-day EMA (exponential moving average). The Nifty Open Interest Put Call ratio surged to 0.94 level from 0.83 level on the back of aggressive Put writing at 18,000-18,100 levels. The Nifty has closed above downward sloping trendline resistance, adjoining the highs of December 1 and December 14, 2022.

For last four weeks, the benchmark index has been consolidating in the narrow range of 17,761-18,265, forming a descending triangle pattern on the daily chart with multiple bottoms in the range of 17,750-17,800. Therefore, on the downside, 17,800 could now be considered as an immediate support for the Nifty and one should remain bullish with stop-loss of 17,800 level.

On the upside 18,185-18,265 could act as an immediate resistance for Nifty. We may see upside momentum once it manages to surpass recent swing high of 18,265 convincingly.