The Nifty experienced a strong resurgence of bullish momentum, resulting in a sharp recovery from its previous lower levels. The index is hovering near a critical resistance zone at 19,640, which aligns with its 20-day moving average (20DMA).
A conclusive break above the 19,700 levels, especially on a closing basis, would not only signify a reversal of the recent downtrend but also potentially open the path for further upward movement, with an eye towards the 20,000 mark.
The Bank Nifty index remains caught in a struggle between the bulls and the bears, particularly in anticipation of the RBI policy due later this morning. A clear and decisive market move is expected only after the policy decision as it can influence the market sentiment significantly.
There is a support level evident at 44,500 for the Bank Nifty, while a resistance level stands at 45,150. A breach above or below these levels may trigger sustained trending moves in the index.
Here are three buy calls for next 2-3 weeks:
Coforge: Buy | LTP: Rs 5,068 | Stop-Loss: Rs 4,800 | Target: Rs 5,300-5,500 | Return: 8.5 percent
The stock is engaged in a robust uptrend, marked by the consistent formation of higher highs and higher lows, indicating a sustained positive momentum. Support for the stock is visible at the 20-day moving average (20DMA), situated at Rs 4,835, and this level has been acting as a reliable support for the stock's upward movement.
The momentum indicator, RSI (relative strength index), has exhibited a positive crossover, affirming the stock's strength and suggesting the potential for further upward momentum. The stock presents a potential upside target of 5300 and 5500, indicating the possibility of further price appreciation.
RITES: Buy | LTP: Rs 470.65 | Stop-Loss: Rs 450 | Target: Rs 500-510 | Return: 8.4 percent
The stock has experienced a breakout from its consolidation phase on the daily chart, accompanied by a notable surge in trading volumes. This breakout suggests the potential for further price movements.
The 20-day moving average (20DMA), acting as support at Rs 450, has served as a reliable cushion for the bulls and a crucial level for potential reversals.
The momentum indicator, RSI, has demonstrated a positive crossover, affirming a buy signal and indicating increasing upward momentum. The stock presents potential upside targets at Rs 500 and Rs 510, implying the possibility of further price appreciation.
Mahindra Holidays and Resorts India: Buy | LTP: Rs 338.5 | Stop-Loss: Rs 325 | Target: Rs 355-363 | Return: 7 percent
The stock is witnessing accumulation on the daily chart, marked by an increase in trading volumes. This suggests growing interest among investors and the potential for further price appreciation.
The momentum indicator, RSI, has undergone a reversal from the oversold territory. This turnaround indicates a potential shift in market sentiment from bearish to more positive, implying a potential increase in buying interest.
The support level is identifiable at Rs 325, which has been acting as a cushion for the bulls and may prevent further downside movements.
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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