Nifty continued to witness rollercoaster ride during major part of trading session on February 16. The index opened with a small gap and then witnessed consolidation in first half of the trading session. In the second half of the session, bulls got charged up and propelled Nifty towards high point of the day.
But geopolitical tensions continued to influence benchmark indices which gave up their gains as the session approached its closure. Bank Nifty was comparably more volatile and underperformed all throughout the session.
Going ahead the volatility is expected to remain a part of intraday journey and traders will have to remain on toes.
The immediate support for Nifty is placed at 17,250 levels below which the pressure can augment on intraday basis. The medium term supports are placed around 17,100-17,130 levels.
Here are two buy calls for next 2-3 weeks:
JSW Energy: Buy | LTP: Rs 331.20 | Stop-Loss: Rs 310 | Target: Rs 360 | Return: 9 percent
JSW Energy has come out of 3-month consolidation. The stock witnessed a strong breakout with volumes, however, due to market volatility it could not sustain higher levels.
The stock has now bounced after retesting the breakout area as well as taking support from ichimoku kijun on daily charts.
Uflex: Buy | LTP: Rs 563.30 | Stop-Loss: Rs 500 | Target: Rs 650 | Return: 15 percent
Uflex has been one of the strongest midcap names. So far the stock has managed to sail through rough seas and outshined its peers in midcap space.
The stock gave a breakout around Rs 500 levels post which it has been witnessing consolidation. The stock has made a retest of breakout on daily charts.
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