The Nifty remained mostly rangebound, following a timid start as the investors await the Fed rate decision. On the daily chart, a small red-bodied candle has formed. The sentiment remains positive as the index has sustained above 18,000.
Over the short term, the index is likely to remain in the range of 18,000 and 18,200. A decisive move above 18,200, may take the index towards 18,500.
The Bank Nifty remained sideways ahead of the Fed rate decision. The short-term range remains intact at 43,000-43,500. A decisive move on either side may induce a directional move in the index.
Immediate support for Bank Nifty is visible at 43,150. On the other hand a move above 43,500 may induce a rally towards 44,000.
Here are three buy calls for short term:
Pidilite Industries: Buy | LTP: Rs 2,464 | Stop-Loss: Rs 2,400 | Target: Rs 2,590 | Return: 5 percent
The stock has moved above its recent consolidation on the daily chart, suggesting a rise in optimism. Besides, the stock has moved above its short-term moving average (50-EMA - exponential moving average).
The momentum oscillator RSI (relative strength) is in a bullish crossover. Immediate support is visible at Rs 2,400. On the other hand, the stock may rally towards Rs 2,590.
Bharat Dynamics: Rs 1,035 | Stop-Loss: Rs 1,000 | Target: Rs 1,120 | Return: 8 percent
The stock has moved above its recent consolidation on the daily chart, suggesting a rise in optimism. Besides, the stock has sustained above its critical moving average.
The momentum oscillator RSI is in a bullish crossover. Immediate support is visible at Rs 1,000. On the other hand, the stock may rally towards Rs 1,120.
Ceat: Buy | LTP: Rs 1,638 | Stop-Loss: Rs 1,550 | Target: Rs 1,850 | Return: 13 percent
The stock has moved up following the consolidation breakout on the daily chart. Besides, the stock has moved above its short term moving average (50EMA).
The momentum oscillator RSI is in a bullish crossover. Immediate support is visible at Rs 1,550. On the other hand, the stock may rally towards Rs 1,850.
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