We might see the Nifty50 heading higher towards 15,910 and eventually 16,303 levels (100% extension level of the rise from 13,596-15,431 projected from 14,467), says Sawant.
‘); $ (‘#lastUpdated_’+articleId).text(resData[stkKey][‘lastupdate’]); //if(resData[stkKey][‘percentchange’] > 0){ // $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); // $ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); //}else if(resData[stkKey][‘percentchange’] = 0){ $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); //$ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); $ (‘#gainlosstxt_’+articleId).find(“.arw_red”).removeClass(“arw_red”).addClass(“arw_green”); }else if(resData[stkKey][‘percentchange’] 0) { var resStr=”; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; var newappndStr = makeMiddleRDivNew(d); appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); });
The Nifty has maintained its higher top higher bottom formation on the monthly charts and it has once again formed the same pattern on the weekly as well as on daily charts after the correction which has happened in the last two weeks. It shows a strong bullish undertone of the market for the medium-to-long-term.
A couple of days back, we have seen that on the daily time frame, the Nifty has formed a change in polarity structure near the 14,700 – 14,500 range and bounced back sharply after bottoming out near these levels which indicates that 14,700 – 14,500 range will act as a crucial support zone in the future.
On the indicator front, the index remains above the long-term moving averages of 50 Day 100 Day and 200 Day SMA.
The RSI plotted on the medium and long-term time frame can be seen rising that indicates that the medium and long term trend of the index remains bullish.
The key support levels to watch out for in the short term are 15,017 (20 Day SMA) and 14,750 (previous swing high) followed by 14,467 (Swing Low).
On the upside, the key resistance levels are 15,431 (All-Time High), and if the index sustains above this level, we might see the Nifty50 index heading higher towards 15,910 (78.6% extension level of the rise from 13,596-15,431 projected form 14,467) and eventually 16,303 (100 percent extension level of the rise from 13,596-15,431 projected form 14,467).
Based on the above analysis and the technical parameters mentioned, we believe that the medium and long-term bullish trend remains intact.
To sum up it all from a medium-term point of view, we might see the index move towards the 16,303 if it sustains above the 15,431-mark.
Our bullish view will be reevaluated if the index breaches below the 14,467 level.
Here is a list of stocks for the short term:
Tata Steel: Buy| LTP: Rs 758| Target: Rs 836| Stop Loss: Rs 711| Upside 10%
The Nifty Metal index has been one of the strongest outperformer among the sectoral indices and has been outperforming the Nifty for the past few weeks.
Tata Steel has been the star performer in the metal space. In the last week, the stock gave a positive breakout and it has created a fresh 52-week high at Rs 753 mark and after that, it retested the breakout level and bounced back from there which shows a strong bullish undertone of the stock in the medium to long term.
During the current week, the counter has once again tested a fresh 52-week high and maintained its higher top higher bottom formation which indicates the next leg of Bull Run is ready to start.
We witnessed a strong volume confirmation in every bullish movement which strengthens the ongoing uptrend.
On the indicator front, the ADX plotted on the medium-term can be seen moving higher, indicating strong momentum of the current up move.
Going ahead, the immediate resistance is placed at Rs 836 (61.8% extension level of the rise from Rs 342 – Rs 731 projected from Rs 596) followed by Rs 901 (78.6% extension level of the rise from Rs 342 – Rs 731 projected from Rs 596).
The key support levels are Rs 711 (Swing Low) and Rs 655 levels.
One can buy the stock at current levels (Rs 775) and add on dips till Rs 750 for the target of Rs 836 followed by Rs 901 with a strict stop loss of Rs 711 on the closing basis.
Granules India: Buy| LTP: Rs 363| Target: Rs 438| Stop Loss: Rs 315| Upside 20%
Granules India has been in a strong bullish trend since March 2020 and it scaled an all-time high at Rs 438 in December 2020. After that, it corrected to Rs 315 levels which is 38.20% Fibonacci Retracement level of its previous advance from Rs 114 to Rs 438 levels.
The stock has taken a strong support at 200-Day SMA with the formation of Triple Bottom pattern on the daily charts. Now, once again, the stock has formed a Higher Top Higher Bottom formation on all time frames like Daily, Weekly, and Monthly charts which shows a strong positive undertone of the stock for the medium-to-long-term.
In the last trading session, the stock gave a breakout of a descending trend line at Rs 350 levels with volume confirmation on the daily chart that indicates the stock is now ready to move in the upper orbit of bullishness.
The momentum indicator RSI plotted on multiple time frames can be seen placed above the 60 level and moving higher, indicating that the stock is currently in a strong bullish momentum.
The resistance is placed at Rs 438 (All-Time High & 38.2% extension level of the rise from 114-438 projected from 315) followed by Rs 477 (50% extension level of the rise from Rs 114-Rs 438 projected from Rs 315) and eventually towards Rs 515 (61.8% extension level of the rise from Rs 114-Rs 438 projected from Rs 315).
The key level to watch for on the downside is Rs 330 (Breakout candle low) followed by Rs 315 (Swing Low). One can buy the stock at current levels (Rs 367) for the target of Rs 438, followed by Rs 477 and Rs 515 with a strict stop loss of Rs 315 on a closing basis.
Tata Motors: Buy| LTP: Rs 339| Target: Rs 468| Stop Loss: Rs 300| Upside 38%
Tata Motors has been forming a Higher Top Higher Bottom pattern on all the time frames that is Monthly, Weekly & Daily charts since June 2020 which show a strong positive undertone of the stock from a medium to long-term perspective.
On the daily charts, we have seen a consolidation breakout at Rs 342 levels with volume confirmation and also the stock is sustaining above that level which indicates the strong bullish nature of the stock.
On the indicator front, the RSI plotted on multiple time frames can be seen placed above the 60 levels and is moving higher, indicating that the stock is currently in a strong positive momentum.
Going ahead the immediate resistance is placed at Rs 468 (Nov 2017 high) followed by Rs 488 (May 2017 high). The key support levels are Rs 316 and Rs 300.
One can buy the stock at current levels (Rs 350) with a target of Rs 468 followed by Rs 488 and a strict stop loss of Rs 300 on a closing basis.
(The author is AVP – Technical Research at GEPL Capital)
