One can expect the index to move in a range between the 17,300-18,000 levels, as long as the prices do not break above the 18,000 level, says Karan Pai of GEPL Capital.
Karan Pai
October 08, 2021 / 07:49 AM IST
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Karan Pai, Technical Analyst at GEPL Capital
For the past three weeks, the Nifty50 has been witnessing profit-booking the moment it reaches close to the 18,000 mark. Similarly buying pressure has seen between the 17,300 and 17,500 levels.
The price action and momentum indicators point towards the possibility of the index witnessing a fatigue near the 18,000 mark.
On the open interest (October 14, 2021 option) front, good participation and open interest addition was seen in the 18,000 Call and 17,800-17,700 Put contracts. Thus, we can expect the broader range of the index to be 17,700-18,000.
We can expect the index to move in a range of 17,300-18,000 levels as long as the prices do not break above the 18,000 level. Once this level is breached, we might see the prices moving higher towards 18,100 and eventually towards 19,046.
The bullish view will be negated if the prices breach below the 17,300 mark.
Here are three buy calls for next 2-3 weeks:
HDFC Bank: Buy | LTP: Rs 1,610.50 | Stop Loss: Rs 1,547 | Target: Rs 1,837 | Return: 14 percent
HDFC Bank has been moving higher ever since it was out of a consolidation in the week ended August 30. Looking at the price action and the momentum indicators and other technical parameters, we believe this stock has a lot of upside potential left.
Going ahead, we expect bullish momentum to accelerate if the prices breach above the previous swing high of Rs 1,641. If this level is breached, we might see the stock move towards Rs 1,733, followed by Rs 1,837.
The stop-loss level will be Rs 1,547 mark on closing basis.
HDFC: Buy | LTP: 2,727 | Stop Loss: Rs 2,640 | Target: Rs 3,059 | Return: 12 percent
After testing a high of Rs 2,875, the stock entered into a consolidation phase and moved lower towards Rs 2,689, which coincides with the 50-day SMA (simple moving average). For the past three weeks, the prices have been finding support near the same.
If this level is held intact, we might see the prices gaining momentum and moving higher towards the previous swing high of Rs 2,893 and eventually towards Rs 3,059.
Investors can accumulate HDFC at this point and hold with a target of Rs 2,893 and Rs 3,059 and maintain a stop loss of Rs 2,640 on closing basis.
Bandhan Bank: Buy | LTP: Rs 328.55 | Stop Loss: Rs 300 | Target: Rs 424 | Return: 29 percent
Bandhan Bank, for the past couple of weeks, had been moving in a range. On October 6, the stock managed to gain momentum and breach above the 20-week SMA. Good volume build-up was seen as the prices moved higher, indicating participation in the upmove.
The momentum and technical indicators all point towards the possibility of the prices moving higher towards the Rs 424 mark immediately. If this level is breached, we might see the prices move towards Rs 432 level eventually.
The stoploss level will be Rs 300 on closing basis.
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