For the week, the immediate resistance is placed around 17,900–18,000. Any move outside the range would trigger some momentum in major indices, says Sameet Chavan of Angel One
Sameet Chavan
January 10, 2022 / 07:40 AM IST
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The year 2022 started on a pleasant note despite SGX indicating some sluggishness. The bulls took control right from the word go and within the first hour, the Nifty hastened towards 17,500. The index moved up steadily during the session to go past the important level of 17,600 on a closing basis.
On January 3, the first trading day of 2022, the bulls pocketed more than 1.5 percent gains to the previous close. During the subsequent two sessions, the market extended the move to almost test the psychological mark of 18,000. Here, market participants chose to take some money off the table and we witnessed some sluggishness in the later half of the week.
Despite the tentativeness around 18,000, the undertone remained bullish and on a weekly basis, the bulls managed to add more than two and half a percent gains.
The last couple of weeks have been excellent for markets, as it recovered more than 1,500 points in merely 12 sessions. Things have completely changed price and sentiments-wise.
However, for the ongoing leg of the rally, 18,000 stands as a sturdy wall and it would certainly be a daunting task to overcome it. Looking at the nervousness in the last two sessions, it quite is clear why 18,000 is considered a key level.
Now, as long as Nifty remains above 17,600–17,500, there is no reason to worry for and such declines should be used to add longs. The only caveat would be the overnight aberration in global markets. If nothing happens on this front, we are good to go beyond 18,000 for a pre-budget rally.
For the coming week, the immediate resistance levels are placed around 17,900–18,000. Any move outside this range would trigger some momentum in major indices.
Plenty of stocks did well in the week ended January 7 and hence, traders should continue focusing on such potential candidates as long as the Nifty remains in a broad range of 400–500 points.
All eyes are on the banking space as it showed some real strength and if Nifty has to surpass 18,000, the sector has a vital role to play.
Here are two buy calls for next week:
NALCO: Buy | LTP: Rs 110.70 | Stop-Loss: Rs 104.90 | Target: Rs 116 | Return: 4.78 percent
The entire metal space was bucking the trend during the later half of the week and NALCO was undoubtedly among the outperformers as it confirmed a decisive volume-based breakout on January 7. The base building followed by an upsurge in prices indicates the possibility of a short-term rally in the counter.
In addition, the ‘RSI-Smoothened’ oscillator crossed the 70-mark on the daily time frame chart, which is likely to provide an impetus to the extended move.
We recommend buying around Rs 109 for a trading target of Rs 116. The stop-loss can be placed at Rs 104.90.
ACC: Buy | LTP: Rs 2,284.60 | Stop-Loss: Rs 2,230 | Target: Rs 2,410 | Return: 5.5 percent
Most marquee cement counters made a spectacular comeback during the week.
ACC has spent a lot of time around its 200-day simple moving average (SMA) and now the way prices started moving northwards, indicates the resumption of an up trend in the counter.
Price-wise, we can see yet another confirmation in the form of a breakout from the small bullish flag pattern as well as the hurdle of the 89-day exponential moving average. Considering these, we advise buying for a near-term target of Rs 2,410. The stop loss can be placed at Rs 2,230.
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