In the sessions to come, we believe that the Nifty is going to face strong rejection near the 17,465 mark, says Malay Thakkar of GEPL Capital.
Malay Thakkar
February 18, 2022 / 06:39 AM IST
Stock Market
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Malay Thakkar, Technical Research Associate, GEPL Capital
The Nifty is passing through a very volatile week because of the ongoing geopolitical tensions between Ukraine and Russia. The India VIX has shot up by 18 percent and is currently at 22 against 18.68 in the previous week, indicating increasing anxiety in the markets.
On the daily time frame, we can see that the index is facing hindrance at 50-day SMA (17,465) and the 20-day SMA (17,376), after it successfully bounced off the 16,800 (200-day SMA) on February 14, 2022. SMA is simple moving average.
On the indicator front, the RSI (relative strength index) plotted on the weekly time frame can be seen hovering near the 50 mark for the past couple of weeks.
In the sessions to come, we believe that the Nifty is going to face strong rejection near the 17,465 mark.
On the downside, a support zone is placed at 17,100-17,000 level. If the index fall below the 17,000 level, then the gates towards the 16,800 level are wide open.
Here are three buy calls for next 2-3 weeks:
Adani Green Energy: Buy | LTP: Rs 2,048 | Stop-Loss: Rs 1,900 | Target: Rs 2,270 | Return: 11 percent
Adani Green on long term charts is moving with higher highs and lows formation. Recently the stock has broken out of the one-month consolidation which is backed by good volume buildup, indicating participation in the breakout.
The RSI indicator plotted on the daily chart has formed a bullish hinge near the 55 mark and moving higher towards the overbought level suggesting bullish momentum in the prices.
Going ahead, we expect the prices to move higher towards Rs 2,180, followed by Rs 2,270. A stop-loss of Rs 1,900 should be followed by this setup.
TVS Motor: Buy | LTP: Rs 671 | Stop-Loss: Rs 620 | Target: Rs 800 | Return: 19 percent
In the recent correction, TVS Motor Company has been holding the 20-week SMA (Rs 650) with some mild whipsaws.
In the week started February 14, the stock managed to break above the previous month high with good volume, indicating participation in the bullish move.
On the indicator front, the RSI indicator plotted on the weekly chart seems to be holding the 50 mark as the prices find support near the 20-week SMA, reinforcing our bullish view on the stock.
We expect the prices to move higher towards Rs 740 followed by Rs 800 levels. One must follow a stop-loss of Rs 620 for this trade.
BSE: Buy | LTP: Rs 2,282.70 | Stop-Loss: Rs 2,150 | Target: Rs 2,600 | Return: 14 percent
BSE has been outperforming and moving in a strong uptrend since May 2021. The stock has maintained the higher highs and lows formation across all timeframes (Daily, weekly and monthly) which indicates strong bullish momentum in the counter.
The RSI indicator plotted on weekly has witnessed a range shift and has been sustaining above the 60 mark since May 2021.
Going ahead, we expect the prices to move higher towards Rs 2,450 followed by Rs 2,600. A stop-loss of Rs 2,150 should be followed for this trade.
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