Sundram Fasteners has created a strong base at Rs 780 level and managed to close above its all-important moving averages. On the upside, Rs 928 is an immediate hurdle then Rs 990 is the next target level.
Santosh Meena
March 23, 2022 / 06:49 AM IST
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Santosh Meena, Head of Research at Swastika Investmart
The Nifty respected its 200-DMA (day moving average) after a pullback from 100-DMA and witnessed a smart rally on March 22. There is a high possibility of a breakout of 100-DMA which is currently placed at 17,360 level; above this, we can expect a rally towards 17,490-17,800 levels.
On the downside, 17,000 has become near term base while 16,800 is a critical support level.
Bank Nifty respected its 20-DMA after a pullback and respected a decent bounce. However 36,600-37,000 is a critical supply zone; above this, we can expect a sharp short-covering rally towards 38,000 and 39,000 levels. On the downside, 35,500 has become near term base while 35,000 is a critical support level for the index.
Indian markets have relative strength and may continue to do well if global cues remain a little supportive.
Here are three buy calls for next 2-3 weeks:
Intellect Design Arena: Buy | LTP: Rs 819 | Stop-Loss: Rs 750 | Target: Rs 950 | Return: 16 percent
The counter is in a strong uptrend where it is breaking out a symmetrical triangle formation to resume its uptrend.
On the downside, it has created a strong base around Rs 600 level and managed to move above its all-important moving averages.
Momentum indicators are supporting the current bullish momentum. On the upside, Rs 850-880 is an immediate resistance zone; above this, we can expect a move towards Rs 1,000 level.
Chalet Hotels: Buy | LTP: Rs 304 | Stop-Loss: Rs 275 | Target: Rs 350 | Return: 15 percent
The counter is making higher highs and higher lows formation and it has witnessed the breakout of a Bullish Cup and Handle formation that may propel further bullish momentum.
It is trading above its all-important moving averages with a positive bias in most of the momentum indicators. Rs 280-275 is an immediate demand zone while Rs 330 is an immediate hurdle then Rs 360 is the next resistance.
Sundram Fasteners: Buy | LTP: Rs 892 | Stop-Loss: Rs 830 | Target: Rs 990 | Return: 11 percent
The counter is outperforming the entire auto pack where it is breaking out symmetrical triangle formation after five months of consolidation.
It has created a strong base at Rs 780 level and managed to close above its all-important moving averages. On the upside, Rs 928 is an immediate hurdle then Rs 990 is the next target level.
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