As of now, the index has given a breakout so the upper range for the Nifty is extended till 17,800 and the support for the Nifty is placed near 17,255 levels, said Rohan Patil of Bonanza Portfolio. Read on to know his views on ICICI Lombard, Ipca Labs and Mphasis
RohanPatil
March 31, 2022 / 08:29 AM IST
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After eight days of consolidation, the benchmark index Nifty50 broke the conjunction zone on the higher side and witnessed a bullish breakout on March 30. Indian bourses witnessed a gap-up opening for two consecutive days and most importantly it sustained and closed near its day’s high which indicates a structural long building scenario.
The prices finally closed above their small and medium-term averages and these averages will act as an important support for the Nifty. The breakout we witnessed on March 30 can be considered as a Bullish Pole Flag pattern breakout. The Bullish Pole Flag is a continuation pattern and normally resumes its pre-consolidation trend.
The momentum oscillator RSI (relative strength index – 14) which turned flat in the last few days suddenly hooked up and closed at 60 levels with bullish crossover on the daily interval.
India VIX drifted below 21.50 levels and closed three percent lower on March 30. India VIX closed in the red for the five consecutive day and lost 25 percent, this structure indicates gradual decreases in the volatility.
If we draw a horizontal trend line from joining the high of February 16 and March 23, then prices have given trend line breakout on the daily interval. As of now, the index has given a breakout so the upper range for the Nifty is extended till 17,800 and the support for the Nifty is placed near 17,255 levels.
Here are three buy calls for next 2-3 weeks:
ICICI Lombard General Insurance: Buy | LTP: Rs 1,330 | Stop-Loss: Rs 1,275 | Target: Rs 1,420 | Return: 6.77 percent
The prices were trading in a consolidation basing formation for more than one month and have formed a falling trend line resistance at Rs 1,270 levels.
The stock has broken out of a consolidation range above Rs 1,285 levels on March 30 and the prices have registered a decisive breakout that suggests a change in the trend from sideways to upside. Stock has closed above its 21-day exponential moving average (Rs 1,266) on the daily time frame, which is positive for the prices in the near term.
On the weekly chart, prices have formed a multiple bullish candle stick patterns near its 200-week exponential moving average which is placed at Rs 1,250 levels.
Ipca Laboratories: Buy | LTP: Rs 1,077 | Stop-Loss: Rs 1,030 | Target: Rs 1,145 | Return: 6.30 percent
The prices were trading in an Inverted Head & Shoulder formation for the past three months and have formed a neck line resistance at Rs 1,030 levels.
Ipca Labs has broken out of an Inverted Head & Shoulder at Rs 1,059 levels on March 29 and the prices have registered a decisive breakout that suggests a change in the trend from sideways to upside. Stock is trading above its 21, 50 & 100-day exponential moving averages on the daily time frame, which is positive for the prices in the near term.
The MACD (moving average convergence divergence) indicator is reading above its centerline with a positive crossover above its signal line. Momentum oscillator RSI (14) is reading above 60 levels which indicates positive momentum will like to continue ahead.
Mphasis: Buy | LTP: Rs 3,429 | Stop-Loss: Rs 3,300 | Target: Rs 3,630 | Return: 5.90 percent
The prices were trading in a triangle formation for the past five months and have formed a trend line resistance at Rs 3,300 levels.
Mphasis has broken out of a triangle pattern at Rs 3,378 levels on March 29 and the prices have registered a decisive breakout that suggests a change in the trend from sideways to upside. Stock is trading above its 21, 50 & 100-day exponential moving averages on the daily time frame, which is positive for the prices in the near term.
The MACD indicator is reading above its centerline with a positive crossover above its signal line. Momentum oscillator RSI (14) is reading above 60 levels which indicates positive momentum will like to continue ahead.
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