Tata Elxsi on the daily chart has given a sharp V shape reversal rally and has formed an intermediate bottom at around Rs 6,800 levels. The prices have also given a downward sloping trend line breakout on May 18 above Rs 8,200 levels.
RohanPatil
May 19, 2022 / 06:28 AM IST
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Rohan Patil, Technical Analyst at Bonanza Portfolio
The benchmark Nifty50 index witnessed a strong oversold rally of more than two-and-a-half percent on May 17 and has formed an intermediate bottom at 15,800 levels for the time being.
On the immediate next day after the rally prices consolidated and traded in a very narrow range without giving any specific direction bias.
The Nifty has formed a double-bottom pattern on the daily chart and momentum oscillator RSI (relative strength index – 14) has shown a positive divergence at oversold levels. In this case indicator made a new low but prices has defended its previous low.
The overall structure for the Nifty still remains bearish as prices are well sustained below its (21, 50, and 100) – days exponential moving averages (EMA).
A single-day rise cannot be considered as a trend change in the index. Prices have to close above some of its hurdles for a actual trend reversal alert.
The immediate support for the Nifty is placed near 16,000 and below that 15,800 will act as a major support for the Nifty. The immediate resistance for the benchmark is placed at 16,550 where 21-day exponential moving average is settled.
Here are two buy calls for next 2-3 weeks:
Godrej Consumer Products: Buy | LTP: Rs 830.40 | Stop-Loss: Rs 800 | Target: Rs 875 | Return: 5.4 percent
The prices were trading in a basing pattern formation since last more than three months and formed a base support near Rs 760 levels. Prices have formed a rectangle pattern formation on the daily chart where upper and lower band are locked within the range of 70 points.
Counter on May 18 has given a rectangle pattern breakout above its trend line resistance which is placed at around Rs 822 levels on the daily time frame.
In this recent uptrend, from Rs 750 to Rs 820, prices closed above its 21 & 50 days exponential moving averages on the daily scale. Indicators and oscillators are also indicating an uptrend for the short to medium term in the counter.
Tata Elxsi: Buy | LTP: Rs 8,437.70 | Stop-Loss: Rs 8,000 | Target: Rs 9,040 | Return: 7.20 percent
Tata Elxsi on the daily chart has given a sharp V shape reversal rally and has formed an intermediate bottom at around Rs 6,800 levels. The prices have also given a downward sloping trend line breakout on May 18 above Rs 8,200 levels.
On the weekly chart, prices have formed a Bullish Engulfing candlestick pattern and prices are trading above the high of the pattern which is positive for the prices.
Prices are trading well above its important averages and momentum oscillator RSI has also witnessed a trend line breakout above 55 levels on the daily interval.
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