TVS Motor is outperforming the benchmark index Nifty50 and has recently given a downward sloping trend line breakout on the weekly time frame, said Rohan Patil of Bonanza Portfolio
RohanPatil
June 09, 2022 / 08:02 AM IST
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It was a rangebound day on June 8 for the Nifty post the consolidation breakout on the daily time frame. Benchmark index traded with a super volatility post the RBI announcement of the 50 bps repo rate hike.
On the daily chart, the index has been closing below its 21–day exponential moving average (16,443) for the last two days and prices have been sustaining below the same, which is negative for the index in the short term.
The momentum oscillator, RSI (relative strength index – 14) on the daily chart has made its first lower high lower low below 50 levels with negative crossover. The MACD (moving average convergence divergence) indicator is also facing resistance near its center point and has hooked lower from the top.
Currently, deciding any positional bias is very difficult until Nifty gives a breakout or breakdown beyond certain levels. On the lower side, the immediate support for the index is placed at 16,200, and if prices breach that level then 16,000 will act as an anchor point for the benchmark index.
16,650 will act as immediate resistance for the index where 50-DEMA is placed.
Here are two buy calls for next 2-3 weeks:
HDFC Life Insurance Company: Buy | LTP: Rs 600 | Stop-Loss: Rs 574 | Target: Rs 636 | Return: 6 percent
HDFC Life on the daily chart has given a breakout of a symmetrical triangle pattern at Rs 590 levels on May 27 and post that prices continued to consolidate within the very narrow range Rs 597–613.
The prices are sustained well above its 21 & 50-DEMA (day exponential moving average) and the momentum oscillator RSI (14) has flatten out near 60 levels with positive crossover on the daily scale.
Looking at the broader time frame, prices have given 14 weeks consolidation breakout and the counter is well sustained above its trend line support. Furthermore, the prices have taken support near 38.20 percent Fibonacci retracement at Rs 603 levels.
TVS Motor Company: Buy | LTP: Rs 751 | Stop-Loss: Rs 714 | Target: Rs 804 | Return: 7 percent
TVS Motor is outperforming the benchmark index Nifty50 and has recently given a downward sloping trend line breakout on the weekly time frame.
On the daily chart, prices has given a horizontal channel breakout and post that prices are continuously trading higher and showing the strength in the counter.
Majority of the indicators and oscillators are indicating a bullish momentum and looking at the overall auto space majority of the auto stocks are performing well.
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