Zydus Wellness has recently given a triangle pattern breakout near its long term support area on the weekly timeframe. The 200 EMA is at Rs 1,680 and the stock is comfortably sustaining above it, which can be used as a confluence to the bullish view.
Vishal Wagh
October 13, 2022 / 07:09 AM IST
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Nifty50 opened flat and closed in the green on October 12. On the daily chart, Nifty has formed an inside candle after taking support around the important psychological level of 17,000.
On the hourly timeframe, the index is seen to be in a range of 16,950 and 17,200, and it would be interesting to see how Nifty performs in the coming days as currently the market is indecisive.
The momentum oscillator RSI (relative strength index – 14) on the daily chart is at around 45 whereas the MACD (moving average convergence and divergence) is moving below the centre point from higher levels.
India VIX has decreased from 20.49 to 20.20 levels above its 200 EMA (exponential moving average). Important support levels for Nifty are at around 17,000, 16,900, and 16,750 whereas the resistance levels are at 17,200, 17,350 and 17,500.
As per the F&O data, short unwinding has substantially increased in Out Of The Money (OTM) Calls, whereas long buildup was seen in In The Money (ITM) Puts which indicates a positive market. 17,500 and 17,400 have high short built-up whereas 17,000 and 16,800 have high long built-up.
Here are two buy calls for next 2-3 weeks:
Sun TV Network: Buy | LTP: Rs 538.8 | Stop-Loss: Rs 510 | Target: Rs 600 | Return: 11 percent
The stock was seen to be breaking out of a resistance area after 10 months and is making higher highs higher lows on the daily timeframe. The 200 EMA is at around Rs 480 and the stock is comfortably trading above it which can be used as confluence towards the bullish view.
The momentum oscillator RSI (14) is at around 64 showing strength by sustaining above 50. Observations of the above factors indicates that a bullish move is possible in Sun TV for targets up to Rs 600.
One can initiate buy on dip in the range of Rs 535-538 with stop-loss below Rs 510 on a daily closing basis.
Zydus Wellness: Buy | LTP: Rs 1,740 | Stop-Loss: Rs 1,650 | Target: Rs 1,820 | Return: 5 percent
Zydus Wellness has recently given a triangle pattern breakout near its long term support area on the weekly timeframe. The 200 EMA is at Rs 1,680 and the stock is comfortably sustaining above it which can be used as a confluence to the bullish view.
Momentum oscillator RSI (14) is at around 70 on the daily time frame indicating strength by sustaining higher levels.
Observation of the above factors indicates that a bullish move in Zydus Wellness is possible for targets up to Rs 1,820. One can initiate a buy trade in the range of Rs 1,730-1,740 with stop-loss of Rs 1,650 on a daily closing basis.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
