Technically speaking, Sun Pharma prices are continuing with higher highs and higher lows cycle and the way momentum oscillators are poised, we will not be surprised to see this stock entering the 4-digit territory soon.
Sameet Chavan
October 17, 2022 / 06:37 AM IST
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}else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } }
Global sentiments dampened over the previous weekend, leading to a massive gap-down opening on October 10. But markets managed to give a V-shaped recovery to reclaim the 17,200 mark at the close. On the subsequent session, the benchmark index Nifty failed to sustain at higher levels and due to immense selling in some of the heavyweight pockets, we finally surrendered 17,000 on a closing basis.
For the next couple of sessions, we did see some rangebound action with key levels being held on either side. However, On Friday, markets stated the session with a huge bump up, courtesy to spectacular overnight rally in US bourses.
Once again at higher levels, tentative traders chose to take some money off the table. This resulted in trimming some gains but despite this, Nifty managed to conclude the week tad below 17,200 by restricting the weekly losses to merely seven tenths of a percent.
It was a bit challenging week as markets remained clueless for the most part of the week. In fact, on Friday when things started to look a bit rosy, the last hour profit booking reduced the excitement level among the market participants. Nevertheless, Nifty defending key support zone (cluster of 89-day EMA (exponential moving average) and 200-day SMA (simple moving average)) amid an uncertainty, bodes well for the bulls.
Going ahead, we will not be surprised to see global relief extending a bit, which will provide the much-needed impetus to stronger markets like us.
As far as supports are concerned, 17,000 – 16,800 has proved its mettle and it continues to be a sacrosanct zone for the coming week as well. On the flipside, if we find tiny support also from the global peers, the Nifty is good to go beyond the study wall of 17,400. This will help us find our mojo back and, in this case, we would certainly gear up for a pre-Diwali rally in our market.
Hopefully, our anticipation becomes the reality in the coming week as this will bring back the wider smile back in traders’ fraternity. It’s advisable to continue with an optimistic approach and ideally one should keep focusing on thematic movers which are likely to provide better trading opportunities.
Here are two buy calls for short term:
Sun Pharmaceutical Industries: Buy | LTP: Rs 976.30 | Stop-Loss: Rs 963 | Target: Rs 1,010 | Return: 3.5 percent
This pharma giant has been bucking the trend since last month or so as we saw benchmark index declining by more than 5 percent in this span and meanwhile, this stock gave stupendous move of more than 12 percent.
If we take a glance at the broader picture, we can realize that the stock has now reached highest level in seven years which certainly is a great achievement.
Technically speaking, stock prices are continuing with higher highs and higher lows cycle and the way momentum oscillators are poised, we will not be surprised to see this stock entering the 4-digit territory soon.
We recommend buying for a near term target of Rs 1,010. Traders can participate by following strict stop-loss at Rs 963.
Mphasis: Buy | LTP: Rs 2,105.70 | Stop-Loss: Rs 2,040 | Target: Rs 2,250 | Return: 7 percent
The IT has been the worst performing space in this calendar year. However, with result season kicked in, few marquee stocks within this pack have delivered robust set of numbers, which has brought some life back in respective names.
We expect some catch up to happen from this stock too in the forthcoming week. Pricewise, it’s interestingly poised around key support zone. Also, the way the trading range is narrowing down day by day, the breakout is imminent soon.
However, the real strength would trigger only after surpassing the Rs 2,150 mark. Since we are anticipating it to happen, traders are advised to buy for a near term target of Rs 2,250. The strict stop-loss needs to be placed at Rs 2,040.
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.
