GIC Housing seems to be breaking out of a downwards sloping parallel channel pattern on the weekly timeframe after one and a half years and on the daily timeframe the stock seems to be breaking out of a consolidation which can be used as a confluence towards the bullish view.
Vishal Wagh
November 17, 2022 / 06:18 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’); } }
The Nifty opened and closed in the green amidst sideways movement and heightened volatility. On the daily chart, the Nifty has made a Doji-like candle, whereas on the hourly timeframe, it made higher highs and higher lows which indicates a positive market.
India VIX has increased from 14.63 to 15.1 levels but below its 200 EMA (exponential moving average). Maximum pain for the Nifty is at 18,400.
Nifty Put-Call ratio is at 0.96, whereas Bank Nifty PCR is at 1.46. Important support levels for the index are at around 18,350, 18,200 and 18,000 whereas the resistance levels are at 18,400, 18,500 and 18,650.
As per the F&O data, short covering has substantially increased in out of the money (OTM) Calls, whereas long unwinding was seen in, out of the money (OTM) Puts which indicates a sideways market. 18,500 and 18,400 have high short built-up whereas 18,400 and 18,300 have high long built-up.
Here are two buy calls for next 2-3 weeks:
Force Motors: Buy | LTP: Rs 1,553.5 | Stop-Loss: Rs 1,475 | Target: Rs 1,700 | Return: 9 percent
The stock seems to be breaking out of an Inverted Head and Shoulder pattern on the weekly timeframe after eleven months and on the daily timeframe the stock is making higher highs and higher lows which can be used as a confluence towards the bullish view.
The 200 EMA (exponential moving average) is at around Rs 1,216 and the stock was seen to be comfortably trading above it. The momentum oscillator RSI (relative strength index 14) is at around 74 showing strength by sustaining above 50 and the supertrend indicator is indicating continuation of the bullish trend.
Observation of the above factors indicates that a bullish move is possible in Force Motors for targets upto Rs 1,700.
One can initiate buy on dip in the range of Rs 1,550-1,553 with stop-loss below Rs 1,475 on daily closing basis.
GIC Housing Finance: Buy | LTP: Rs 149.25 | Stop-Loss: Rs 140| Target: Rs 163 | Return: 9 percent
GIC Housing seems to be breaking out of a downwards sloping parallel channel pattern on the weekly timeframe after one and a half years and on the daily timeframe the stock seems to be breaking out of a consolidation which can be used as a confluence towards the bullish view.
The 200 EMA is at Rs 136 and the stock is comfortably sustaining above it which is a positive sign.
Momentum oscillator RSI (14) is at around 74 on the daily time frame indicating strength by sustaining above 50 and the supertrend indicator is also indicating bullishness.
Observation of the above factors indicates that a bullish move in GIC Housing is possible for targets upto Rs 163.
One can initiate a buy trade in between the range of Rs 147-149 with a stop-loss of Rs 140 on daily closing basis.
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