NBCC has given a breakout on the weekly timeframe after four years with above average volumes and the supertrend indicator is also indicating a bullish move which can be used as a confluence towards the bullish view.
Vishal Wagh
December 15, 2022 / 06:48 AM IST
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Vishal Wagh, Research Head at Bonanza Portfolio
Nifty closed in green above important support zone of 18,600 amidst increased volatility and sideways market on December 14. On the daily chart, Nifty has made a bearish candle above the highs of last two days whereas on the hourly timeframe, Nifty was seen to be making higher highs and higher lows which indicates positivity and it would be interesting to see how market behaves in the coming sessions as Nifty is near all-time high levels.
The momentum oscillator RSI (relative strength index – 14) on the daily chart is at around 62; whereas the MACD (moving average convergence divergence) is moving above the centre point from lower levels.
India VIX has increased from 12.88 to 12.885 levels below its 200 EMA (exponential moving average).
Maximum pain of Nifty is at 18,600. Important support levels for Nifty are at around 18,600, 18,500 and 18,350 whereas the resistance levels are at 18,650, 18,730 and 18,850.
As per the F&O data, short covering has substantially increased in, out of the money (OTM) Calls, whereas long build-up was seen in, out of the money (OTM) Puts which indicates a positive market.
Nifty 19,000 and 18,700 have high short built-up whereas 18,600 and 18,500 have high long built-up.
Here are two buy calls for short term:
NBCC: Buy | LTP: Rs 42.65 | Stop-Loss: Rs 39 | Target: Rs 48 | Return: 12.5 percent
The stock has given a breakout on the weekly timeframe after four years with above average volumes and the supertrend indicator is also indicating a bullish move which can be used as a confluence towards the bullish view.
The 200 EMA is at around Rs 36 on the daily timeframe and the stock was seen to be comfortably trading above it. The momentum oscillator RSI (14) is at around 68 showing strength by sustaining higher levels and the ichimoku cloud is also suggesting a bullish move as the price is trading above conversion and base line on the daily timeframe.
Observation of the above factors indicates that a bullish move is possible in NBCC with targets upto Rs 48. One can initiate buy on dip in the range of Rs 42-42.65 with stop-loss below Rs 39 on daily closing basis.
Ramkrishna Forgings: Buy | LTP: Rs 256.75 | Stop-Loss: Rs 239 | Target: Rs 282 | Return: 10 percent
Ramkrishna Forgings has seen break out of a rounding bottom formation after fourteen months on the daily timeframe with above average volumes and the supertrend indicator is also suggesting continuation of the bullish trend which can be used as a confluence towards the bullish view.
The 200 EMA is at Rs 197 on the daily timeframe and the stock is comfortably sustaining above it which is a positive sign.
Momentum oscillator RSI (14) is at around 71 on the daily time frame indicating strength by sustaining above 50 and the ichimoku cloud is also suggesting a bullish move as the price is trading above conversion and base line on the daily timeframe.
Observation of the above factors indicates that a bullish move in Ramkrishna Forgings is possible for target upto Rs 282. One can initiate a buy trade in between the range of Rs 254-256 with stop-loss of Rs 239 on daily closing basis.
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