Traders are advised to avoid making aggressive bets for a while and wait for the Nifty to reclaim 18,050. However, it’s an excellent opportunity to start nibbling at quality propositions.
Sameet Chavan
December 26, 2022 / 06:02 AM IST
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The Nifty50 concluded the week at 17,800 by shedding over 2.5 percent from the previous weekly close. It was a disappointing end to the week.
The mid- and small-cap space has been the most affected in the last 2–3 sessions. It would be interesting to see whether the market adheres to its historical symmetry or not. The way markets have closed, that possibility is miniscule. Since we have witnessed this sell off on the back of Covid fears, all developments with respect to this are likely to be crucial. Only if we see participants view the drop as an overreaction, we may see some relief in the coming week. Otherwise, we must brace ourselves for lower levels.
Taking a glance at the daily and weekly time-frame charts, we see a cluster of technical evidence. We reckon the downside will be limited hereon. Hopefully, this expectation will become a reality in the coming sessions. As far as levels are concerned, 17,900–18,050 are to be seen as the immediate hurdles, and only a close above the upper range would confirm the resumption of an uptrend.
On the flipside, an extended correction below 17,750–17,700 would drag the Nifty towards the next important support zone of 17,600–17,450. Let’s see how things pan out going ahead.
Traders are advised to avoid making aggressive bets for a while and wait for the Nifty to reclaim 18,050. However, it’s an excellent opportunity for investors to start nibbling at quality propositions as most of the counters are significantly off their recent highs.
Buy / sell recommendations for the short term:
Suven Pharmaceuticals: Buy | LTP: Rs 496 | Stop-Loss: Rs 482 | Target: Rs 520 | Return: 5 percent
The entire pharma space bucked the trend last week, when others were literally bleeding due to Covid fears. Although, other peer counters saw some profit booking towards the fag end, this stock remained firm and managed to close convincingly above the 200-day SMA (simple moving average).
If we look at the volume activity, it has risen substantially in the last 3–4 trading sessions. Looking at the positive placement of the weekly time-frame chart, we recommend buying for a near term target of Rs 520. Traders can participate by putting a stop-loss at Rs. 482.
RBL Bank: Sell | LTP: Rs 151.30 | Stop-Loss: Rs 161 | Target: Rs 146 | Return: 3.5 percent
After posting a low in July, this stock has had a stupendous recovery in the last five-odd months. Prices have more than doubled in this time. However, due to the broader market destruction last week it finally succumbed to the sell-off and witnessed a meaningful correction for the first time in recent months.
On the daily chart, we can see prices going below the key support level of the 20-day EMA (exponential moving average), which is a sign of weakness.
Moreover, the momentum oscillators are now negatively poised, indicating further correction in the stock. Traders are advised to sell on a bounce towards Rs 154-156 for a near term target of Rs 146. The stop-loss needs to be placed at Rs 161.
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