IRB Infrastructure Developers has been making higher top higher bottom formation on the monthly chart. Primary trend of stock is positive as it is trading above its 100 and 200-day moving average.
Sunil Shankar Matkar
December 27, 2022 / 06:57 AM IST
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The bulls were back with vengeance on December 26 after four days of heavy selling in the markets. After initial weakness, the Nifty resumed its upward journey and continued throughout the day. At close, the index was up 208 points or 1.17 percent to close at 18,015 level.
On Monday, the Nifty took support at the upward sloping trendline, adjoining the lows of March 2020 and June 2022. Moreover Nifty did not close below its 100-day EMA (exponential moving average) which is currently placed at 17,835 levels. Nifty Open Interest Put-Call ratio surged to 0.96 levels from 0.70 levels on the back of Put writing at 17,800-18,000 levels.
Therefore, on the downside, 17,800 could now be considered as an immediate support for the Nifty and this upward rally may continue till Nifty breaks 17,800 level.
On the upside 18,085-18,200 could act as an immediate resistance for Nifty. We may see upside momentum only once it manages to surpass 18,200 convincingly.
Nifty Midcap 100 and Smallcap 100 registered smart recovery from session’s low on Monday with both the indices closed near session’s high with 2.7 percent and 3.8 percent gains respectively. Broad market indices rose more than the Nifty while the advance decline ratio jumped to 5.43:1. Both the Indices formed bullish engulfing like candlestick pattern which indicates selling is probably over and Midcaps and Smallcaps could do well in the coming weeks.
Here are three buy calls for the next 3-4 weeks:
Finolex Industries: Buy | LTP: Rs 180.7 | Stop-Loss: Rs 168 | Target: Rs 195-210 | Return: 16 percent
The stock price has surpassed the multiple top resistance placed around Rs 165 levels. Short term trend of the stock turned positive as stock price has crossed its 5 and 11-day EMA.
Primary trend of stock remains positive as it is trading above its 50, 100 and 200-day moving averages. Momentum Oscillators – RSI (relative strength index – 11) and MFI (money flow index – 10) is placed above 60 on the weekly chart, indicating relative strength in the stock. One can buy the stock in the range of Rs 180.7-175.
IRB Infrastructure Developers: Buy | LTP: Rs 283 | Stop-Loss: Rs 260 | Target: Rs 306-320 | Return: 13 percent
The stock price has been making higher top higher bottom formation on the monthly chart. Primary trend of stock is positive as it is trading above its 100 and 200-day moving average.
Momentum Oscillators – RSI (11) and MFI (10) is placed above 60 on the weekly chart, indicating relative strength in the stock.
After breaking out from the downward sloping trendline, the stock price has retraced 13 percent from the high which we believe is a buying opportunity. One can buy the stock in the range of Rs 283-275.
Power Mech Projects: Buy | LTP: Rs 1,965 | Stop-Loss: Rs 1,850 | Target: Rs 2,150-2,220 | Return: 13 percent
The stock price has formed bullish engulfing pattern on the daily chart which indicates bullish trend reversal. Stock price has formed double bottom around Rs 1,800 levels on the daily chart.
It has taken support at 20-week EMA and bounced back. Primary trend remained positive as stock price is trading above its 100 and 200-day EMA. Therefore, we believe that. One can buy the stock in the range of Rs 1,984-1,950.
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.
