Usha Martin has witnessed a breakout of a symmetrical triangle formation on the daily chart with huge volume. It is trading in a new blue sky zone, and its structure is very impressive, as it is trading above all its important moving averages.
Pravesh Gour
December 28, 2022 / 06:25 AM IST
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lastRsrs[e]= stkId; if(lastRsrs.length > 0) { var resStr=”; let secglbVar = 1; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; //var newappndStr = makeMiddleRDivNew(d); //appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); 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alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var postfolio_url = ‘https://www.moneycontrol.com/portfolio_new/add_stocks_multi.php?id=’+dispId; window.open(postfolio_url, ‘_blank’); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“.linkSignUp”).click(); 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}); }); 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 Nifty50 regained its 100-DMA (days moving average or simple moving average) and witnessed a decent pullback; however, 18,150, and 18,200 are multiple hurdles on an immediate basis. The index has to cross its 50-day moving average of 18,200 to gain any meaningful strength.
The support levels are now 17,950 and 17,850. If the Nifty manages to cross 18,200, then 18,500 will be the next target level.
Bank Nifty experienced a strong rally from 41,550 level of support. A cluster of 9 & 20-SMA at 42,900-43,200 is an immediate resistance zone; above this, we can expect a move towards 43,600-44,000 levels.
On the downside, 42,500-42,000 on the Bank Nifty will act as an immediate support area.
Here are three buy calls for next 2-3 weeks:
Usha Martin: Buy | LTP: Rs 177.55 | Stop-Loss: Rs 150 | Target: Rs 224 | Rseturn: 26 percent
The counter has witnessed a breakout of a symmetrical triangle formation on the daily chart with huge volume. It is trading in a new blue sky zone, and its structure is very impressive, as it is trading above all its important moving averages.
The momentum indicator RSI (relative strength index) is positively poised, whereas MACD (moving average convergence and divergence) is witnessing a centerline crossover on the upside.
On the higher side, Rs 200 is acting as an important psychological level; above this, we can expect the level of Rs 220+ in the near-short term, while on the lower side, Rs 150 will act as a major support during any correction.
Kirloskar Ferrous Industries: Buy | LTP: Rs 360 | Stop-Loss: Rs 317 | Target: Rs 444 | Return: 23 percent
In Tuesday’s trading session, the counter is coming out of an up-sloping channel formation with strong volume. The structure of the counter is very lucrative, as it has also witnessed a breakout of “U” shape formation on the weekly chart and is ready to fly in the blue sky zone.
On the upside, Rs 400 is the psychological resistance level; above this, we can expect the level of Rs 440+ in the near-short term, while on the downside, Rs 330 will act as a major support, and below this, Rs 317 is the next demand level during any profit booking in the counter.
Rashtriya Chemicals and Fertilisers (RCF): Buy | LTP: Rs 116.50 | Stop-Loss: Rs 103 | Target: Rs 144 | Return: 24 percent
The counter is in a classical move, as it has witnessed a breakout of a long consolidation formation on the daily chart, then retested its previous breakout at Rs 104-106 levels after hitting a 52-week high at Rs 144.
Now it is starting the next leg of a rally and forming a base at the 100 SMA (days simple moving average).
An investor can enter at the current price of Rs 116.50 with a stop-loss of Rs 103 and aim for a short-term target of Rs 128 or Rs 144.
MACD (moving average convergence divergence) is supporting the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised.
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