LIC India is bottoming out from lower levels and forming the right shoulder of an Inverse Head & Shoulder pattern formation on the daily chart with decent volume. The structure of the counter is in a long period of consolidation as it trades above its all-important moving averages.
Pravesh Gour
January 04, 2023 / 06:15 AM IST
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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 Nifty is consolidating with a positive bias, where 18,200–18,300 is an immediate resistance zone and 18,080–17,950 is a support zone. Any decisive move above 18,300 or below 17,950 will dictate further market direction.
Traders should use the buy-on-dips strategy until the Nifty trades above 17,950.
Bank Nifty is also consolidating, where 43,600 is an important hurdle and 42,700 and 42,500 are important support levels. The buy-on-dip texture will be continued until it trades above the 42,500 level.
Here are three buy calls for next 2-3 weeks:
LIC India: Buy | LTP: Rs 735 | Stop-Loss: Rs 670 | Target: Rs 844 | Return: 15 percent
The counter is bottoming out from lower levels and forming the right shoulder of an Inverse Head & Shoulder pattern formation on the daily chart with decent volume. The structure of the counter is in a long period of consolidation as it trades above its all-important moving averages.
On the higher side, Rs 750–760 act as susceptible levels; above this, we can expect a long move towards Rs 800+ in the shorter timeframe, while on the lower side, Rs 670 serves as an important support during any correction.
HG Infra Engineering: Buy | LTP: Rs 640 | Stop-Loss: Rs 580 | Target: Rs 764 | Return: 19 percent
The counter is in a long period of consolidation as it has retested its previous breakout level of Rs 500 after hitting a fresh 52-week high.
On the upside, Rs 670-680 are a susceptible area; above this, we can expect a run-up towards Rs 760 level in the near term. On the downside, Rs 580 is major support during any correction.
MACD (moving average convergence divergence) is supporting the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised.
Anup Engineering: Buy | LTP: Rs 950 | Stop-Loss: Rs 875 | Target: Rs 1,100 | Return: 16 percent
The counter has witnessed a breakout of Inverse Head & Shoulder on the weekly timeframe. On the daily chart, it has broken out of a sloping trendline with huge volume. The overall structure of the counter is also 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 1,050 is acting as an important psychological level; above this, we can expect the level of Rs 1,100+ in the near-short term, while on the lower side, Rs 875 will act as a major support during any correction.
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