NMDC on the daily chart has surpassed its previous swing high with a sharp surge in volumes. The momentum indicator RSI has given a positive crossover on the daily chart, confirming the buy signal.
Kunal Shah
January 12, 2023 / 06:51 AM IST
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} Nifty remained rangebound throughout the session on January 11. The market sentiment remains negative as the benchmark Nifty fell below the crucial short term moving average (50 EMA – exponential moving average).The daily RSI (relative strength index) is in bearish crossover on the daily timeframe, suggesting sluggish momentum.Over the short term, the trend is likely to remain sideways or negative. On the higher end, resistance is visible at 18,000-18,250. On the lower end, support is visible at 17,800.The Bank Nifty index witnessed a volatile trading session but managed to hold the immediate support level of 42,000. The index found support on the lower end at 41,700, where strong buying was visible.The banking index is likely to remain volatile in the coming session, and a break below 41,700 will accelerate the move on the downside. The upper end of the intermediate resistance zone is likely at 42,350-42,400, and the short covering is expected towards the 42,700 level.Here are three buy calls for short term:Tata Communications: Buy | LTP: Rs 1,417 | Stop-Loss: Rs 1,350 | Target: Rs 1,500-1,550 | Return: 9 percentTata Communications has given a strong breakout on the daily chart with a sharp surge in volume. The F&O data also points to the formation of new long positions, as open interest and price rise.The momentum indicators are in the strong buying zone, which confirms the strength of the stock. The support is visible at Rs 1,350, and the potential target on the upside is Rs 1,500-1,550.
NMDC: Buy | LTP: Rs 128 | Stop-Loss: Rs 124 | Target: Rs 133-136 | Return: 6 percentNMDC on the daily chart has surpassed its previous swing high with a sharp surge in volumes. The momentum indicator RSI has given a positive crossover on the daily chart, confirming the buy signal.The stock is trading in a strong uptrend with higher high and higher low formations in all the time frames. The lower end support is visible at Rs 124, which will act as a cushion for the bulls, and the potential upside targets are Rs 133-136.
MCX India: Buy | LTP: Rs 1,482 | Stop-Loss: Rs 1,450 | Target: Rs 1,520-1,550 | Return: 5 percentThe stock found support at the previous swing high before moving up on the daily timeframe. Furthermore, it has provided a consolidation breakout on the daily chart.The RSI has entered a bullish crossover. Over the short term, the trend is likely to remain positive. On the higher end, resistance is visible at Rs 1,550. On the lower end, support is visible at Rs 1,450.
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