Tata Steel has given a strong breakout from multiple resistance zones with a sharp surge in volumes. The momentum indicator RSI (relative strength index) has given a positive crossover and surpassed the level of 60, which confirms the buy signal.
Kunal Shah
January 19, 2023 / 06:49 AM IST
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} The Nifty index has broken out strongly from a falling wedge pattern, which is a bullish reversal pattern. The bulls regained control and surpassed the 18,100 barrier on January 18, demonstrating strong momentum. The index remains in a buy-on-dip mode with support at 17,900, where fresh Put writing has been witnessed. The index’s next immediate resistance stands at 18,200, and a breach will see sharp short-term movement toward 18,500-18,600 levels.The Bank Nifty remained volatile before ending around the day’s high on Wednesday. On the daily chart, the banking index has closed above the 50-day exponential moving average (42,350). The momentum indicator has entered a bullish crossover. Furthermore, the index has remained above the 200-day moving average. On the higher end, a resistance is visible at 42,500, and a rally may come upon a decisive breakout above the 42,500 mark.Here are three buy calls for short term:Tata Steel: Buy | LTP: Rs 122.45 | Stop-Loss: Rs 115 | Target: Rs 133-137 | Return: 12 percentTata Steel has given a strong breakout from multiple resistance zones with a sharp surge in volumes. The momentum indicator RSI (relative strength index) has given a positive crossover and surpassed the level of 60, which confirms the buy signal.The stock is trading in a strong uptrend with higher high and higher low formations intact on the daily chart. The lower end of the range has visible support at Rs 1,150, and the potential upside targets are Rs 133-137.
UPL: Buy | LTP: Rs 732 | Stop-Loss: Rs 710 | Target: Rs 760-780 | Return: 6.5 percentUPL has been trying to find support near the rising trend line and has formed bullish candlestick patterns. On the lower time frame, the stock has already seen a strong breakout with a sharp surge in volumes.The momentum indicators are in the strong buying zone, which confirms the strength of the stock. The stock is likely to head towards the level of Rs 760-780 and any dip towards Rs 720 should be an opportunity to buy the stock where the bulls will provide support.
Coal India: Buy | LTP: Rs 217 | Stop-Loss: Rs 211 | Target: Rs 223-226 | Return: 4 percentThe stock had rallied from the same support zone in the previous instance. On the daily chart, the stock price has moved up after a consolidation.Besides, the stock has found support at the 200-DMA before moving up. The short term, trend looks positive. On the higher end, the stock may move towards Rs 226. On the lower, end, support lies at Rs 211.
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