Indian Energy Exchange has given a breakout from a Pole and Flag pattern with a sharp surge in volumes. The momentum indicators are trading in the strong buying zone which confirms the strength of the stock.
Kunal Shah
March 02, 2023 / 06:55 AM IST
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} The Nifty index witnessed some buying momentum from the lower levels and managed to surpass the hurdle of 17,400 where a significant amount of Call writing was visible.The index’s broader trend remains bearish but since we are in an oversold territory, a minor pullback can be seen if the index sustains above 17,400. If the index fails to surpass the level of 17,500 will again witness selling pressure.The Bank Nifty remained positive throughout the day on March 1 following a consolidation breakout on the daily chart. The momentum oscillator RSI (relative strength index) is in a bullish crossover. A double-bottom formation on the daily RSI is likely to provide positive momentum in the space.On the higher end, Bank Nifty may move towards 41,000. On the lower end, support is placed at 40,400.Here are three buy calls for next 2-3 weeks:Power Finance Corporation: Buy | LTP: Rs 149 | Stop-Loss: Rs 144 | Target: Rs 155-160 | Return: 7 percentThe stock has given a breakout from a symmetrical triangle pattern on the daily chart with a rise in volumes. The momentum indicator RSI has given a positive crossover which confirms the buy signal.The MACD (moving average convergence divergence) indicator has given a bullish crossover at the zero line which indicates bullish momentum.The lower end of support is visible at Rs 144 which will act as cushion for the bulls and the potential targets are Rs 155-160.
Indiabulls Housing Finance: Buy | LTP: Rs 104 | Stop-Loss: Rs 102 | Target: Rs 108-112 | Return: 8 percentThe stock has given a downward consolidation on the daily chart, suggesting a rise in optimism. Besides, the price has found support at the previous congestion level.The RSI is in bullish crossover on the daily chart. Over the short term, the stock is likely to remain positive. On the higher end, resistance is placed at Rs 108-112. On the lower end, support is placed at Rs 102.
Indian Energy Exchange: Buy | LTP: Rs 147 | Stop-Loss: Rs 142 | Target: Rs 154-158 | Return: 7 percentThe stock has given a breakout from a Pole and Flag pattern with a sharp surge in volumes. The momentum indicators are trading in the strong buying zone which confirms the strength of the stock.The stock has surpassed its 20-day simple moving average which will now act as support on the downside. The stock remains in a buy mode and is likely to test the levels of Rs 155-160 on the upside. The downside support is placed at Rs 142 which will act as a cushion for the bulls.
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