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11,500 may act as crucial resistance for Nifty; 2 large caps, 1 midcap that could return 8-11%
Rupak De of Bonanza Portfolio said the Nifty may find support at the lower band of the rising channel which is currently pegged around 11,450.
The Nifty has moved above its recent swing high on the daily chart, which signifies the return of the bulls into the market. The index is moving within a rising channel, where it has been taking support at the lower end of the band.
On the other hand, it has been finding resistance at the higher end of the channel band. The trend remains bullish. All corrections were used as a buying zone as bears failed to pull the market beyond the crucial support of 11,350.
At the higher end, 11,500 had been a crucial resistance due to its importance on the technical as well as on the options front. Therefore, a breakout above 11,500 brought in buying in the market, which is expected to push the index going forward.
On the options front, 11,600 calls and 11,400 put remained the strikes where the most writing was seen. This signifies that the immediate range for the next few days is likely to be 11,400 to 11,600.
Going forward, the market is likely to be in a bullish trend. The Nifty may find support at the lower band of the rising channel which is currently pegged around 11,450. At the higher end, 11,600 and 11,660 are likely to act as immediate resistance zone for the Nifty.Source-www.moneycontrol.com
The stock price has given a breakout above the falling trendline on the daily chart which means that the optimism is growing in the stock which is likely to take the stock for a ride.
In addition, the price has moved above its previous two swing highs. Also, the stock has managed to move back above its 200-DEMA for the first time in several days.
Traders can accumulate the stock in the range of Rs 1,265-1,275 for the target of Rs 1,400 and a stop loss below Rs 1,214.
The price has moved above its swing high on the daily chart on the back of an increase in buying an interest in the stock. In addition, the stock has closed above its 200-DEMA (double exponential moving average).
The daily strength indicator RSI is in ascending formation and in the bullish crossover. This technical set up can propel a rally in the stock. Traders can accumulate the stock in the range of Rs 1,160-1,170 for the target of Rs 1,260 with a stop loss below Rs 1,107.
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