Tata Steel, Jubilant Food, LIC Housing Finance and Bharti Infratel – As Nifty opens strong, here are some reading strategies
Market has opened strong today with Nifty trading near 11950 (0.4% up) levels and Sensex trading at 40700 levels (0.37% up.
Zee Business Managing Editor Anil Singhvi says Nifty at 11765-11835 will act as today’s support range while 11975-12025 could be the higher end of the range. Bank Nifty support range for the day will be 24250-24325 zone while below that 24050-24100 will act as a strong Buy zone.
Market has opened strong today with Nifty trading near 11950 (0.4% up) levels and Sensex trading at 40700 levels (0.37% up. Market expert, Sumeet Bagadia, Executive Director at Choice Broking has shared his view on Tata Steel, Jubilant Food, LIC Housing Finance and Bharti Infratel – Here are some reading strategies for traders.
View on Tata Steel:
On the daily timeframe, Tata Steel price has sustained above 61.8% Retracement Levels, which indicates positive strength in the counter. Moreover, the price has also shifted above the Upper Bollinger Band and 50 days Simple Moving Averages, which suggest more bullishness for the near term. Additionally, a momentum indicator RSI & MACD has shown positive crossover, which supports the bull -run in the prices. Hence, Sumeet is expecting a bullish move in the prices, so one can initiate a long position at CMP Rs 411 with SL of Rs 388 for the upside target of Rs 440 / Rs 450 levels.
View on Jubilant Food:
On a daily chart, the stock has given a close below its 50 Days Moving Average which shows a negative trend for the time being. Moreover, the stock has given a breakout of its Roof Top formation which is a Bearish indication and suggests downside movement. A daily momentum indicator RSI reading is at 40.61 level with a negative crossover which points out for a negative breath in the counter. Hence, Sumeet is suggesting to sell the stock around Rs 2187 with a stop loss of Rs 2235 and target of Rs 2090.
View on LIC Housing Finance:
On the daily chart, the stock has been forming an Inverse H&S pattern, which is an accurate reversal formation. Moreover, the price has sustained above 200 Simple Moving Averages and Ichimoku Cloud, which support the bullish trend for medium term. Furthermore, a momentum indicator RSI has shifted above 60 level with rising Volume activities and Stochastic has shown positive crossover, which indicates bullish setup in the counter. So based on the above technical structure, Sumeet is recommending a buy position in LIC Housing Finance at Rs 308 with the stop-loss of Rs 288 for the upside target of Rs 340 / 360 levels.
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View on Bharti infratel
On a daily chart, the stock has given a breakout of its Ascending Triangle Formation which indicates a northward movement in the counter. Moreover, the stock has given a close above its 50 Days Moving Average which shows a positive trend for the time being. A daily momentum indicator RSI reading is at 55.80 level with a positive crossover which points out for a positive breath in the counter. Sumeet suggests Buy at current market price of Rs 195.90 with stop loss of Rs 190.50 and target of Rs 206.75.
(Authored by Rahul Kamdar)
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