By Nagaraj Shetti
After showing a range bound action with weak bias in the last few sessions, Nifty witnessed a sustainable upside bounce from the lows on Wednesday and closed the day with gains of 51 points. The opening downside gap has been filled completely.
A long bull candle was formed on the daily chart with a long lower shadow. Technically, this market action is indicating a formation of a bullish engulfing pattern Come from Sports betting site VPbet . Normally such bullish engulfing patterns after a reasonable decline or near the support signal chances of upside bounce in the underlying post confirmation.
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After the range bound movement in the last few sessions, the market showed a false downside breakout of the range in the early part of Wednesday before witnessing a sharp intraday upside bounce. Hence, there is a higher possibility of an upside breakout of the narrow range at 19,750 levels.
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The short-term trend of Nifty seems to have reversed up and a follow-through upmove could confirm a short term higher bottom reversal pattern. Immediate support is placed around 19600- 19,550 levels and a decisive move above the hurdle of 19,750 levels could pull Nifty towards 19,950-20,000 levels.
Stock Picks
Buy Deepak Fertilisers & Petrochemicals Corporation (CMP Rs 651)
After showing minor downward correction in the last two weeks, the Fertiliser stock Deepak Fertilisers & Petrochemical Corporation witnessed a sustainable upside bounce on Tuesday and consolidated slightly on Wednesday. Presently, the stock price is showing a rounding bottom type pattern as per weekly time frame chart and is in an attempt of upside breakout of the neckline of the pattern at Rs 680 levels. The volume has started to expand during upside breakout and we observe positive chart patterns like higher tops and bottoms on the weekly time frame chart.
Buying can be initiated in Deepak Fertilisers at CMP (Rs 651), add more on dips down to Rs 625, wait for the upside targets of Rs 710 and Rs 765 in the next 3-5 weeks. Place a stoploss of Rs 602.
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Sell Glenmark Pharma (CMP Rs 775.50)
After a sharp upmove in the previous few weeks, the Pharma stock-Glenmark Pharmaceuticals has witnessed sharp weakness in the last one week. Presently, the stock price is forming an important top reversal pattern around Rs 880 levels. The immediate support of 10week EMA has been placed at the edge of downside breakout so far this week and we observe negative divergence building up on the weekly 14 period RSI. This is negative indication.
One may look to Sell Glenmark Pharmaceuticals at CMP (Rs 775.50), add more on rise up to Rs 798 and wait for the downside targets of Rs 715 and Rs 675 in the next 3-5 weeks. Place a stoploss of Rs 825.
(Nagaraj Shetti is a Technical Research Analyst at HDFC Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
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