Nifty bullish till it holds 9,700: Vinay Rajani of HDFC Securities

Nifty in Bullish Momentum Targets: ten,a hundred and sixty and ten,550 Assist: nine,700

Nifty has been mounting for the past five consecutive periods. On Tuesday, the index shut earlier mentioned the 50 for every cent retracement degree of the total slide found from twelve,430 to seven,511. Subsequent target for the Nifty is found at ten,a hundred and sixty and ten,550. Nifty would be regarded bullish till it retains the degree earlier mentioned nine,700 in spot.

Invest in MINDTREE (Rs 921) | Target: Rs 990 | Quit-reduction: Rs 890

The main development of the inventory is bullish as it is forming bigger tops and bigger bottoms on the everyday charts. Short-time period Transferring averages are trading earlier mentioned medium-to-extensive time period shifting averages. The inventory has surpassed vital resistance of multiple tops put at 920 odd stages. Downward sloping development-line breakout is found on the everyday charts. Indicators and oscillators have been demonstrating toughness on the everyday and weekly charts. Furthermore, the general IT sector has been outperforming and now Midcap IT shares are demonstrating traction on the upside.

Invest in GAIL (Rs ninety six.eighty five): | Target: Rs 104 | Quit-reduction: Rs 93

The inventory price has shut earlier mentioned the higher band of the Bollinger on the everyday charts. It has also surpassed the resistance of the previous major on the brief-time period charts. Indicators and Oscillators have been demonstrating toughness on the brief-to-medium time period charts. Furthermore, the Oil and Fuel sector has been accomplishing very well due to the fact past week.

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Disclaimer: Vinay Rajani is a Technological Research Analyst at HDFC Securities. Sights are personal.