Nifty ended at a fresh closing high for a third day in a row on July 16. Nifty slowly and gradually continuing its upward rally. Previous resistance of 24,461 is expected to interchange its role as a support going forward.
In this bullish trend, rather than anticipating top, traders should continue to ride the ongoing rally with the trailing stoploss. Next Target for Nifty is seen at 25,395, which happens to be 261.8 per cent Fibonacci retracement of the entire fall seen from 23,338(Top of 3 rd June 2024) to 21281(Bottom of 4 th June 2024).
Buy Strides Pharma(CMP: 942): | Targets Rs 1045,1090 | Stop-loss Rs 870
Stock price has broken out from downward sloping trend line on the monthly chart. Price rise was accompanied by healthy volumes. Stock price has been trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on weekly and monthly charts.
Stock price has been forming higher tops and higher bottoms on the weekly and monthly charts.
Buy Lauras Labs(CMP: 464.5): | Targets Rs 495,529.5 | Stop-loss Rs 430
Stock price has broken out from downward sloping trend line on the weekly chart. Price rise was accompanied by healthy volumes.
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(Vinay Rajani, CMT, is a senior technical & derivative analyst at HDFC Securities. Views expressed are his own)
First Published: Jul 18 2024 | 6:34 AM IST
