18 DECEMBER
With 1.8% upmove this week, Nifty extended the winning streak to
seventh straight week. Nifty mid-cap and small-cap indices also rose for the
seventh straight week, gaining 1.8% and 2% respectively. Realty and Pharma
indices were the top gainers among the sectoral indices, putting on 3.9% and
3.2% respectively whereas PSU Bank index slipped 3.4%, becoming top loser,
followed by 0.8% lower FMCG index.
Nifty (CMP: 13760): 13773, the top made on Thursday as well as
Friday, is the immediate hurdle to eye, upon crossover of which, 13900 would be
the next upside level to watch. On the way down, trendline adjoining recent
bottoms on the hourly chart lands support around 13580, upon breach of which,
13450-13400 zone, where three earlier bottoms on the hourly chart are placed,
would be the next support area. Meanwhile, trading longs should be held on to
with the stop-loss of 13580.
BANKNIFTY (CMP: 30714): The index has been repeatedly getting
resisted around the rising trendline adjoining recent tops on the hourly chart.
Once this hurdle, placed around 30950, is taken out, 31400, followed by 31650
would be the upside targets. Immediate support is placed at 30200, with the
stop-loss of which, long positions should be held on to.
BAJAJ AUTO (CMP: 3347): Bajaj Auto has broken out of a big
trendline resistance adjoining tops made in 2018 and 2020 and can deliver
returns of 20-25% over next 2-3 quarters. The stock also broke out on its
hourly chart on Friday after a consolidation of 10 sessions. For short term,
the stock should be bought at current rate for the target of 3500. The stop-loss
should be placed at 3260.
ROUTE MOBILE (CMP: 1158): The stock, after hitting all-time high
of 1275 on 7th December, was in a consolidation mode for past 8 sessions. On
Friday, the stock broke out on it's hourly chart with volumes which were more
than twice it's ten-day average volumes. The stock should be bought at current
rate for the target of 1215. The stop-loss should be place at 1125.
NAVIN FLUORINE (CMP: 2621): After getting resisted at 2750 level
twice , the stock corrected to make a bottom of 2496 on this Wednesday. From
there, the stock has recovered and broke out on its hourly chart on Friday. The
stock should be bought at current level for the target of 2750. The stop-loss
should be placed at 2540.
JINDAL STAINLESS (CMP: 71.40): The stock, after making a top of
73 on 3rd December, has seen 9 sessions of correction and consolidation. On
Thursday, it broke out of a triangle formation on its hourly chart with good
volumes. The stock should be bought at current rate for the target of 75 and 77.
The stop-loss should be placed at 68.
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