Nifty outlook
Nifty has been taking support at its 5-day EMA and holding the short-term trend on the upside. The primary trend of the market is up, but although momentum is diminishing for the last couple of days, as far as Nifty is concerned. However, unless Nifty breaks the near-term support, which is placed at 15,200, traders should continue to hold on to their long positions. Short-term resistance for the Nifty is seen at 15,470-odd levels.
Stock recommendations
Buy CANFIN HOMES (Rs 514): | Target: Rs 580 | Stop-loss: Rs 469
The stock price has broken out from medium-term downward sloping trend line on the weekly chart. It has broken out from the last 12 weeks' narrow price consolidation. Volumes have been rising gradually along with price rise. The primary trend of the stock has been bullish with higher tops and higher bottoms. Moreover, the stock has been trading above all important moving average parameters. Indicators and oscillators like RSI, MACD and DMI have turned bullish on short-term charts.