Rationale: Long build-up was seen in the Bajaj Fin Futures’ where we have seen 16 per cent (Prov) rise in the Open Interest with price rising by 5 per cent. The stock price has broken out on the daily chart with higher volumes Oscillators like RSI and MFI are showing strength in the current uptrend Plus DI is trading above minus DI while ADX line is placed above 20, Indicating momentum in the stock
Disclaimer: Nandish Shah is Technical Research Analyst at HDFC Securities. He doesn t hold any position in the stock. Views are personal. Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we
Strategy on ITC
×
Traders willing to take risk can consider going long with a stop-loss at ₹198 for a target of ₹210
The long-term outlook on ITC (₹201.5) will remain negative as long as it stays below ₹259. However, the short-term trend has turned positive. The scrip finds an immediate support at ₹198 and a crucial one at ₹174. A close below the latter will change the bullish view on the stock. If the stock manages to hold on to ₹198 level, it has the potential to touch ₹235 and even to the key resistance level of ₹259. We expect it to move in a narrow range with an upward bias.