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Nifty at the bottom 14,416 would be seen for short term: Vinay Rajani

Under 14,416, slide Nifty in the direction of the next support of 14,150

Vinay Rajani | Mumbai last updated on 5 May, :28 is

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Nifty Outlook

On May 3, 2021, Nifty brought significantly back from the daily and bullish candle on the day chart. On the same day, a low of 14,416, which is the 61.8 percent retracement of the total pullback, which is from 14,151 (Tow of 22 April 22, 2021) to 15,044 (8 April 29 April 2021). Each proximity under 14,416 would violate the decisive support of the golden relationship, and in this case we can expect NFTY to enter a Bearish territory. Under 14,416, Nifty could slip towards the next support of 14,150. In the short term, we expect stack-specific bullish moves in the MID-CAP segment and small caps, and these should be traded with a reasonable stoopless.

Stocks

The stock price has broken out of bullish "pennant" patterns on the daily charts. The rising volumes during the breakout has validated the upward amount. It has traded over important sliding average parameters, indicating the upward trend on all time frames. The pharmaceutical sector was one of the best sectors and still holds his strength. The stock price has broken out of consolidation, which has been held for four weeks. Indicators and oscillators such as RSI, MACD and DMI have bullish

on short-term diagrams

Buy HPCl (RS 242): | Goal: RS 262 | Stop Loss: RS 228

In the last seven weeks, the stock price has formed by the registration of several soils strong base around 228 odd stages. On May 4, 2021, the share rose more than 2.5 percent with good quantities and exceeded the resistance of 241, which led to a breakout of the narrow consolidation, which held seven weeks. Indicators and oscillators have bullish charts on the daily charts.
Disclaimer: Vinay Rajani is the older technical and derivative research analyst at HDFC Securities. The analyst has no holding in the camp. Views are personal

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