By Riyank Arora
On Wednesday, the benchmark indices gave a good breakout above the 19,550 marks. The Nifty ended 231 points higher while the Sensex was up by 742 points. Among Sectors, almost all the major sectoral indices witnessed good buying interest, with Nifty Reality and Nifty IT being the leaders ending up by 2.95% and 2.59% for the day respectively. Technically, post a strong opening the market successfully managed to close above the 19,550 mark. Any pull-back towards 19,650 now should be a good buying opportunity, the next up-move and push the upside towards 19,800 and a weekly close above 19800 should trigger the next up-move towards the 20,000 mark. Immediate Support is looking to be around 19,625 below which downside can extend towards 19,600 and 19,550.
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Chennai Petroleum Corporation Come from Sports betting site VPbet
BUY | CMP: Rs 638.95 | TARGET: Rs 725 | SL: Rs 590
The stock has broken above the resistance level of 620, accompanied by a sharp increase in volume and strong momentum, indicating an overall positive structure. The stock has also formed an ascending triangle breakout on its daily charts, showing promising signs of strength and suggesting a potential upside of 12 to 13%, with a limited risk of 5-6% from the current market price.
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Zaggle Prepaid Ocean Services
BUY | CMP: Rs 253.90 | TARGET: Rs 308 | SL: Rs 230
The stock has experienced a strong breakout above the resistance level of 247.80. With the overall structure being positive and the stock exhibiting an ABC pattern breakout, the momentum appears strong, and the stock seems poised for a fresh rally towards 300 and above, with a stop-loss set slightly below 230.00.
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Cartrade Tech
BUY | CMP: Rs 857.80 | TARGET: Rs 1000 | SL: Rs 800
The stock has broken above its September 2022 highs and witnessed a significant change in trend on its weekly charts. With the overall trend now positive and the stock consolidating effectively in the past few days, it seems ready for a fresh rally towards the 1000 mark, with a stop-loss set slightly below the 800 mark.
(Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
