Any close below 24000 could result in to fresh breakdown in the Index. Below 24000, Nifty could slide towards 23667 support. Traders should avoid taking longs in Nifty, unless it surpasses 20 DEMA resistance.
Buy Vijaya Diagnostic (837): | Target Rs. 932 | Stop-loss Rs 785
Indicators and oscillators have turned bullish on daily and weekly chart. Stock price has started forming higher tops and higher bottoms on the daily charts.
Buy Torrent Power (1715): | Target Rs. 1920 | Stop-loss Rs 1669
Stock is trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on daily and weekly chart. Stock price has started forming higher tops and higher bottoms on the daily charts.
(Vinay Rajani, CMT, is a senior technical & derivative analyst at HDFC Securities. Views expressed are his own)
First Published: Aug 14 2024 | 6:32 AM IST
