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Strides Pharma has retraced more than 61.8 per cent of the entire fall which was seen from the swing high of Rs 425 towards the recent swing low of Rs 312, which indicates negation of a down trend

trading, market, stocks

Vinay Rajani Mumbai

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Nifty saw another day of records as it extended gains to the fourth session on June 18. Nifty continued its gradual march upwards. Support is now shifted up at 23, 300 in Nifty. 

Positional targets for Nifty are seen at 23,824 and 24,125, which happens to be 123.6 per cent and 138.2 per cent Fibonacci retracement levels of the entire fall which was registered from 23, 338(Top of 3 rd June 2024) to 21, 281(Bottom of 4 th June 2024).

Buy Strides Pharma (CMP: Rs 993): | Targets Rs 1090,1300 | Stop-loss Rs 947
Stock has retraced more than 61.8 per cent of the entire fall which was seen from the swing high of Rs 425 towards the recent swing low of Rs 312, which indicates negation of a down trend. 

Stock is now placed above all important moving averages, which indicates bullish trend on all time frames.

Buy Zensartech (CMP: Rs 703): | Targets Rs. 795, 900| Stop-loss Rs 635
Stock price has broken out from the triple top resistance of Rs 660. Price rise was accompanied by healthy volumes. 

Stock price has been trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on weekly and monthly charts. 

Stock price has been forming higher tops and higher bottoms on the weekly and monthly charts. 

(Vinay Rajani, CMT, is a senior technical & derivative analyst at HDFC Securities. Views expressed are his own)

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First Published: Jun 19 2024 | 6:36 AM IST

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