Care Ratings, Equitas SFB form bullish patterns on charts; time to buy?

On the broader market outlook, Vinay Rajani the technical & derivative analyst says that the key support for Nifty stands at 18,200.

Vinay Rajani Mumbai
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Nifty View
On May 16, 2023, the Nifty ended up forming bearish engulfing candlestick pattern on the daily chart. The Nifty has registered more than 10 per cent rise from the March 2023 bottom. Support for the Nifty is seen near 18,200, below which bearish trend reversal for short term would be confirmed.

On the higher side 18,500 is expected to act as a resistance. Below 18,200, Nifty could slide towards 18,000 support.
Care Ratings
Last close: Rs 691

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Target: Rs 747; Rs 790
Stop-loss: Rs 663

The stock price has broken out from multi week consolidation with jump in volumes. Primary trend of the stock is bullish as stock is placed above all important moving average.
Further, momentum indicators have turned bullish on the daily and weekly charts.

Equitas Small Finance Bank (SFB)
Last close: Rs 78.20
Target: Rs 84; Rs 89
Stop-loss: Rs 74.85
Primary trend of the stock has been bullish as it has been forming higher tops and higher bottoms on weekly charts.

The stock price has recently registered new all-time high of Rs 80.90 and witnessed running correction towards Rs 74.85. The stock has taken support on its 13-days EMA and resumed its uptrend on May 16, 2023.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).

CARE Ratings

  • 1D
  • 5D
  • 1M
  • 3M
  • 6M
  • 5Y
  • MAX

First Published: May 17 2023 | 7:38 AM IST

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