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Go Long on Nifty around 20,700 as trend remains bullish, says HDFC Sec

The Nifty closed near its 5-day EMA support placed at 20,878 on Tuesday

Nifty 50
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Vinay Rajani Mumbai

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Nifty View
Nifty found resistance near 21,000 levels and turned south. The Nifty closed near its 5-day EMA support placed at 20,878. Support for the Nifty is seen in the vicinity of 20,700, where puts have been written in Dec 14 Expiry of Nifty. Primary trend of the market is bullish and mentioned support should be utilised to go long.

Stock recommendation:
Buy GSFC (CMP: Rs 228.90) | Target: Rs 247, 270 | Stop-loss: Rs 206
The stock price retraced back to the previous breakout level and has shown throwback. It is placed above all important moving averages, indicating bullish trend on all time frames. Indicators and Oscillators like DMI and RSI have turned bullish on the daily charts. Price breakout is accompanied with a jump in volumes. Fertilizer sector has started outperforming.

Buy Tata Comm (CMP: Rs 1,740) | Target: Rs 1,800, 1,890 | Stop-loss: Rs 1,700
The stock price has broken out from the consolidation which held from last six weeks. The price has surpassed the crucial resistance of 50-day EMA with rising volumes. Indicators and oscillators like RSI, MACD, and DMI have turned bullish on the daily chart.

Discalimer: Vinay Rajani is Senior Technical and Derivative Research Analyst. Views are own. He does not hold any of these stocks. 

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First Published: Dec 13 2023 | 8:18 AM IST

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