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Nifty likely to be sideways; Nocil, Alkyl Amine top tech calls for Jan 3

Nifty could now remain in the 21,770-21,477 band for the near term, a sper Vinay Rajani of HDFC Securities

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Vinay Rajani Mumbai

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Nifty View

Nifty fell for the second consecutive session on Jan 02. At close, Nifty was down 76 points at 21,666. Cash market volumes rose compared to the previous session but remained below Rs1 lakh crore.

Broader market indices fell less than the Nifty even as the advance decline ratio fell to 0.93:1. Nifty remains in a sideways/consolidation move and attracts buying on dips positionally.

Nifty could now remain in the 21,770-21,477 band for the near term, though benchmark indices turned slightly weak, stock specific bullish moves cannot be ruled out.  

Stock picks

Buy Alkyl Amines | CMP: Rs 2,685 | Target: Rs 3,300 | Stop-loss: Rs 2,428

The stock price has broken out from downward sloping trend line resistance. It has formed double bottom formation at 2120 odd levels and reversed north and is now placed above all important moving averages, indicating bullish trend on all time frames.

Indicators and Oscillators like MACD and RSI have turned bullish on the daily charts. Price breakout is accompanied with a jump in volumes.

Buy Nocil | CMP: Rs 282.55 | Target: Rs 306 | Stop-loss: Rs 269

The stock price has broken out from downward sloping trend line on the weekly chart. 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. Chemical sector has started outperforming.

Disclaimer: Vinay Rajani is CMT and Senior Technical & Derivative Research Analyst at HDFC Securities. Views are his own. 

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First Published: Jan 03 2024 | 7:37 AM IST

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