Street Signals: Technical charts point to further upside for Nifty

AMOL ATHAWALE

VP—TECHNICAL RESEARCH, KOTAK SECURITIES

Where is the Nifty headed? The weekly charts display a Doji candlestick pattern, signalling uncertainty and indecision between bulls and bears. Trading Strategy The short-term market outlook remains optimistic, with traders advised to buy on dips and sell on rallies. For the Nifty, the 50-day SMA around 23,850–23,750 is expected to act as a key support zone, while resistance is seen at 24,200–24,400. A fall below 23,750 may prompt traders to exit long positions.

TOP BETS FOR THE WEEK
Britannia Industries: Buy; CMP: Rs 5,195; stop loss: Rs 5,100; target: Rs 5,450

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After finding support near Rs 5,050, the stock reversed and is undergoing positive consolidation near its 20-day SMA, indicating that the pullback may continue. Rs 5,100 is likely to act as a crucial support level, and sustaining above it could extend the move towards Rs 5,450.
Grasim Industries: Buy; CMP: Rs 3,150; stop loss: Rs 3,085; target: Rs 3,300
On both the daily and weekly charts, the stock remains in a strong uptrend, with Rs 3,090 emerging as a critical support level. As long as it stays above this mark, the rally could extend towards Rs 3,300, while a fall below Rs 3,090 may warrant an exit from long positions.

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RUCHIT JAIN
HEAD – EQUITY TECHNICAL RESEARCH, MOTILAL OSWAL FINANCIAL SERVICES

Where is the Nifty headed? The Nifty has recovered steadily from the 23,000 mark, forming a higher bottom near the 61.8% Fibonacci retracement level and reclaiming its 50-day DEMA, signalling improving momentum. If the upmove sustains, the index could head towards 24,500, where the 200-day DEMA and a previous swing high may act as key resistance. On the downside, immediate support is placed at the 20-day DEMA near 23,700, and holding above this level would keep the short-term bullish bias intact.

Trading Strategy: Traders are advised to maintain a positive bias and use corrective declines to create fresh long positions. Dips towards 23,900–23,850 can be used as buying opportunities, with a stop loss below 23,700, while the Nifty may target 24,250 initially and 24,500 if momentum strengthens.

TOP BETS FOR THE WEEK
Aditya Birla Capital: Buy; CMP: Rs 376; stop loss: Rs 360; target: Rs 405
The stock is on the verge of breaking out of a sixmonth consolidation range, suggesting a continuation of its broader primary uptrend. A decisive breakout could trigger fresh momentum and attract follow-up buying.

Premier Energies: Buy; CMP: Rs 1,080; stop loss: Rs 1,020; target: Rs 1,180.
The stock has been forming a higher-top, higher-bottom structure. Prices are respecting the support range of the 20- and 50-day DEMAs, while the RSI oscillator indicates positive momentum.

PABITRO MUKHERJEE
DEPUTY VICE PRESIDENT— TECHNICAL, BAJAJ BROKING

Where is the Nifty headed?
The bias remains positive, and the Nifty is expected to extend its upmove towards 24,300 and 24,600 in the coming weeks. While some consolidation after the recent 1,100-point rally cannot be ruled out, dips towards the 23,800–23,900 support zone should be used to accumulate quality stocks. The broader market is likely to continue outperforming, with the Nifty Midcap 100 targeting 63,500 and the Nifty Smallcap 100 moving towards its CY25 high of 19,225. Trading Strategy Buy Nifty futures at current levels and on dips towards 23,900 for targets of 24,300 and 24,600.

TOP BETS FOR THE WEEK

Bharat Electronics: Buy; CMP: Rs 427; stop loss: Rs 411; target: Rs 452
The stock has broken out above the falling channel that contained its two-month decline and has also closed above its 20- and 50-day EMAs, offering a fresh entry opportunity. The stock is likely to gradually move towards Rs 452, which marks the 80% retracement of the previous decline from Rs 464 to Rs 399.

Eternal: Buy; CMP: Rs 264; stop loss: Rs 249; target: Rs 290
The stock is on the verge of breaking out above its eight week consolidation range of Rs 234–265, offering a fresh opportunity. A bullish crossover of the 20-day EMA above the 50-day EMA supports positive bias, with the stock expected to move towards Rs 290–295 in the coming months.