Vinay Rajani believes that once the Nifty hits 15,858, it would turn positive.

  • June 15, 2022, 12:50 p.m.

The Nifty fell for the third consecutive session, to close at 15,732 on Tuesday. From a high of 16,793, made on June 03, the Nifty has registered a fall of more than 1,100 points in the following trading sessions.

On June 14, the Nifty and the Bank Nifty both ended the session with an "Inverted Hammer" candlestick pattern on the daily chart. The bullish implication of this candlestick pattern would be confirmed once we see Nifty surpassing 15,858.

Above 15,858, traders can initiate longs for the target of 16,150, keeping a stop loss at 16,700.

Birla Soft

BUY

Target: Rs 377

Stop Loss: Rs 333

Last Close: Rs 348.65

The stock price has formed a bullish "piercing line" candlestick pattern on the daily chart. The RSI oscillator has been rising with a positive divergence on the daily chart.

The Stock can be accumulated between CMP and Rs 339, for a target of Rs 377, keeping a stop loss at Rs 333.

ABB India

BUY

Target: Rs 2,660

Stop Loss: Rs 2,170

Last Close: Rs 2,317

In May 2022, the stock broke out of the "Flag" pattern on the monthly chart. The stock is placed above its 50 and 200 day averages, which indicates a bullish trend for the medium to long term.

Indicators and oscillators have been showing strength in the current up move. The capital goods sector has been showing strength in the recent weakness seen in the market.

The stock can be accumulated between CMP and Rs 2,260 for a target of Rs 2,660, keeping a stop loss at Rs 2,170.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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