Vijaya Diagnostic, Mastek; top technical bets by Vinay Rajani of HDFC Sec

2 min read Last Updated : Oct 16 2024 | 7:24 AM IST

Nifty failed to surpass the swing high resistance of 25,234 and witnessed minor profit booking on 15th October. At present Nifty is hovering around 50 DEMA. Support for the Nifty is seen near 24,900 and same can be kept as a stoploss in trading long positions. Technical setup of smallcap and microcap indices is relatively stronger than Nifty and therefore we can expect broader markets to perform well.

Buy Vijaya Diagnostic | CMP: Rs 1,075 | Target Rs. 1,180| Stop-loss Rs 1,025

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Stock is placed above all important moving averages. Stock has entered in to bullish momentum zone. Stock has registered fresh all time highs. Healthcare and diagnostic sector has been outperforming for last couple of months. Stock has been forming higher tops and higher bottoms on the daily and weekly chart.

Buy Mastek | CMP: Rs 2,908 | Target Rs. 3,150| Stop-loss Rs 2,750

Rounding bottom pattern is being formed on the daily chart. Price rise is accompanied by jump in volumes. Stock is trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on daily and weekly chart. IT sector seems to have resumed its uptrend after small correction.

(Vinay Rajani, senior technical and derivative analyst at HDFC Securities. Views expressed are his own.)

First Published: Oct 16 2024 | 7:23 AMIST