Nifty View:
There is a Doji formation in the daily chart of Nifty which can trigger a trend reversal but however, it has broken the support of 9,820 decisively and technically, since the sentiment has weakened, more space on the downside is visible before any possibility of revival happens. The RSI has had a steep fall to hit the oversold zone which is now at Rs 36 in the Nifty daily chart and we anticipate indices can witness some more pain on the downside. The support for the week is seen at 9,560 while resistance is seen at 9,820.
BUY BAJAJ FINANCE
CMP: Rs 1,695.40
TARGET: Rs 1,850
STOP LOSS: Rs 1,580
The stock has made a higher bottom formation pattern in the daily chart and with the positive candle pattern formed, the stock looks potentially poised for an upside bounce to scale fresh new heights. The RSI indicator also has shown a reversal in its trend direction and with tremendous volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,850 keeping a stop loss of Rs 1,580.
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