Tuesday, March 21, 2023

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This is why Vinay Rajani is bullish on Exide Industries, Tata Motors DVR

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Nifty View

The Nifty rose for the sixth straight session on Tuesday, to shut at 17,825. The positional pattern on the Nifty is bullish because it has maintained increased high and better backside formation on the every day chart.

The subsequent resistance for Nifty is seen at 18,114, which occurs to be earlier swing high on the weekly chart.

Longs must be held with the trailing cease lack of 17,600 on a closing foundation.


Exide Industries

Purchase Vary: Rs 164.25 – Rs 159

Targets: Rs 178, Rs 190

Cease-loss: Rs 156

The inventory has damaged out from the downward sloping channel on the weekly line chart. The breakout is accompanied with rising volumes.

Indicators and oscillators have turned bullish on the weekly chart. The inventory has been forming increased high and better backside on the every day chart.


Tata Motors DVR

Purchase Vary: Rs 240.65 – Rs 234

Targets: Rs254, Rs 263

Cease-loss: Rs 230

The inventory has surpassed the essential double high resistance positioned at Rs 236 odd ranges. The inventory has additionally damaged out from final 5 week’s worth consolidation with soar in volumes.

The inventory is positioned above all necessary transferring averages, which signifies bullish pattern on all time frames. The auto sector has been outperforming and anticipated to proceed for subsequent few weeks.

(Vinay Rajani, Senior Technical and Spinoff Analysis Analyst at HDFC securities. Views expressed are private).

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