Last week, nifty has found support around 7700 again. On weekly chart, nifty has formed two long tailed candles indicating buying pressure.
On daily chart, nifty seems to be forming higher tops higher bottoms. Also, an inverted head & shoulders pattern also seems to forming. The break out of the pattern seems to be around 8025 levels. So above this level nifty can speed up the movement. There is a gap of almost 135 points in the range of 8225 & 8100. This gap can act as a resistance.
So all & all, it is advised to go long in the index up to 7900 for targets 8100 & 8225.
On stock specific, Adaniports looks good to go long for targets of 330 & 350, LT for targets of 1555 & 1610. One can go short in Infy for targets of 1120 & 1090.
On daily chart, nifty seems to be forming higher tops higher bottoms. Also, an inverted head & shoulders pattern also seems to forming. The break out of the pattern seems to be around 8025 levels. So above this level nifty can speed up the movement. There is a gap of almost 135 points in the range of 8225 & 8100. This gap can act as a resistance.
So all & all, it is advised to go long in the index up to 7900 for targets 8100 & 8225.
On stock specific, Adaniports looks good to go long for targets of 330 & 350, LT for targets of 1555 & 1610. One can go short in Infy for targets of 1120 & 1090.
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