- Date : 21/11/2022
- Read: 3 mins
The week had been lackluster, and there was no buying to uplift the market.
As the week ended, Nifty broke its winning streak of a whopping four weeks and closed at just over 18,300 on November 18. The week had been lackluster, and there was no buying to uplift the market. Inflation has been rising globally, and there are mixed sentiments among investors. Technically, the structure is upbeat as 18,100-18,250 provides a bullish cushion to an intra-week decrease. The dip, if any, would prove beneficial for the bulls. 18,450-18,500 is a big hump for the bulls, and the breach of this level could result in a new rally.
Two Short-Term Buy Calls
Here are two short-term buy calls:
- Sterlite Technologies
Last Traded Price: Rs. 177.70
Stop-Loss: Rs. 168.40
Target: Rs. 195
The stock has been moving in a triangle pattern symmetrically daily and has witnessed minor traction regarding volume in the last two trading sessions. It witnessed a break-out in volume and looks sturdy to continue its upward trajectory in the short term. It also traversed the moving average of 200-day SMA after a long period. It results in a solid upward movement prediction. The technical indicators also show an uptrend, and we recommend buying the stock for a target of Rs. 195 in the short term.
Last Traded Price: Rs. 287.35
Stop-Loss: Rs. 280
Target: Rs. 299
Arguably among the worst performers in the past two years, the stock has seen a 40% decline from its record high. The downward trajectory will now stop as there is a sign of revival. The stock managed to end over Rs. 287 in the daily chart, indicating strength. Combining it with the weekly chart, the RSI-Smoothened oscillator has confirmed a positive crossover. We advise you to buy at Rs. 299 targets in the short term. Place a stop-loss at Rs. 280.
Also Read: How did the market react to the budget?
The market is waiting for a trigger to provide an upsurge, and we expect the index to stay in the range we mentioned. The uptrend shall continue, and investors should look to add to their portfolios during any dip. Taking a long position in the index will be a wise move. Some individual shares were on a high as the overall result was lethargic.