Santosh Meena, Head of Research, Swastika Investmart
Nifty managed to stay above the psychological level of 18,000 on January 11, however, 18,100-18,200 are immediate resistance levels. Above this, we can expect a swift move towards a new all-time high.
On the downside, 17,800 is immediate support, while 17,640-17,500 are major support levels.
Bank Nifty is outperforming where 38,300-38,500 is an immediate resistance zone. Above this, we can expect a rally towards 39,500-40,000 levels. On the downside, for Bank Nifty, 38,000-37,750 is an immediate demand zone while 37,300-37,000 is the next support zone.
Here are three buy calls for next 2-3 weeks:
Thermax: Buy | LTP: Rs 1,963 | Stop-Loss: Rs 1,875 | Target: Rs 2,200 | Return: 12 percent
The counter got strong bullish momentum after breaking out the multi-month hurdle of Rs 1,575 and now it retested this level during consolidation and resuming its bullish momentum.
It is breaking out two months of consolidation with positive bias in momentum indicators. On the downside, Rs 1,900-1,850 is an immediate demand zone while 20-DMA (daily moving average) of Rs 1,780 is the next support level.
VRL Logistics: Buy | LTP: Rs 494.95 | Stop-Loss: Rs 460 | Target: Rs 575 | Return: 16 percent
The counter is witnessing bullish flag formation to resume its uptrend. It is trading above its all-important moving averages with positive bias in MACD (moving average convergence divergence) and ADX (average directional index) where RSI (relative strength index) is also witnessing a breakout of 60 mark with a bullish formation.
On the upside, Rs 540-575 are immediate target levels while on the downside, Rs 475-460 is a strong demand zone.
VIP Industries: Buy | LTP: Rs 584.25 | Stop-Loss: Rs 550 | Target: Rs 660 | Return: 13 percent
The counter has created a strong base at 100-DMA (daily moving average) and then witnessed a breakout of symmetrical triangle formation with a surge in volume.
It is trading above all its important moving averages, whereas RSI has also moved above the 60 mark. MACD and ADX are also trading with a positive bias to support the current strength.
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