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Buy these two stocks for gains; Traders advised to hold Nifty longs with 16000 stop-loss

Support for the Nifty has now shifted up to 16000, while resistance for the same is seen in the unfilled gap area of 16484-16551.

Support for the Nifty has now shifted up to 16000. (Image: PEXELS)

By Vinay Rajani

After a huge up move on May 17, the Nifty consolidated throughout the day on May 18 and closed on a flat note. Nifty reversed the trend toward north after finding forming a triple bottom at 15740 odd levels. Nifty managed to hold its level above February 2022 bottom of 15670. FIIs have started covering shorts in Index future segment. Advance decline ratio has been positive for last three consecutive sessions. Support for the Nifty has now shifted up to 16000, while resistance for the same is seen in the unfilled gap area of 16484-16551. Traders are advised to hold Nifty long positions with 16,000 stop-loss on a closing basis. 

Also Read: ITC, Ashok Leyland, IndiGo, Adani Enterprises, IDBI Bank, sugar stocks in focus on weekly F&O expiry

Buy Tata Consumers
CMP of Rs 757
Target: Rs 800 | Stop-loss: Rs 735

Stock has reclaimed its level above its 200 DMA on closing basis. FMCG sector has started outperforming. Indicators and oscillators have turned bullish on short term charts. Primary trend of the stock has been bullish. Price breakout is accompanied with jump in volumes.

Buy Chambal Fertlisers
CMP OF 410
Target: Rs 435 | Stop-loss: Rs 395

Stock price has recently found support on its 200 days EMA and reversed north. On 16th May 2022, stock formed long legged “Doji” candlestick pattern, which indicates the bullish trend reversal. Primary trend of the stock is positive as it has been holding higher tops and higher bottoms on weekly and monthly charts. Fertilizer sector has been outperforming the market and same is likely to continue.

(Vinay Rajani, CMT is a Senior Technical and Derivative Research Analyst at HDFC Securities. The views expressed are the author’s own. Financial Express Online does not bear any responsibility for their investment advice. Please consult your financial advisor before investing.)

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