Nifty range-bound, must cross 18,450 for further upmove; buy CONCOR, Havells, more to pocket short-term gains

Reliance Industries has underperformed over the past sessions and it has witnessed a downward trend.

Share market, stocks to watch
Currently, the market witnessing non directional activity, perhaps traders are waiting for either side breakout.

By Shrikant Chouhan

On Tuesday, the benchmark indices witnessed a volatile trading session. After roller coaster activity, Nifty ends 35 points lower while Sensex was down by 103 points. Among sectors, almost all the major sectoral indices were traded in the red but Realty index lost the most, shedding over 1.20%. Technically, after the early morning sharp intraday selloff, the index took support near 18,200/61,100 and recovered. From the day’s lowest points, the market recovered over 200/600 points for Nifty and Sensex respectively.

Currently, the market witnessing non directional activity, perhaps traders are waiting for either side breakout. For the bulls, 18,450/61,900 would be the important breakout level to watch. And if, the market manages to trade above the same, then we can expect quick uptrend rally towards 18,550-18,600/62,300-62,500. On the flip side, trading below 18,200/61,100 may increase further weakness up to 18,100-18,050/60,800-60,600. 

Stock Call: Reliance Industries

BUY | CMP: Rs 2621.8 | TARGET: Rs 2750 | SL: Rs 2570

Reliance Industries stock has underperformed in the past few sessions and it has witnessed a downward trend. After the sharp correction from the higher levels, the stock is currently trading near to its demand zone. As a result, the sharp rebound hints at upward movement from the current level to resume in the coming sessions.

Stock Call: Havells

BUY | CMP: Rs 1172.25 | TARGET: Rs 1230 | SL: Rs 1150

On daily charts, the counter has been forming a rounding bottom chart formation and trend reversal is likely to occur in the near term. The formation suggests a revival of the uptrend from the current levels for fresh leg of up move.

Stock Call: UltraTech Cement

BUY | CMP: Rs 7098 | TARGET: Rs 7450 | SL: Rs 6950

On the weekly scale, the counter is trading into a rising channel pattern forming the higher top and higher bottom series continuously. The strong bullish activity on the daily chart suggest that the counter is likely to maintain bullish continuation formation in the coming horizon.

Stock Call: CONCOR

BUY | CMP: Rs 747.2 | TARGET: Rs 785 | SL: Rs 730

After a medium term correction, eventually the stock took the support and reversed its trend. Post reversal, it has formed double bottom chart formation. The overall pattern offers buying opportunity for the positional traders with a decent risk-reward ratio.

(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. The stock recommendations in this story are by the respective analyst. does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

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First published on: 21-12-2022 at 08:23 IST