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Nifty momentum to continue in short-term says HDFC Securities; top picks include Bikaji, NMDC
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Nifty momentum to continue in short-term says HDFC Securities; top picks include Bikaji, NMDC
12 April 2024
Buy Bikaji (549): | Target Rs. 625 | Stop-loss Rs 500
Bikaji has bounced back strongly from the 476 levels. These levels coincide with the previous swing lows of the stock and the 50-week SMA.
This week, the stock has also broken out of the previous intermediate high of 542, indicating that the recent downtrend has reversed. Momentum readings like the 14-day RSI are climbing higher and not overbought, which indicates further upside potential.
Buy Bikaji (549): | Target Rs. 625 | Stop-loss Rs 500
Bikaji has bounced back strongly from the 476 levels. These levels coincide with the previous swing lows of the stock and the 50-week SMA.
This week, the stock has also broken out of the previous intermediate high of 542, indicating that the recent downtrend has reversed. Momentum readings like the 14-day RSI are climbing higher and not overbought, which indicates further upside potential.
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