HDFC Securities pegs 14800 target on Nifty, Immediate support is at 14520

HDFC Securities said that after showing a sustainable upside bounce on Tuesday, Nifty witnessed another decent upmove amidst volatility on Thursday and closed the day higher by 76 points. Nifty opened on a positive note, made an attempt to move up in the early part of the session. Intraday weakness got triggered from the high of 14566 and Nifty witnessed sharp intraday weakness in the early-mid part of the session. A fine upside recovery has emerged from the lows and the market moved up in the afternoon to later part of the session and closed near the highs.
 
HDFC Securities highlights that having sustained near the lower range/key support around 14300-14250 levels for the last two sessions, the odds of further upside bounce near to the upper range of 14800-14900 likely in the next few sessions. The opening upside gap of 12th April could offer strong resistance for the market around 14800 levels.
 

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HDFC Securities says that Nifty on the weekly chart has recovered from the weekly 20 period EMA at 14220 levels. Another crucial 10 period EMA is placed at the highs of 14650 levels. The long term charts like monthly have formed an indecisive type pattern like a doji in the last month. Weekly chart is showing consistent lower highs (15431, 15336 and 14984) with horizontal support of 14250 levels over the last two months. There is a higher possibility of Nifty forming another lower top around 14800-14850 levels this time, before showing a decisive weakness from the highs.
 
Conclusion: The short term trend of Nifty continues to be positive with volatility. There is a possibility of further upside in the next few sessions towards 14800 levels before showing decline again from the highs. The overall long term chart pattern indicates that this is going to be a last rise before the sharp weakness from the highs. Immediate support is at 14520.
 
Vishal Wagh, Research Head at Bonanza Portfolio says that Indian equity benchmarks made a cautious start amid mixed global cues. Soon, markets slipped into red territory and are trading lower as Maharashtra announced lockdown-like stricter restrictions amid a continued spike in COVID cases. Selling in IT, Auto and TECK stocks dented the sentiments. Rising coronavirus cases weighted down on the markets. In the afternoon session, Indian equity benchmarks trimmed most of their losses, and continued to trade above the neutral line. Stocks from auto, IT and Oil & consumer discretionary counters were trading lower, while metal, healthcare and power counters were supporting the markets. Both Sensex and Nifty are trading around 48,767 and 14,571 levels.

In Nifty 50 top gainers Cipla Ltd, TCS Ltd, Adani Ports and Special Economic Zone Ltd, Wipro Ltd and ICICI Bank Ltd. The losers are Eicher Motors Ltd, Grasim Industries Ltd, Infosys Ltd, Maruti Suzuki India Ltd and Indusind Bank Ltd.