Sudeep Shah of SBI Securities is bullish on Uno Minda and Vijaya Diagnostic Centre. “Uno Minda is on the verge of giving a horizontal trendline breakout on the daily scale and is currently trading above the short and long term moving averages,” he said in an interview with Moneycontrol.
Despite the fall in indices, Vijaya Diagnostics is trading at all-time high. He believes that based on all the moving averages and momentum based indicators, strong bullish momentum continues in this stock. Apart from this, he is also bullish on Marico and Bajaj Finsurvey. “The performance of the shares of both the companies is much better than the two major stock indices,” said Head of Technical and Derivatives Research at SBI Securities.
When asked whether Nifty and Bank Nifty could again reach the low of June 4, 2024 (Lok Sabha election results day), Shah said that after two weeks of consolidation, the benchmark Nifty ( Nifty) has started a downward trend and last week it declined by more than 2% and closed below 23,500. Due to this decline, this index is forming bearish candles in the weekly chart. The index is trading below 200 days EMA for the last 3 trading sessions.
According to him, the low zone of 23,260-23,200 will act as an important support level for this index. If this index goes below 23,200, then further correction may be seen and it will reach the level of 22,800. He said that as far as the upside is concerned, the 200-day EMA zone (23,670-23,700) will act as an important resistance for the index.
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