RVNL, Suzlon among top 3 stock ideas of the week from Rupak De
RVNL shares, which ended 6% higher on Friday, gave a consolidation breakout on the daily chart, suggesting a rising optimism among investors.
«Besides, the stock has moved above a critical moving average. The RSI is in bullish crossover. In the near term, the stock might move towards Rs 440 while a support is placed at Rs 394,» said Rupak De, Senior Technical Analyst at LKP Securities.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Chief Technology OfficerVisitIIM LucknowChief Executive Officer ProgrammeVisitIIM LucknowChief Operations Officer ProgrammeVisitHis other top two picks of the week are Suzlon and Granules.
Nifty has been making non-directional moves for the last few days. How would you go about trading the monthly expiry for Nifty?
Nifty has remained in a range favouring non-directional trades for the last few days. However, if we look at the FII long-short ratio, we see that the FII short percentage in index futures has come down from 87% at the start of the series to 43% in the previous session, suggesting significant short unwinding. Additionally, the Nifty PCR was at 1.29, indicating an overheating market and leading to heavy call writing on Friday.
Technically, Nifty has been hovering within the 23,300 to 23,600 range, indicating indecisiveness, which sets the stage for a very volatile monthly expiry. Therefore, we might see strong movement in the last two days of the June expiry. A decisive move above 23,600 might take the index
