Wipro, MMTC among top 2 stock ideas for the week from Rupak De
Wipro's daily chart shows the formation of a symmetrical triangle pattern, accompanied by lower trading volumes, suggesting a potential breakout in the near future, says Rupak De, Senior Technical analyst at LKP Securities. Besides Wipro, MMTC is his other stock idea for this week. Edited excerpts from an interview:
August F&O rollover data shows FIIs decreased their net Long position by 31,000 contracts in August series. Nifty rollovers reduced month-on-month to 78%. What are the targets for the September series given the fact that there's little bullishness left as far as the headline indices are concerned?
Nifty witnessed a rollover rate that was on par with the three-month average. Notably, the Cement sector and Realty sector stood out as the top two sectors where the rollover rate exceeded the three-month average rollover. Within the market, Dalmia Bharat, MCX, and Bharti Airtel were the top three stocks exhibiting the highest divergence in rollover rates compared to their respective averages.
In the September series, the Nifty appears to be in a bullish trend as it has just crossed above the 21-day Exponential Moving Average (EMA) for the first time in several days. This suggests the potential for a bullish reversal. Additionally, the index has broken out of a falling channel, further indicating increasing bullish sentiment.
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Looking at the higher end of the spectrum, there is now a resistance level at 19,530 points. If the Nifty manages to breach this resistance, it
