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Nifty index has been outperforming the global market as Dow Jones is down by 16% on year-to-date compared to 1.5% gains of Nifty index on YTD basis.
Indian market is holding well and any major decline led by global volatility is being bought with outperformance nature. Last Diwali Nifty was trading near to 17900 zones and we are slightly down as of now but good part is that in last few months Nifty corrected towards 15200 zones and that was bought smartly in spite of nervousness by the foreign institutional investors in Indian market.
We have handpicked a few technical stocks ideas for buying this Diwali and Samvat 2079.
Siemens Ltd. – Siemens is consistently inching higher after a strong breakout on the monthly scale. On the weekly scale it is holding above the key averages which indicates that the trend is positive. Relative strength index oscillator is placed in the bullish zone which will support the up move. Considering the current chart structure, we expect the stock to inch higher towards 3500 levels.
Axis Bank Ltd. – Axis Bank is giving a breakout of the falling channel on the weekly scale. It is forming higher high since the last two weeks which indicates that the trend is positive. RSI oscillator is placed in the bullish zone which will support the up move. Considering the current chart structure, we expect the stock to inch higher towards 1000 levels.
Tata Chemicals Ltd. – Tata Chemicals has given a fresh breakout on the monthly chart with strong setup for up move. The stock is forming higher highs since previous three months which indicates uptrend to continue. RSI oscillator is placed in the bullish zone which will support the up move. Considering the current chart structure, we expect the stock to inch higher towards 1400 levels.
Click on the attachment for full list of Motilal Oswal’s Diwali technical stock picks:
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