Stock markets: Ashish Kyal, founder and CEO of Wales Strategy Advisors, says that there are signs of further boom in the Nifty. He stated on the basis of the ELIT Wave theory that the Nifty is currently in the third wave, which is usually sharp and long. Ashish Kyal says that by the time the support level of 25,260 is maintained in the Nifty, it can see a rise of up to 25,820 and after that the index can also cross its highest level 26,277.
He said, “No Nifty’s candle has closed below its previous day’s low level since 16 June. It further strengthens the existing rapid trend.”
Along with this, it has been advised to place bets on Godfrey Philips India and Hindustan Petroleum Corporation for the month of July. He said, “Godfrey Philips is on the verge of breaking the rounding bottom pattern, while in the case of Hindustan Petroleum Corporation, the Bollinger band has started expanding, which suggests that the trending move may emerge.”
1. Godfrey Philips India:
Kyal said that this stock has recently turned upwards by taking support from its 50 -day experienced moving average (EMA). Currently, this rounding is close to the breakout of the bottom pattern. He told that if this stock gives daily closes above Rs 9,250, then a fast rally can be seen in it, which can go up to Rs 9,500 and then up to Rs 9,950. Technical Indicator MacD has also recently given a bullish crossover, which gives double confirmation of this fast. The first important support of this stock is Rs 8,730 at the bottom.
Hindustan Petroleum Corporation (HPCL):
His second favorite stock is HPCL. Kyal said that oil marketing companies have been relieved due to stoppage in crude oil prices and its positive impact is also visible on HPCL. He said that the expansion of Bollinger bands on the Daily Chart of HPCL has started, which shows that it is now likely to have trending moves. He advised investors that it would be prudent to buy this stock in the fall, as it is likely to go up to Rs 460 and 490. The bottom of Rs 415 remains a significant support for this stock.
Will the Ballish trend of Nifty continue in July?
Kyal believes that the Nifty has shown strength despite a many global concerns in recent months and has saved important support levels every time despite many global concerns. As the global tension decreased, the Nifty gave a fast breakout. He said, “It clearly shows that a strong undercurrent inside the Nifty is going on and it is performing better than the global markets in the last one month. As long as the support of 25,260 is maintained, it is likely to cross 25,820 and later on 26,277.”
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