Tradersguruji

  Nifty headed for upside target of 16,000: Vinay Rajani of HDFC Securities Nifty outlook Nifty has been in the continuation of an uptrend and has been registering new all-time high on a daily basis. The index has been finding support on its 5-day EMA, which is currently placed at 15,680-odd levels. Momentum indicators are in favour of bulls and we expect Nifty to continue this upward journey even beyond 16,000. Stock recommendations Buy ONGC (Rs 125) | Target: Rs 135 | Stop-loss: Rs 120 Rationale:  The stock price has formed rounding bottom formation on the daily charts. Volumes have gone up, along with the price. PSU and Oil-Gas sector have been outperforming and the same is expected to continue for a while. In the week gone by, the stock surpassed the crucial double top resistance placed at 120 odd levels. Moreover, indicators are showing strength in the ongoing uptrend. Buy Cipla (Rs 954): | Target: Rs 1,010 | Stop-loss: Rs 920 The stock closed very near to its a...