continues to oscillate holding the crucial support of 11,370 levels, so unless Nifty gets below 11,350 bias still remains positive for an upward move supported by Bank Nifty, Pharma and IT Index. The support for the day is seen at 37,450/11,320 while resistance is seen at 37,880/11,450. Bank Nifty would have a range of 27,580-28,060. Rupee continues to be at all time low, while crude was stable. Tech and Pharma should continue to show strength.
The stock has been in consolidation phase at around 185 -190 levels and has now given a breakout above that range and also above the significant 50 DMA moving average to indicate strength and has potential to carry the momentum still further upward in the near future. The bias has been maintained positive and with decent volume activity witnessed, we recommend a buy in this stock for an upside target of 240 keeping a stop loss of 180.
BUY UNITED SPIRITS
CMP: Rs 627.35
TARGET: Rs 700
STOP LOSS: Rs 580
The stock has given a good bounce from the bottom made near 550 levels and has rallied significantly to indicate strength and currently has almost given a breakout above the significant 50 DMA moving average and has further potential to rise in the coming days. The RSI has been on the rise so also the MACD and with consistent good volume participation witnessed, we recommend to buy this stock at current levels and in decline for an upside target of 700 keeping a stop loss of 580.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.