Crucial supports to watch for resumption of weakness is at 11,904-11,871.
Buy Reliance Industries (Rs 1,329.15)
Target: Rs 1,375
Stop Loss: Rs 1,300
has been consistently making higher tops and higher bottoms after touching a low of Rs 1,227 in May 2019. In the process, the stock has reversed its recent downtrend and entered into a new short term uptrend.
This week, the stock has bounced back from the lower end of a three-week consolidation range between Rs 1,304 - Rs 1,375. With the short-term momentum readings like the 14-day RSI (relative strength index) in the positive mode and not overbought, we expect further upsides in the near term.
We recommend buying the stock between Rs 1,300 and Rs 1,330 for a target of Rs 1,375. Stop loss is at Rs 1,300.
Target: Rs 2,330
Stop Loss: Rs 2,075
has bounced back smartly from the lows of Rs 2,021, thereby making a double-bottom pattern on the daily charts. The rise seen in the last three sessions has been accompanied with healthy volumes and rising momentum readings, which is a positive signal.
The weekly and monthly technical setups, too, are looking encouraging, suggesting that the stock is looking attractive on larger timeframes and could therefore make a bigger upmove in the near term.
So, we recommend buying the stock between Rs 2,120 and Rs 2,176 for a target of Rs 2,330. Stop loss is at Rs 2,075.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.