As far as Nifty is concerned, we may see Nifty going back to 12,300 – 12,390 ahead of the budget and a positive outcome would enable it crossing this sturdy wall of 12,400 convincingly. On the flipside, 12,200 followed by 12,150 would be seen as a sacrosanct support zone. Last week we had mentioned about ‘Midcap’ index entering an overbought zone and possibility of some breather cannot be ruled out. In line with this, initial part of the week, index remained sideways and was clearly bucking the trend by not correcting as much as our benchmark did. And once they settled, the ‘Midcap’ universe resumed its uptrend, which is likely to extend further.
The tide seems to have turned upwards for the entire real estate space as we saw stellar gravity defying moves in larger name, DLF over the past three months. ‘PURVANKARA’ being one of the smaller as compared to its peers, is yet to have similar sort of traction. But now the recent price action looks encouraging and on Friday, the stock prices finally managed to traverse its sturdy wall of ‘200-SMA’ on daily chart. The volume has risen substantially and therefore, provides credence to the move. Thus, we recommend buying this stock on a minor decline for a target of Rs.73.50 over the next days. The stop loss should be fixed at Rs.64.80.
– Rs. 110.50
For the last one month, the stock prices have been in a quiet phase with no major action seen. On the daily chart, prices have finally broken the consolidation range confirming an ‘Inverse Head & Shoulder’ breakout. The said breakout is supported by a bullish candle stick and increasing volume. In addition, prices have closed above the higher range of Bollinger Band suggesting a trending up move in the near term after its recent consolidation phase. Looking at the favorable risk reward ratio, traders are advised going long for a target of Rs.126 over the next few days. The stop loss should be fixed at Rs.101.40.
Disclaimer: The author is Chief Analyst- Technical & Derivatives at Angel Broking. He may have positions in one or all of the above mentioned stocks. Views expressed are his own.