Nifty once again faced resistance near the 12,390 level, indicating a tough barrier, and, as said earlier, has to decisively give a breakout to have further fresh upward move. BankNifty has been under-performing and witnessing a gradual slide which should halt near 31,000 levels where a crucial support exists. However, the support for the week is seen at 41,250/12,120 while resistance is seen at 42,550/12,550. Bank Nifty would have a range of 30,880-32,200 levels. Mid-caps continue with their strong up-trend and is anticipated to do so till the budget time.
The stock has made a strong bottom near 94 levels and has bounced back strongly to improve the bias and currently has given a breakout above the 200DMA levels to imply strength and has potential to rise further to carry on the momentum. With the RSI also on the rise and decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 125 keeping the stop loss near Rs 102 levels.
BUY CASTROL IND | CMP: Rs 137.95 | TARGET: Rs 155 | STOP LOSS: Rs 125
The stock has maintained a decent support base near 125 levels and has recently indicated a bounce back. A positive bullish candle with attractive volume has improved the bias and is indicating potential for upside movement in the coming days. With good volume participation witnessed, we suggest to buy and accumulate this stock for an upside target of Rs 155 keeping the stop loss near Rs 125 levels.
Disclaimer: The author may have positions in one or all of the above mentioned stocks. Views expressed are the author's own.